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
Estate Planning
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
3 Things to Know Before Gifting a House to Your Kids
There’s a common misconception that giving your house to your kids is beneficial for Medicaid, taxes, etc. Unfortunately, this is not necessarily true. As with most asset transfers, there are many factors that come into play. Before you transfer ownership of your home, consider these 3 important ... Read More
How To Divide Assets Fairly Among Children
Your assets are a tool to prolong the health, happiness and success of your loved ones. Unfortunately, division of assets can often lead to disputes among heirs and divide families rather than uniting them. Thinking about how to divide assets fairly among children can help minimize some of those ... Read More
Debts You May Be Leaving Behind
A long, wonderful life is not always debt free. Those debts will be transferred in the event of one’s passing. Taking steps to address your debt will ensure future generations are not burdened with impending financial strain. Understanding what those debts will be is also essential to this process. ... Read More
What Happens When There Is No Succession Plan
Having a succession plan is vital to ensuring the future operation and success of your small business. Although every company needs to consider succession planning, it is most critical for small and family-owned businesses and should be included in business owner estate plans. To highlight the ... Read More
Maintaining Privacy in Massachusetts Estate Plans
Did you know that some aspects of your estate become public upon your death? If you are a private person, you may find this information disturbing. The good news is, there are ways of maintaining privacy in Massachusetts estate plans, if that is important to you. Private Versus Public ... Read More
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