A Spousal Lifetime Access Trust (SLAT) is an estate planning tool that can be used to lock in the current estate tax exemption while still allowing a certain degree of access to trust assets. SLAT basics A SLAT is an irrevocable trust created by one spouse for the benefit of the other. The gift ... Read More
Estate Planning
Preventing a Will Contest
When you write a will, you have control over how your assets will be distributed after your death. How- ever, if someone in your family disputes your will, an anonymous probate court judge could end up with the final say over who gets your property. Emotions run high when someone dies. If family ... Read More
5 Reasons Young Adults Need Estate Planning
Once your children turn 18, they are adults in the eyes of the law. This may be difficult to accept given that they are still so young and are still your “babies.” However, they will start to accumulate many adult responsibilities, even if they are still living at home. Most 18 year-olds aren’t ... Read More
Estate Planning Critical for Non-traditional Couples
Generally speaking, estate planning laws were designed for the traditional nuclear family, a married couple with kids. But according to the 2010 U.S. Census, such families are less than 50 percent of the total. Non-traditional families, including single parents, blended families and unwed partners, ... Read More
3 Ways to Safeguard Adult Children
In estate planning, we often think about measures to cover the disability or incapacitation of parents so that the family can handle financial and medical matters on their behalf. However, we commonly forget about adult children and their need for similar protections. For adult children who are ... Read More
The New Tax Law Means It’s Time to Review Your Estate Plan
The tax law signed in 2017 doubled the federal estate tax exemption, meaning the vast majority of estates won't have to pay federal estate tax. But that doesn't mean you should ignore its impact on your estate plan. The law doubled the federal estate tax exemption to $11.18 million for ... Read More
Tips on Gifting Money to Grandchildren
Grandchildren are one of the biggest joys of life, especially as you enter your senior years. Providing financial support to your grandchildren can be very rewarding and may be included in your Massachusetts estate plan. The key is selecting the right means of doing so. Here are a few options and ... Read More
How to Avoid Generation Skipping Transfer Taxes
As the name implies, generation skipping taxes (GST) apply to gifts and inheritances to grandchildren, great-grandchildren, and unrelated persons who are 37.5 years or more younger than the gifter. The word “skip” applies to the fact that one is skipping immediate children (or immediate next ... Read More
Alternatives to Reverse Mortgages
If you are 62 or older, reverse mortgages are not the only means of accessing the equity in your home. Other solutions may be worth consideration, depending on your needs and circumstances. Here are a few alternatives to reverse mortgages. A Home Equity Loan A home equity loan allows you to borrow ... Read More
Pros and Cons of Reverse Mortgages
Reverse mortgages allow you to access the equity in your home and use it as a steady source of income. However, there is much debate around this option. It is important to fully understand the pros and cons of reverse mortgages in making your decision. Here are a few key factors to consider. What ... Read More
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