ESTATE PLANNING

What are some of the most common Estate Planning mistakes?

Answer: Many people make the same mistakes when it comes to estate planning: Not Planning: Although estate planning can be a process, it is necessary and critical to avoid a long and drawn out probate process and unnecessary taxes. By doing an estate plan you can save your loved ones added grief, frustration and expenses. Don’t Plan for …

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Should I hire an Attorney to help me draft a will, or can I do it myself?

Answer: We don’t recommend doing it yourself here’s why…  Whether or not you need an Estate Planning Attorney to help you draft a Will generally depends on the extent and complexity of your assets and family situation as well as your personal level of sophistication on estate planning and probate matters. Even with a very …

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Do my adult children need Healthcare Proxies and Durable Powers of Attorney?

Answer: Yes!!! These two estate planning documents are essential for younger people, too. Without them, in Massachusetts, as well as in most states, once a child turns 18, parents are no longer given access to their children’s financial, health and school records, without the consent of their now adult child. Health Care Proxy: A Health Care Proxy appoints …

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What’s the most overlooked area of estate planning?

Answer: There are actually three areas. 1. Estate Taxes: One of the most overlooked areas is Estate Taxes. Many people believe that because their estate does not warrant a federal estate tax, that they don’t have any estate tax worries. That may not be true as the Massachusetts threshold is significantly less. If your estate is …

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Do I need a trust?

Answer: “It depends.” Whether or not to utilize a trust as part of an Estate Plan, depends on a particular client’s goals and concerns, on that client’s assets and net worth, estate taxes, and other concerns that a particular client may have such as a desire for privacy or the existence of a special needs beneficiary.

What impact will the inheritance I leave will have on my family?

Answer: Even if you have a modest estate, you should have an Estate Plan. A proper Estate Plan will include indispensable documents such as a durable power of attorney and a health care proxy. These documents alone will save you and your family significant time, frustration and cost in the event of an incapacity. Simply because without them, …

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