The time period following the loss of a loved one can be very stressful and confusing. Trying to figure out the practical steps that need to be taken in the midst of the grief you are experiencing can be overwhelming. If you were entrusted with an original, signed copy of the decedent’s Last Will and Testament you undoubtedly realize you are supposed to do something with the Will, but you may not know exactly what that is. The New Hampshire probate attorneys at Legacy Care Law Firm … [Read more...] about What Should I Do with the Will When I Find It?
Nongrantor Trusts Can Be Very Useful in Certain Situations
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful. Nongrantor Trusts Can Be Very Useful in Certain Situations … [Read more...] about Nongrantor Trusts Can Be Very Useful in Certain Situations
How to Be a Long-Distance Caregiver
Watching a parent or other elderly loved one succumb to the physical and/or mental deterioration that goes along with the aging process is never easy. Trying to provide care to a loved one from far away can make things even more difficult. Nevertheless, many people find themselves in precisely that role – a long-distance caregiver. In an effort to make your life a little easier, a Woburn area elder law attorney at Legacy Care Law Firm explains how to be a long-distance caregiver. Unpaid … [Read more...] about How to Be a Long-Distance Caregiver
Grantor Trusts Provide Flexibility and Ease
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a grantor trust and situations in which it might be useful. Grantor Trusts Provide Flexibility and Ease … [Read more...] about Grantor Trusts Provide Flexibility and Ease
Selecting an Agent
Choosing the right Agent under a Power of Attorney is one of the most important choices. This article discusses the qualities of an ideal Agent and qualities to avoid in selecting an Agent. Read on to learn more. Selecting an Agent … [Read more...] about Selecting an Agent
Turning the Page on 2018 and Looking Forward to 2019
As we turn the page and bid farewell to 2018, we look forward to 2019. This article summarizes the major changes for 2019, both in the tax area and in other areas. Read on to learn more. Turning the Page on 2018 and Looking Forward to 2019 … [Read more...] about Turning the Page on 2018 and Looking Forward to 2019
Massachusetts Ranked #1 in Country for Elder Abuse Protection
The United States has experienced historic growth of its elder population over the past few decades. As the population of seniors has increased dramatically, issues faced by them and by the people who care for them have taken center stage in the American conscience – and in the media. One of the most prominent, and troubling, of those issues is the prevalence of elder abuse, neglect, and exploitation. While the individual states struggle to find ways to combat the elder abuse problem, the sheer … [Read more...] about Massachusetts Ranked #1 in Country for Elder Abuse Protection
QDRO: Not Just for Divorce Anymore
Transferring an ERISA account, like a 401(k), from one spouse to another can have substantial tax benefits, by delaying Required Minimum Distributions or avoiding early withdrawal penalties. However, one cannot simply transfer an account from one spouse to another under most circumstances without triggering adverse tax consequences. A Qualified Domestic Relations Order or “QDRO” avoids those adverse consequences. While a QDRO is most commonly used in a divorce context, divorce is not a … [Read more...] about QDRO: Not Just for Divorce Anymore
Being Thankful and Sharing Your Blessings
The holidays are a time for sharing. This article examines ways for giving effectively, both to loved ones or to charity. It examines the use of 529 plans and ABLE accounts for loved ones. It examines gifting of appreciated assets to charity and bunching charitable deductions for the most bang for the buck. Read on to learn more. Being Thankful and Sharing Your Blessings … [Read more...] about Being Thankful and Sharing Your Blessings
Proposed Regulations Address “Clawback” Issue
The Tax Cuts and Jobs Act temporarily doubled the amount which can be given free of tax. However, that amount reverts to the permanent, undoubled amount in 2026. The estate tax ordinarily includes prior taxable gifts and then applies the exclusion to the total. However, in 2026 or later, this could result in a tax on amounts which weren’t taxable when gifted. This issue is the “clawback.” New Proposed Regulations resolve this issue. Read on to learn more. Proposed Regulations Address … [Read more...] about Proposed Regulations Address “Clawback” Issue
