As a child, one of the most difficult moments is the moment when you realize your parent can no longer safely care for himself/herself because of physical and/or mental incapacity. Watching a parent’s physical and/or mental health deteriorate can be excruciatingly painful. After all, this is the person who cared for you when you were a child…who taught you everything you know…who kept you safe from harm. Now, you may need to care for your parent and keep him/her safe from harm. What exactly does … [Read more...] about Does Mom or Dad Need a Guardian?
Be Careful Relying on the Marital Deduction
If you have a high value estate, you need to be concerned about the impact taxes will have on that estate after you are gone. Married couples often make the mistake of relying heavily – or even entirely – on the marital deduction when it comes to tax avoidance. A Nashua area estate planning attorney at Legacy Care Law Firm discusses why you need to be careful relying on the marital deduction. Federal Gift and Estate Taxes All estates are potentially subject to federal gift and estate … [Read more...] about Be Careful Relying on the Marital Deduction
Blended Family Estate Planning
When you are young, single, and just starting out in your career your estate plan will likely be rather simplistic. As your life becomes more complex, however, your estate plan will need to expand to reflect the increasingly complex nature of your life. For example, if you marry for a second (or subsequent) time and become part of a blended family, you may find the need to protect both your new spouse and any existing children within your estate plan. One estate planning tool that is often used … [Read more...] about Blended Family Estate Planning
Understanding Your Life Insurance Options
A life insurance policy is likely to play an integral role in your estate plan. While life insurance can be a valuable estate planning tool, the key to getting the most out of your life insurance policy is knowing which type of insurance is right for you and how it fits into your plan. Toward that end, a Salem estate planning attorney at Legacy Care Law Firm explains your life insurance options. Life Insurance Options The type of policy you need will depend on a variety of factors, … [Read more...] about Understanding Your Life Insurance Options
Just When You Thought You Understood the 10-Year Rule, Think Again
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year rule for distributions. The 10-year rule was thought to operate much like the 5-year rule that existed before the passage of the SECURE Act. Recently issued proposed Treasury Regulations dispute that … [Read more...] about Just When You Thought You Understood the 10-Year Rule, Think Again
Let’s Talk about Trusts…and Taxation
Estate planning attorneys need to understand and explain taxation of trusts in order to properly advise clients. Individual clients need to understand the implications of the plan their attorney suggests in order to properly file their own taxes. Determining whether a trust qualifies as a grantor trust or a nongrantor trust is the first step in determining tax liability for a particular year. Read on to learn more … [Read more...] about Let’s Talk about Trusts…and Taxation
What Estate of Marion Levine Means for Life Insurance
Life insurance has long been part of Estate Plans, whether used to ensure liquidity for the estate on the death of the insured, or simply as income replacement on the death of the insured. Understanding the impact of life insurance on an estate plan has become critically important. A recent tax court case resulted in a big win for the taxpayer in a complex set of facts which could impact how you incorporate life insurance for your Estate Planning clients. Read on to learn more. … [Read more...] about What Estate of Marion Levine Means for Life Insurance
Planning for Incapacity in Massachusetts
We all prefer not to think about it; however, the possibility of becoming incapacitated at some point over the course of your life is real. As such, you should plan for that possibility in your estate plan – just as you plan for the eventuality of your own death. Doing so ensures that your wishes are honored in the event incapacity does strike. To help you plan for the possibility, a Beverly area incapacity planning attorney starts by explaining how incapacity is determined in … [Read more...] about Planning for Incapacity in Massachusetts
Why the Loss of a Spouse Should Trigger an Estate Plan Update
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
Is a Family Limited Partnership Right for My Business?
For many people, starting a small business is a dream come true. If you are one of those people, and you hope to one day pass down your business to the next generation, careful planning is the key. There are several strategies you can use to transfer your business down to the next generation, including a Family Limited Partnership. A North Andover business succession planning attorney at Legacy Care Law Firm discusses why a Family Limited Partnership might be right for your business. Choosing … [Read more...] about Is a Family Limited Partnership Right for My Business?
