If you own property in more than one state, your estate plan requires an additional level of attention. A vacation home in Florida, a cabin in Maine, an investment property in Massachusetts, or real estate elsewhere may be an important part of your financial portfolio, but owning real property outside New Hampshire can also complicate the administration of your estate after your death. Specifically, your loved ones may discover that your estate must go through probate in New Hampshire and a … [Read more...] about Understanding Ancillary Probate in New Hampshire
Why MassHealth Planning Should Be Part of Your Massachusetts Estate Plan
When you think about estate planning, your primary focus may be protecting your assets, providing for your loved ones, and ensuring that your wishes are honored after your death. Although these are important objectives, a comprehensive estate plan should also address the possibility that you will need expensive long-term care during your lifetime. Without adequate preparation, nursing home expenses and other long-term care costs could consume a substantial portion of the wealth you have … [Read more...] about Why MassHealth Planning Should Be Part of Your Massachusetts Estate Plan
What You Should Know About Trustee Compensation in New Hampshire
Being asked to serve as the Trustee of a trust can be an honor, knowing that the appointment reflects considerable confidence in your judgment, integrity, and ability to manage financial matters on behalf of others. At the same time, serving as a Trustee can require a substantial commitment of time and effort. You may be responsible for managing investments, maintaining real estate, and communicating with beneficiaries as well as keeping detailed records, addressing tax matters, making … [Read more...] about What You Should Know About Trustee Compensation in New Hampshire
What You Need to Know about Gift and Estate Taxes in Massachusetts
Estate planning is about considerably more than determining who should inherit your property. If you have accumulated significant wealth, tax planning can be just as important because federal and Massachusetts transfer taxes can affect how much ultimately reaches your beneficiaries. Even families who are unlikely to owe federal estate tax may have Massachusetts estate tax exposure because the state threshold is dramatically lower than the federal exemption. Tax planning should therefore be … [Read more...] about What You Need to Know about Gift and Estate Taxes in Massachusetts
Commonly Asked Estate Planning Consultation Questions
Creating a comprehensive estate plan is one of the most important and meaningful gifts you can give to your loved ones and to yourself over the course of your life. The prospect of meeting with an estate planning attorney for the first time, however, can be a bit daunting. For this reason, people often procrastinate when it comes to estate planning. If you have made the wise choice to get started on your estate planning journey, knowing the answers to some common questions may help you feel … [Read more...] about Commonly Asked Estate Planning Consultation Questions
Five Common Mistakes to Avoid During the Probate of a New Hampshire Estate
Serving as the Executor of a New Hampshire estate is often far more complicated than anticipated. In addition to coping with the death of someone close to you, you may suddenly become responsible for identifying and protecting property, addressing creditor claims, handling taxes, maintaining real estate, complying with court requirements, and eventually distributing assets to beneficiaries. As Executor, you occupy a fiduciary position, which means you must administer the estate in accordance … [Read more...] about Five Common Mistakes to Avoid During the Probate of a New Hampshire Estate
Tax Planning for Your New Hampshire Estate Plan
Taxes may not be the first issue that comes to mind when you begin creating an estate plan, but tax considerations can influence each of the decisions you make within your plan and ultimately determine how much of your wealth reaches the people and organizations you intend to benefit. While New Hampshire residents have an important advantage because the state does not impose its own estate tax or inheritance tax, federal estate and gift taxes can still affect larger estates, while capital gains … [Read more...] about Tax Planning for Your New Hampshire Estate Plan
Pursuing Guardianship Over a Parent in Massachusetts
Watching a parent lose the ability to make safe decisions because of dementia, Alzheimer's disease, a traumatic brain injury, or another serious medical condition can be extremely difficult. You may find yourself struggling to balance respect for your parent's independence with the need to protect them from financial exploitation, medical neglect, or unsafe living conditions. In some situations, obtaining legal authority to act on your parent's behalf becomes necessary. Massachusetts law … [Read more...] about Pursuing Guardianship Over a Parent in Massachusetts
Understanding Executor Duties and Responsibilities in New Hampshire
Being named as the Executor of a loved one's estate is both an honor and a significant legal responsibility. By selecting you to serve in this role, the Testator has demonstrated confidence in your judgment, integrity, and ability to carry out their final wishes. Although an Executor's primary responsibility may be distributing assets, you may also be responsible for managing legal, financial, and administrative matters while complying with New Hampshire probate law and fulfilling your fiduciary … [Read more...] about Understanding Executor Duties and Responsibilities in New Hampshire
How Might a Trustee Breach a Fiduciary Duty in New Hampshire?
Under New Hampshire law, a Trustee serves in a fiduciary capacity and is legally obligated to administer trust assets exclusively for the benefit of the beneficiaries while carrying out the intentions expressed in the trust agreement. The New Hampshire Trust Code, which incorporates many principles of the Uniform Trust Code, establishes the legal standards governing Trustee conduct. Those standards require a Trustee to administer the trust in good faith, exercise reasonable care and prudence, … [Read more...] about How Might a Trustee Breach a Fiduciary Duty in New Hampshire?
