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Estate Planning Archives

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.

Estate planning is for all phases of life

Some people hear the term estate planning and think it's something their parents may need to consider or maybe something to think about as one gets older. The reality of it all is that people can benefit from having a plan at any age in Massachusetts. The focus of the plan may be different for someone on their 20s versus someone in their 50s or 60s but estate planning is for any adult.

Getting older should be a prompt to begin estate planning

Getting older is a natural part of life and the number of older Americans will grow exponentially in the next few years as the majority of baby boomers in Massachusetts and around the country reach retirement age. Contemplating one's mortality is not easy but procrastination where estate planning is concerned is not the way to approach it. Failure to plan for the future could result in unintended consequences including the bulk of one's estate being gobbled up by nursing homes.

Estate planning can be a priceless gift

Another New Year has arrived and one's thoughts may turn to the future and possibly to the legacy that one might eventually want to leave for loved ones. Confronting mortality may not seem to be an appealing task, but it is inevitable as no one gets out of here alive. In considering estate planning in Massachusetts there are many questions one may wish to consider.

Estate planning can be the best gift

Another year is coming to an end in Massachusetts. The year end brings with it a time of reflection in reviewing the past year and anticipation of what the new year may hold. Families gather and reflect and look forward together. Aging relatives may be concerned about their legacy but hesitant to raise the subject of estate planning and end-of-life planning. The truth is that family gatherings can be an excellent time to review these issues.

Estate planning and gift giving

The end of another year is approaching in Massachusetts. Thoughts may inadvertently turn to tax time but it can also be an excellent time for some proactive estate planning. The tax law affords one the opportunity to share a portion of one's estate during a person's lifetime without incurring a gift tax. It provides the opportunity for some generous gifting.

Estate planning can be a popular year end task

The end of another year is approaching, and people often take time to contemplate the year that has passed and look forward and plan for the year to come. As the population of Massachusetts and the rest of the country continues to age, thoughts naturally turn to leaving a legacy and estate planning that can make that legacy a reality. Contemplating and planning for the end of one's life can be difficult, but it can be a priceless gift to family and loved ones.

Estate planning and tax preparation go together

It is often said that the only certainties in life are death and taxes. Sadly, death does not preclude the need to pay taxes. In addition to the distribution of an estate according to the deceased's will or trust, taxes must be paid by the estate. If the deceased did not engage in estate planning, then the estate is settled through the courts in accordance with Massachusetts intestate law.

Estate planning in today???s diverse family environment

The family dynamic in Massachusetts and elsewhere around the country is changing. This is particularly important to be aware of as people approach retirement age. In prior generations, the majority of people entering retirement and approaching old age relied, to some extent, on the aid and support of their families and particularly their children. More and more people are now deciding not to marry and many married couples are opting not to have children. This has significant implications for estate planning.