Many souls believe that if they lack means, they do not need an Estate Plan. Nothing could be further from the truth. If you die without an Estate Plan, it’s like opting for a trick on Halloween and the results of both can be downright scary. Read on to learn more. … [Read more...] about The Horrors of Dying Intestate
The SECURE Act – the Gift That Keeps On Giving
The SECURE Act of 2019 altered the landscape for IRAs significantly when signed into law. Just when advisors gained a level of comfort with the SECURE Act, the United States Treasury Department issued Regulations in early 2022 requiring RMDs under the 10-year Rule in years 1-9. After realizing that many individuals were unaware of that requirement, the Internal Revenue Service responded by issuing Notice 2022-53 suspending the requirement to take RMDS in 2021 and 2022. SECURE 2.0 came at the end … [Read more...] about The SECURE Act – the Gift That Keeps On Giving
How to Protect Your Spouse Using Your Estate Plan
If you are married, you undoubtedly want to protect your spouse in every way possible. Fortunately, your estate plan offers a wide variety of opportunities for you to do just that. In fact, a carefully drafted estate plan can protect your spouse from unnecessary litigation, from making difficult decisions, and from financial hardship. To help explain, the attorneys at Legacy Care Law Firm discuss how to protect your spouse using your estate plan. How Your Estate Plan Can Protect Your Spouse … [Read more...] about How to Protect Your Spouse Using Your Estate Plan
Understanding the Importance of the Simultaneous Death Act
Most spouses create Estate Plans that are intertwined. The plans work well on numerous levels allowing the spouses to benefit the surviving spouse and then distributing their joint assets to their children upon the death of the survivor. Even in a second marriage situation, it’s possible for the first spouse to die to create a trust benefitting the surviving spouse for life, but then going to children from a prior relationship upon the surviving spouse’s death. What happens when two spouses die … [Read more...] about Understanding the Importance of the Simultaneous Death Act
Your Final Gift to Loved Ones: Funeral Planning
Throughout your lifetime you undoubtedly have given countless gifts to loved ones. In your estate plan, you likely also provided detailed instructions about gifts to be distributed to your loved ones. One final gift you may not have considered giving the people you love, however, is the gift of funeral planning. Not only is this a meaningful and practical gift to give to the people you love, but you also benefit by ensuring that your wishes will be honored after you are gone. To get you started, … [Read more...] about Your Final Gift to Loved Ones: Funeral Planning
IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
The IRS released Revenue Ruling 2023-2 explaining that assets in a trust which is not included in the estate of the decedent don’t receive a “step-up” in income tax basis. This is the case even if the trust is taxed to the grantor for income tax purposes. This confirms the plain language of the statute and what we’ve long known. Read more to learn more about this Ruling and how to qualify for one of the biggest tax loopholes. … [Read more...] about IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
Creating Your New Hampshire Will: What You Need to Know
Each adult should possess a basic Last Will and Testament to prevent dying intestate. Moreover, a Will is a priceless gift you give both yourself and your loved ones. To guarantee that your Will works as intended when the time comes to administer your estate, you should work with an experienced estate planning attorney. It helps, however, to learn as much as possible before creating your Will. With that in mind, the attorneys at Legacy Care Law Firm discuss what you need to know about creating … [Read more...] about Creating Your New Hampshire Will: What You Need to Know
Long-Term Care Planning in New Hampshire: What You Need to Know
As we age, we all want to avoid the need for nursing home or long-term care. Ideally, we would like to gracefully age within the comfort of our own homes without requiring assistance from caregivers. Nevertheless, the truth remains that there may come a time, either for yourself or your spouse, when long-term care (LTC) becomes an inevitable consideration. Proactively preparing for this potentiality is important for several compelling reasons. With that in mind, the attorneys at Legacy Care Law … [Read more...] about Long-Term Care Planning in New Hampshire: What You Need to Know
Guide to Getting Your Massachusetts Estate Plan Started
The prospect of getting started on an estate plan can be daunting. In fact, people often put off creating their estate plans because they are overwhelmed by the decisions that must be made and because they simply don’t know where to start. Having an estate plan in place, however, is among the most valuable gifts you can give to yourself and to your loved ones. With that in mind, the attorneys at Legacy Care Law Firm have put together a guide to getting your Massachusetts estate plan … [Read more...] about Guide to Getting Your Massachusetts Estate Plan Started
Can I Probate an Estate Without an Attorney to Help Me in Massachusetts?
If a loved one recently passed away, you are undoubtedly still grieving the loss. Although it is difficult to do, there are practical and legal steps that must be taken when someone passes away. Among the most important of those is to initiate the probate of the estate. If you will be responsible for overseeing the probate process, you may be wondering if you need an attorney to help you. A Woburn area probate attorney at Legacy Care Law Firm helps you decide if you can probate an estate without … [Read more...] about Can I Probate an Estate Without an Attorney to Help Me in Massachusetts?
