Estate Planning Articles

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

How to Avoid Estate Tax

Estate tax, also known as the “death tax,” is a tax on the transfer of property upon your death. It can be a significant burden for your loved ones, as it can eat into the assets you intended to leave for them. Fortunately, there are several strategies that can be employed to minimize or even eliminate estate tax. One of the most effective ways to minimize estate tax is by creating a trust that contains estate

How to Protect Your Home from Potential Nursing Home and Long-term Care Expenses

As estate planning attorneys, we often receive inquiries from clients regarding how to protect their homes from potential nursing home and long-term care expenses. Long-term care can be extremely expensive, and the cost can easily exceed the average person’s life savings. Fortunately, there are several strategies that can be employed to protect your home and other assets from the nursing home and long-term care expenses. One of the most effective ways to protect your home is

How To Avoid Probate

As estate planning attorneys, one of the most common questions we’re often asked is, “How can I avoid probate?” Probate is the legal process of settling a deceased person’s estate, and it can be time-consuming and costly. Fortunately, there are several ways to avoid probate and ensure that your assets are distributed according to your wishes. One of the most effective ways to avoid probate is to create a revocable living trust. A living trust is

Does a Revocable Trust Protect My Home from Nursing Home Expenses?

A common question from many Massachusetts homeowners is does my revocable Trust protect my home from potential nursing home and long-term care expenses? While a revocable Trust offers many advantages, protecting your home from nursing home expenses is not one of them. In this article, we will discuss the definition of a revocable Trust, examples of how it can be used to protect assets, and alternative options to safeguard your home from potential nursing home expenses.

Disclaiming An Inheritance in Massachusetts

Disclaiming an inheritance is a legal process by which an individual chooses to renounce their right to inherit property or assets left to them by a deceased person. In the state of Massachusetts, disclaiming an inheritance can be a useful tool for those who wish to avoid the legal and financial obligations that come with inheriting property or assets. What is Disclaiming an Inheritance? Disclaiming an inheritance is a legal way to refuse to accept property

What Is Required For A Will to Be Legally Binding And Enforceable?

What Makes a Will Legally Binding and Enforceable? For all the stories about great ideas or works of literature starting out as notes scribbled on a napkin, it is not advisable you do the same for your last will and testament. Making your last wishes known requires deliberation, preparation, and a final document of indisputable authenticity and provenance that will not be challenged in probate court. In this article, we will provide a brief overview of

Making The Most of Restricted Stock and RSUs

Restricted stock and restricted stock units (RSUs) are two alternative forms of employee compensation. They’re a way for a company to incentivize employees with equity in the company. Restricted stock is typically granted as a type of bonus or added compensation, using a vesting schedule. You receive partial ownership of the shares and may be entitled to voting rights and dividends before they vest. Until the stock is vested, however, you can’t sell it. If you

Including Life Settlements in Your Estate Plan

If you have a life insurance policy you no longer need, you may be able to sell it for significantly more than its cash surrender value (CSV). A life settlement is the sale of a life insurance policy to a third party. The sale can provide the policy holder with more than the CSV and even more than the premiums paid over the life of the policy. Life insurance settlement companies buy policies and then continue

RMDs Now Required For Death Beneficiaries

If you inherited an IRA after January 1, 2020, you might be in for a surprise. Under proposed rules issued in February 2022, you might have to start withdrawing that money now. The shift comes as a shock for many. When the Secure Act passed in 2019, it required most death beneficiaries to fully withdraw retirement plan assets within a 10-year window. The expected interpretation was that someone could let that money grow for nine years

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