Legacy Care Law Firm

The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025, ushering in one of the most comprehensive reforms to tax and transfer laws in decades. Although much of the discussion surrounding the new law has centered on changes to estate and gift taxes, an equally important feature of the OBBBA is its impact on Achieving a Better Life Experience (ABLE) accounts. For families who have a member with special needs, these accounts are frequently an essential planning tool within a … [Read more...] about How the OBBBA Influences ABLE Accounts in New Hampshire

In planning a comprehensive estate strategy, it is vital to factor in the impact of taxes on the transfer of wealth. If you are fortunate enough to own substantial assets, you face the possibility that federal gift and estate taxes could significantly reduce the value of the wealth that you intend to pass down to loved ones. At the moment, the federal exemption offers a significant and rare opportunity to substantially reduce your estate’s tax burden; however, that exemption is scheduled to roll … [Read more...] about Rolling Back the Lifetime Exemption: Are You Ready?

A well-constructed estate plan ensures that your wealth, property, and personal wishes are respected when you pass away. Mistakes, even minor ones, can derail an otherwise well-drafted estate plan. Tax planning errors can lead to serious consequences, especially when those errors increase the tax burden on your estate or your heirs. Estate taxes, gift taxes, and income taxes can diminish the value of the assets you leave behind if not properly accounted for in your plan. To help ensure that your … [Read more...] about 5 Tax Pitfalls to Avoid When Creating Your New Hampshire Estate Plan

Losing a spouse is an emotionally overwhelming experience, and amidst the grieving process, addressing legal and financial responsibilities can be particularly challenging. While handling estate matters may not be your immediate priority, certain obligations must be met, including filing the necessary tax returns for your deceased spouse. Failure to do so can result in penalties, interest, or complications for your own financial future. Understanding what taxes need to be filed and ensuring … [Read more...] about Filing Taxes for a Deceased Spouse

During the creation or revision of your estate plan, it is crucial to consider the impact that various taxes will have on your plan. Most people are aware that their estate is subject to federal gift and estate taxes and that some states also impose a state gift and estate tax. One tax that is often overlooked when estate planning is the inheritance tax. Although New Hampshire does not collect an inheritance tax, the attorneys at Legacy Care Law Firm explain why it is important to understand how … [Read more...] about Understanding How Inheritance Taxes Could Impact Your New Hampshire Estate Plan

When you contemplate the creation of your estate plan, you likely focus on the ability to decide who will inherit from your estate and what assets each beneficiary will receive. The ability to make those decisions is undeniably an important motivation for creating an estate plan; however, a comprehensive estate plan allows you to do much more than just deciding how your estate assets will be distributed after your passing. One of the most advantageous aspects of a well thought out estate plan is … [Read more...] about Gift and Estate Taxes: A Guide for Massachusetts Residents

If you are responsible for overseeing the probate of an estate for someone who recently passed away, one of your many duties and responsibilities is to ensure that all taxes owed by the estate are correctly calculated and paid before assets are transferred out of the estate. To successfully fulfill this duty, you must understand the various applicable taxes. Toward that end, the probate attorneys at DeBruyckere Law Offices discuss what estate taxes and estate might owe when a Massachusetts … [Read more...] about When a Massachusetts Resident Dies, What Estate Taxes Might the Estate Owe?

For many people, a successful estate plan needs to limit exposure to federal and/or state gift and estate taxes. Failing to incorporate tax avoidance strategies into your estate plan could cost your estate (and your beneficiaries) a substantial amount of money. A Beverly estate planning attorney at Legacy Care Law Firm explains how the yearly exclusion can help with tax avoidance in your estate plan. Understanding Federal Gift and Estate Taxes The federal gift and estate tax is essentially … [Read more...] about How the Yearly Exclusion Can Help with Tax Avoidance

Tax planning should be a consideration in every comprehensive estate plan because taxes can have a significant impact on the value of the estate you pass down to loved ones as well as on if/how your beneficiaries are taxed on assets gifted to them. With that in mind, the Beverly estate planning attorneys at Legacy Care Law Firm explain how a step-up in basis works for tax planning purposes. What Is “Basis?” There has been much talk of tax changes in recent years, some of which involve … [Read more...] about Understanding a Step Up in Basis for Tax Planning