A few years ago, the COVID pandemic made many people feel more urgently that they needed to have an estate plan in place. However, a recent news article suggests a decline in the percentage of Americans who have an estate plan. Troubling statistics According to a recent article in USA Today, a survey shows a 2% decrease this year in the number of Americans who reported having an estate plan from the number from last year. That was reportedly the first decrease noted since 2020 – when the numbers started to increase year-over-year, likely due the global health concerns of that year. There could ..read more

A no-contest clause, also known as an “in terrorem” clause, is a provision that a testator or a grantor can include in their wills or trusts to prevent their beneficiaries from challenging the document’s validity in court. How does it work? A no-contest clause outlines what will happen if a beneficiary contests the testator’s will or the grantor’s trust. This includes forfeiting their right to receive their inheritance or receiving a reduced inheritance. Specially, the process runs as follows: The inclusion of the no-contest clause in the will or trust: The testator or grantor includes languag ..read more

A last will and testament and a living will are two different legal documents that serve different purposes. Both are essential to estate planning, outlining what must happen to aspects surrounding your property and health care should unforeseen circumstances arise. Understanding these documents is essential, as you might need both. Defining a last will and testament A will is a traditional document specifying the distribution of your property upon your death. It also allows for the appointment of a guardian for your minor children, an executor to manage your estate and a trustee for any trust ..read more

Estate planning involves the strategic allocation of your assets to ensure their proper distribution upon your passing. However, estate planning can benefit you even while you are still living. You can use it to ensure your personal care, healthcare needs and long-term living arrangements, such as nursing homes. Long-term care, however, usually comes at a high cost and could strain your finances without a proper estate plan. Hence, you must consider several factors when choosing a nursing home to protect not only your well-being, but also your assets. Main considerations When preparing for you ..read more

In Massachusetts, just like in many other states, the tax implications of inheriting an IRA can be significant. Without proper planning, your beneficiaries may face a hefty tax bill when they inherit your IRA. This could erode a large portion of your hard-earned savings. To address this challenge, multi-generational IRA planning offers an effective solution. How multi-generational IRA planning works Multi-generational IRA planning means arranging your IRA so that your children and even grandchildren can inherit it with fewer taxes. This way, you can pass on your IRA’s financial benefits to you ..read more

If you have amassed a great deal of wealth and assets over your lifetime, you may worry how your heirs will use it. You may also worry about how your heirs will waste it. This may lead you to wonder whether you can use a trust to control how your heirs can spend your money. Restrictions on money One of the many benefits of a trust is that you can set conditions and restrictions on how your heirs (the beneficiaries of the trust) can use the money in the trust. Whether or not they meet those conditions and restrictions is monitored by a third-party trustee. For example, you can limit distributio ..read more

Things in our lives change, and when they do, we have to adjust accordingly to ensure that while we let life take its natural course, we still manage aspects that we can control. This concept suitably applies to estate planning. Even the smallest changes in circumstances can affect the efficacy of an estate plan. To maximize its benefits, your estate plan should be up to date and align with your goals, priorities and current situation. Out with the old, in with the new A common reason for updating an estate plan is when there are new family members, such as a spouse, a child or a grandchild, w ..read more

No matter how much you try to guide your child, they cannot seem to pull it together when it comes to money. Nevertheless, you may want to include them in your will to make sure they are taken care of when the time comes. If you are concerned about your child squandering your life savings away, a spendthrift trust is one estate planning tool that can help you exert some control over their spending. How does a spendthrift trust work? You know your child best. If your child has a history of reckless spending, a spendthrift trust will restrict their ability to spend or move assets. In a spendthri ..read more

As a pet owner, you share a profound bond with your furry companions. They are not just pets; they are cherished members of your family. Yet, have you ever wondered what would happen to them if something were to happen to you? It is a tough thought that responsible pet owners must address. That is where the power of legal planning comes in – to ensure our furry friends continue to receive the love and care they deserve, no matter what the future holds. Choosing a pet guardian Selecting a trusted individual to be your pet’s guardian is crucial in estate planning. Consider the following factors ..read more

Television shows and movies depict the executions of last wills and testaments as tense struggles between rival siblings over the estate of their deceased relative. Often, the will would name a single beneficiary to inherit all the decedent’s assets at the climax of these stories. While it’s possible to name a single primary beneficiary in real life, it’s not advisable. Doing so could jeopardize your estate plan if something happens to the beneficiary. Your estate plan needs to have contingent beneficiaries for such emergencies. What are contingent beneficiaries? Also known as secondary benefi ..read more