If you recently lost your spouse, you are undoubtedly going through a period of grief and heightened emotions. It may be some time before you want to address the legal and practical consequences of your spouse’s passing. To avoid unintended consequences, however, you should take the time to update your estate plan shortly after the loss of a spouse. The Beverly estate planning attorneys at Legacy Care Law Firm explain some estate plan updates that typically follow the loss of a spouse. Your … [Read more...] about Why the Loss of a Spouse Should Trigger an Estate Plan Update
How Do I Protect Intellectual Property in My Estate Plan
Assets such as your home, vehicles, investment accounts, and securities likely come to mind when you contemplate estate planning; however, there is another category of assets that may also need to be considered – intellectual property. Whether you own intellectual property rights acquired directly by you because of your own work or because they have been gifted to you, they could be very valuable and should be included in your estate plan. To get you started, a North Andover estate planning … [Read more...] about How Do I Protect Intellectual Property in My Estate Plan
Are You Ready to Create Your First Last Will and Testament?
One of the most common reasons people give for not having an estate plan is that they are unsure of where or how to begin. The “where” is easy enough to explain. Begin with a Will. The “how” can be a bit more complicated. The best way to ensure that your Will accurately reflects your wishes and can withstand any challenges that might be raised during the probate process, is to work closely with an experienced estate planning attorney. To get you motivated and prepared for your consultation … [Read more...] about Are You Ready to Create Your First Last Will and Testament?
Application of the Updated Life Expectancy Tables
Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue Service. The Internal Revenue Service recently updated those tables which will significantly impact certain taxpayers. Read on to learn more. … [Read more...] about Application of the Updated Life Expectancy Tables
Should I Share the Details of My Estate Plan?
If you have an estate plan in place, you already recognize the numerous benefits an estate plan offers. Once your plan is in place, however, you may struggle with deciding how much (if any) of the details of that plan to share with beneficiaries and heirs of your estate. Ultimately, it is a very personal decision; however, the North Andover estate planning attorney at Legacy Care Law Firm discuss whether you should share the details of your estate plan. Advantages of Sharing Details of Your … [Read more...] about Should I Share the Details of My Estate Plan?
Things to Consider When Creating Your Last Will and Testament
Every adult should have at least a basic estate plan in place. For most people, estate planning begins with creating and executing a Last Will and Testament. While that sounds simple enough in the abstract, over half of all Americans do not have even a basic estate plan. One of the most common reasons people give for not having an estate plan is that they are unsure of where or how to begin. The “where” is easy enough to explain. Begin with a Will. The “how” can be a bit more complicated. … [Read more...] about Things to Consider When Creating Your Last Will and Testament
Start 2022 the Right Way
The New Year gives us an opportunity to start fresh. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your goals and concerns. If you already have one, the New Year gives you an opportunity to review it to ensure that it still accomplishes your goals or to make any necessary changes. Read on to learn more … [Read more...] about Start 2022 the Right Way
What Happens If an Appointed Trustee Cannot or Will Not Accept the Job?
A trust is one of the most common additions to a comprehensive estate plan. While there are a wide variety of specialty trusts that can help you accomplish a wide variety of estate planning goals, one thing that all trusts have in common is the need to appoint a Trustee to administer the trust. A common mistake people make when creating a trust is to not name a successor Trustee. The Beverly area trust attorneys at Legacy Care Law Firm explain what happens if an appointed Trustee cannot, … [Read more...] about What Happens If an Appointed Trustee Cannot or Will Not Accept the Job?
What Is the Uniform Transfer to Minors Act?
The moment you found out you were going to be a parent, you probably started worrying about, and planning for, your child’s future. Estate planning also took on a heightened importance because you wanted to be certain your child was protected if something happened to you. One tool in the estate planning toolbox for parents is a Uniform Transfers to Minors Act (UTMA) account. For those who are unfamiliar with this tool, a Nashua estate planning attorney at Legacy Care Law Firm explains the … [Read more...] about What Is the Uniform Transfer to Minors Act?
Contesting a Deathbed Will in Massachusetts
A common motivation for creating an estate plan is so that loved ones aren’t faced with any real surprises during the probate of an estate. What happens though if you learn that a recently deceased loved one made a death bed Will at the last minute and that new Will modified the terms of his/her previous Will? Is that deathbed Will valid? Can you contest the Will? The North Andover estate planning attorneys at Legacy Care Law Firm discuss contesting a deathbed Will in Massachusetts. What Is a … [Read more...] about Contesting a Deathbed Will in Massachusetts
