Legacy Care Law Firm

If you are like most people, one of the primary reasons for creating an estate plan is so that you are able to decide how your estate assets are distributed when you die instead of letting the state make that decision by dying intestate. If you are a parent, you probably plan to leave some, if not all, of your estate to your children. One question that many parents wrestle with, however, is whether they should split their estate equally among their children. Many parents feel obligated to create … [Read more...] about Should I Split My Estate Equally Among My Children?

Surprisingly, over half of all Americans do not have an estate plan in place, despite acknowledging the importance of having one. If you are among the minority, and you have an estate plan in place, you can rest a little easier knowing that you, your assets, and your loved ones are protected. Do not, however, make the mistake of assuming that you are done with estate planning once you have a plan in place. On the contrary, creating an initial estate plan is only the beginning of successfully … [Read more...] about Salem Estate Planning Lawyers Remind You to Review Your Estate Plan

Have you put off creating an estate plan because you didn’t think you really needed one yet? If so, you are not alone. Despite understanding the importance of inheritance planning, over half of all Americans do not have even a basic estate plan in place. Like you, most of them are under the impression that they don’t have a large enough estate yet to warrant an estate plan and/or that the cost of creating an estate plan isn’t justified. You don’t need to have a valuable estate though to benefit … [Read more...] about How Can Inheritance Planning Help My Loved Ones?

Although your Last Will and Testament likely serves as the foundation for your estate plan, if you create a comprehensive estate plan it will include a wide range of additional estate planning tools and strategies that are used to accomplish related goals and objectives. One of the most common additions to a well-rounded estate plan is a trust. Trusts are popular, in part, because of the numerous goals you can achieve using a trust. One of the most important decisions you will have to make when … [Read more...] about Who Should Be My Trustee?

Like most people, you are probable aware of the need to have an estate plan in place. Although there is a long list of reasons why having an estate plan in place is beneficial, one of the most common – and important – reasons is to prevent you from dying intestate. Dying intestate simply means dying without at least a Last Will and Testament in place directing the distribution of your estate assets. To truly understand the importance of creating your estate plan it helps to know what happens to … [Read more...] about What Happens to My Assets If I Die Intestate in Massachusetts?

Like most people, when you think about estate planning your first thought is probably focused on the disposition of your assets when you are gone. While this is certainly a primary function of an estate plan, your comprehensive estate plan should do that – and much more. Specifically, your estate plan should also help protect and grow your assets while you are here. If you do not include sufficient asset protection strategies in your estate plan there won’t be anything left to pass down to loved … [Read more...] about The In-Law Problem — Keeping Assets in the Family

A comprehensive estate plan generally requires the use of various estate planning strategies and tools that go above and beyond what a simple Last Will and Testament can accomplish. One of the most commonly used tools is a trust agreement. In fact, many people incorporate several trusts into their estate plan because of the numerous and varied goals a trust can help you reach. If you have a moderate to large estate that you wish to keep in the family and protect from any potential threats, you … [Read more...] about What Are Dynasty Trusts?

Becoming a parent for the first time is, without a doubt, one of the most joyful occasions of your entire lifetime – it is also usually one of the scariest. To realize that a tiny little human being is completely dependent on you for everything really hammers the responsibility of parenthood home. If you recently became a parent, one thing you should do shortly thereafter is to review and revise your estate plan to include your child. As a parent, you undoubtedly want to protect your minor child … [Read more...] about How Do I Protect My Minor Child in My Estate Plan?