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Estate Planning Archives

Why estate planning is critical for every adult

One reason why Massachusetts adults should consider planning for the future is the financial security this planning process should provide. Estate planning allows an adult to plan what will happen to his or her assets in the future and make other decisions that could be important down the road. It's more important than many realize, even if they are young, healthy and do not have significant wealth.

Estate planning mistakes can be costly for Massachusetts family

Having an estate plan is an important step for every Massachusetts adult, regardless of income, age and health status. Even with a plan, certain mistakes and missteps can cause significant complications for a family when trying to settle an estate. When walking through the estate planning process, it is prudent to take steps to avoid common mistakes that could potentially lead to complications down the road.

Estate planning topics to consider after becoming a parent

Parents in Massachusetts and elsewhere who have recently welcomed a child into the family may feel it essential to take all possible measures to protect his or her future. With a variety of topics to address and a list of new responsibilities to handle, knowing the necessary steps to take to achieve this goal might not always be such an easy task. By exploring the available estate planning options, new parents may become better prepared to create a strategy focused on safeguarding the futures and meeting the needs of their children.

Estate planning is crucial at every stage of life

Thinking about the future is not always easy. Most younger and healthy adults don't give a lot of thought to what will happen if they pass away unexpectedly, but in reality, estate planning is important at every stage of life. From young college students to older couples with grandchildren, having certain plans in place are important for future security regarding finances and health care.

Where should an adult start with the estate planning process?

One of the main reasons that Massachusetts adults delay starting the estate planning process is because they assume they are too young or healthy enough to where this process is not necessary. However, estate planning is beneficial for every adult, regardless of income level, health status and age. When deciding to start this process and put certain protections in place for the future, it is not always easy to know where to start.

Estate planning in the age of COVID-19

Spring is in the air, which typically brings plans for summer vacation and travel. This year, with the advent of COVID-19, people in Massachusetts may be considering travel closer to home. They may also be thinking of making sure their affairs are in order before vacations begin. No one knows how widely the virus may spread and being prepared for the worst can allow one to better enjoy a hard-earned vacation. Having basic estate planning documents in place is a smart move to consider.

Estate planning information should be shared to be effective

Some families are very close-knit and communicate regularly on issues both great and small. Other families may be less communicative and keep important information to themselves. There is one area in which open communication can greatly benefit families in Massachusetts. Sharing estate planning information with loved ones may be a sensitive topic but it can save a tremendous amount of heartache at a future date.

Estate planning can be a stress reducer

The baby boomer generation is aging, nearing retirement or already there. While many may have already done estate planning, many in Massachusetts have not. Many of their children are stuck in what has been referred to as the "sandwich generation," having young children and aging parents at the same time. Discussing death with one's parents is not easy but doing so can provide peace of mind to all concerned knowing that the parent's final wishes have been noted and are properly documented.

Many options exist to reach estate planning goals

Retirement planning and estate planning have both gone through changes in recent years in how people plan for them in Massachusetts. The two often go hand in hand when integrating retirement planning into estate planning where financial issues are concerned. One wants to enjoy retirement but may also wish to leave a certain amount for children or grandchildren. One vehicle that has been used to accomplish this is the IRA account.

Minmizing the federal estate tax in estate planning

There are likely a number of things a person should do before they pass from the life. Estate planning is one of those things, and Massachusetts residents who have a number of assets might find planning easier if they know a few things about the federal estate tax or death tax as it is known. This federal estate tax is currently imposed upon estates worth $11.4 million or more, but when planning, a wealthy testator should know that amount -- as of now -- goes down to $5 million on Jan. 1, 2026. If there is tax owing, it must be paid within nine months of the testator's death.