Articles

The Power of Crummey Irrevocable Trusts

In the intricate landscape of estate planning, Crummey Irrevocable Trusts stand out as powerful tools for individuals seeking to optimize asset protection and tax efficiency while securing their legacy for future generations. Contrary to common misconception, Crummey Irrevocable Trusts aren’t solely reserved for the ultra-wealthy; rather, they offer valuable benefits to anyone aiming to strategically manage their assets. Let’s delve into what Crummey Irrevocable Trusts entail, who can benefit from them, examples of their use, their

Trusts 101: Exploring Different Types and Their Benefits

When it comes to securing your family’s financial future, understanding the role of trusts is essential. In this comprehensive guide, we’ll delve into the basics of trusts, exploring different types and the myriad of benefits they offer for estate planning. Understanding Trusts A trust is a legal entity that holds and manages assets on behalf of beneficiaries. It serves as an effective tool in estate planning, offering flexibility, control, and, in the case of living trusts,

Understanding Creditor Periods in Probate – Massachusetts, New Hampshire, and Florida

Probate is a complex and multifaceted process that involves a series of legal, financial, and administrative tasks aimed at ensuring the seamless transfer of assets to beneficiaries upon one’s passing. It’s crucial to be aware of the specific rules and regulations that govern the distribution of assets from an estate. In this article, we’ll delve into the intricacies of the creditor periods for probate estates in Massachusetts, New Hampshire, and Florida. Understanding Creditor Periods The creditor

Estate Tax Planning: Minimizing the Estate Tax Burden

Estate tax planning plays a crucial role in minimizing the estate tax burden that your heirs might face. Understanding the essentials of estate tax planning can help reduce the impact of estate taxes. Understanding Estate Taxes in Massachusetts Estate taxes, often referred to as “death taxes,” are levied on the value of your estate when you pass away. In Massachusetts, the estate tax is calculated based on the federal taxable estate, but the state has its

The Corporate Transparency Act

In an era dominated by global commerce and intricate financial networks, the necessity for corporate transparency has become increasingly apparent. Recognizing this imperative, the United States Congress took a significant step forward by passing the Corporate Transparency Act (CTA) in 2021. This groundbreaking legislation aims to enhance the transparency of beneficial ownership information, fortify national security, and combat financial crimes. The CTA heralds a new era for corporate accountability, addressing the loopholes that have allowed anonymous

Revolutionizing Estate Planning in Massachusetts: Navigating the Impact of the New Estate Tax Landscape

In a groundbreaking move, Massachusetts legislators unveiled a transformative $1 billion tax relief package on September 26, 2023, which was swiftly enacted into law by Governor Maura Healey on October 3, 2023. This comprehensive legislation, designed to provide relief to families, businesses, and individuals across the state, carries profound implications for existing estate plans, with a particular focus on the estate tax. The recently enacted law significantly elevates the Massachusetts asset threshold subject to the estate

Living Trusts vs. Wills: Which Is Right for You?

Planning for the future is crucial, especially when it comes to protecting your assets and loved ones. Estate planning provides the opportunity to make important decisions about how your estate will be handled after you’re gone. In this realm, two common options arise: living trusts and wills. Both serve important purposes, but understanding the differences between them will help you make an informed decision about which one is the best fit for your specific needs. Let’s

The Consequences of Dying Intestate as a Single Real Estate Owner: A Comparative Look at Massachusetts, New Hampshire, and Florida

The Perils of Dying Intestate Every person’s ultimate goal in estate planning should be to maintain control over his or her property and have his or her final wishes honored. However, when an individual dies without a will, this control is forfeited, often leading to consequences that may be far from what the decedent would have desired. This predicament is amplified for those who are single and own real estate individually, especially in states like Massachusetts,

Navigating the Tax Implications of Selling Real Estate Subject to Probate

Estate planning attorneys play a vital role in helping clients protect their assets and ensure a smooth transition of wealth to their loved ones upon passing. In the states of Massachusetts, New Hampshire, and Florida, where we practice, the tax implications of selling real estate subject to probate can be a complex and crucial aspect of estate planning. In this article, we will discuss the tax considerations involved when selling real estate as part of the

Long-Term Care Planning and Asset Protection: Safeguarding Your Future

As experienced estate planning lawyers, we understand the importance of safeguarding your assets and ensuring your future well-being. In this article, we will provide you with valuable insights into the complexities of long-term care planning and how it can be an integral part of your overall estate plan. The Rising Importance of Long-Term Care Planning The need for long-term care can arise unexpectedly due to various factors, such as aging, illness, or accidents. The cost of

Florida

Massachusetts

New Hampshire

Beliveau Law Group