In the intricate tapestry of marriage, challenges often emerge, testing the bonds between spouses. However, in Massachusetts, couples are increasingly discovering a valuable tool to navigate these challenges: the postnuptial agreement. But, how can couples use postnups to save their marriages? Deciphering postnuptial agreements A postnuptial agreement, or postnup, as it is commonly known, is a legal contract crafted by spouses after marriage. This agreement delineates the handling of assets, debts and financial matters in the event of a divorce. Yet, its significance transcends mere preparatio ..read more

In Massachusetts, creating a will is a key part of being vigilant and prepared for the future. However, just because they have completed and executed the document does not mean it is set in stone. How is a will revoked? State law says that a will can be revoked in full or in part if the person – also known as the testator – executes an entirely new will. A new will can explicitly revoke an earlier will, or it can do so by being inconsistent with the earlier will. For example, if the initial will says that a child will receive certain property and a new will states that the property will go to ..read more

The beginning of an engagement is an exciting time. People who have gotten to know each other and who are happy about their relationship decide that they want to make a longer-lasting commitment by getting legally married. Couples often celebrate their engagements with social media announcements and parties. It is common for newly-engaged individuals to begin enthusiastically planning their weddings or dreaming about their honeymoon trips. Unfortunately, focusing too much on the excitement and romance may prevent people from taking the right steps to protect themselves as they embark on this n ..read more

A partnership can be a useful business structure that makes it easier to bring capital and diverse expertise into your company. But running your business with one or more partners can get challenging over time as new difficulties arise and priorities change. And if you’re not careful, a nasty partnership dispute can cost you a significant amount of time, financial resources, and stress. One of these disagreements can even threaten the viability of your business, putting it at risk of dissolving. How do you get out in front of these partnership disputes? Let’s take a closer look. What you can d ..read more

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

The limited liability company, or LLC, is a very useful format to choose when you are starting a business. Among other advantages, it protects your personal finances from the debts of the business. In this blog post, we will briefly look at the steps you must take to form an LLC under Massachusetts law. Choose your business name Massachusetts requires your LLC name to include “limited liability company,” “limited company,” or their abbreviations (LLC, L.C., etc.) Conduct a name search to ensure availability through the Secretary of the Commonwealth’s website. Your business name cannot be the s ..read more

No one enters a marriage intending to get divorced, and this is one reason you might be against the idea of a post-nuptial agreement. A post-nuptial agreement is a written, legally binding document that describes how marital assets will be divided if you divorce. The thought of deciding how to split your marital property if you divorce could make you feel like you have no faith your marriage will last. Change is inevitable However, circumstances often change over the course of a marriage. You or your spouse may receive a large inheritance or one of you might get a promotion with a huge salary ..read more

An estate tax places a limit on one’s ability to transfer property after their death. Proponents say this is necessary to raise revenue for the government and to keep a lid on the generational concentration of wealth in a small number of powerful families. Critics deride the practice as “the death tax,” and say it is unfair. In recent years, the critics have held greater sway in the U.S. Congress. After a series of complicated changes in the law, in 2024 the federal estate applies only to estates valued at more than $13.61 million. In other words, if an estate is worth less than $13.61 million ..read more

Irrevocable trusts are an estate planning resource that offers a variety of benefits that can’t be found in other tools. These trusts involve transferring ownership of assets into a separate legal entity, which is managed by a trustee for the benefit of the trust’s beneficiaries. Once established, the terms of an irrevocable trust generally can’t be modified, amended or terminated without the permission of the trust’s beneficiaries or the courts. This is a defining feature and informs many of the trust’s advantages. Asset protection and control One of the primary benefits of an irrevocable tru ..read more

Many business owners view corporate maintenance as a mere formality that could distract them from focusing on the actual business and managing its day-to-day operations. However, this process is vital in keeping a business going. Failure to apply it may lead to severe repercussions for the company. Below are some reasons why regular corporate maintenance is essential in businesses. Complying with laws and regulations Businesses must adhere to various laws and regulations at the federal, state and local levels. Regular corporate maintenance ensures that a company complies with these rules and a ..read more