Need a New or Updated Estate Plan? We’re Here to Help.
Are you hoping to create an estate plan that looks after your interests, protects your assets, defends your legacy, and ensures that your loved ones are well taken care of in the future? Or have you already created your estate plan, and now you need assistance from a professional legal practice to help you revise and update the terms of the plan to reflect changing circumstances in your family dynamics or financial situation? Or perhaps you are looking to avoid a dispute with a will and costly probate litigation which can happen if an estate plan is improperly created or administered? Whatever the case may be, you need the assistance of an experienced attorney to help you tackle these legal issues. Any small errors during the estate planning process can complicate matters in estate law, elder law, family law, and even business law.
Our estate planning legal team prioritizes forming long-term personal relationships with our clients over the years. As your legal partner in estate planning matters, we will advocate for your interests and values and assist you in creating the most ironclad estate planning documents that reflect your wishes for today and tomorrow.
To learn more about the benefits of retaining our legal services to protect your interests, safeguard your legacy, and plan for the unexpected should it ever arise, please contact our law office to schedule your initial consultation with our legal staff today.
What Should You Include in the Creation of Your Estate Plan?
When it comes to creating a comprehensive estate plan, you want to ensure that you have the proper documents in place that reflect your values and particular needs. Not everyone’s estate plan is the same, as we all have different goals for our investments, family, and more. While most people in Massachusetts stop the estate planning process once they’ve created their last will and testament, many others would benefit from additional estate planning documents to handle their financial affairs, prepare for expected estate taxation, and more.
Our legal team can assist you in the following types of estate planning services:
- Addressing changes in financial circumstances, such as after an inheritance, a personal injury settlement, a divorce, etc.
- Business succession planning, if you are the owner of a company
- Charitable giving
- Creating a health care proxy
- Developing comprehensive asset protection strategies
- Drafting and revising wills
- Durable power of attorney documents
- Elder law concerns
- Estate planning for LGBT individuals and families
- Estate tax planning
- Family law considerations
- Gift planning
- Living wills
- Long-term care planning, Medicaid planning, and nursing home planning
- Probate, trust, and estate administration assistance
- Wealth preservation and legacy planning
- Multigenerational estate planning
- Various types of trusts
- And more
What Are Different Types of Trusts in Massachusetts?
There are several different types of trusts available in Massachusetts, some of which grant you complete control over trust assets and others that afford more in terms of asset protection. What type of trust is right for you and your situation will depend on several factors, including your financial circumstances, family dynamics, and your personal wishes.
The different types of trusts available in MA include the following:
- Charitable giving trusts, which present tax advantages as they pay out financial assets to the charitable organizations you desire to support
- Irrevocable trusts, which cannot be easily altered by the trust creator and are frequently used for asset protection and potential tax advantages
- Life insurance trusts, which are irrevocable trusts designed to take over the ownership of life insurance policies
- Pet trusts, which work to ensure the ongoing care of your beloved furry family members
- Revocable living trusts are flexible and can be easily altered or revoked by the trust creator during their lifetime. Living trusts avoid probate, which can be viewed as a significant benefit
- Special needs trusts, which allow you to look after the future of an individual who has special needs and work to guarantee that they will qualify for government benefits
- Spendthrift trusts, which protect financial assets from creditors and a beneficiary’s poor spending habits
- Testamentary trusts, which are often created along with a last will and take effect after death
- And more
What is a Durable Power of Attorney?
A durable power of attorney is an estate planning document that enables you to name someone you trust to manage your personal, financial, legal, and business affairs.
If you ever become incapacitated due to mental illness or a physical impairment, your appointed power of attorney will have the ability to make crucial decisions and act on your behalf according to your wishes. Without a durable power of attorney, your family members may have a harrowing ordeal handling your personal affairs in instances of incapacitation.
After appointing a durable power of attorney, you will be afforded peace of mind knowing that someone you trust, such as a spouse, family member, friend, or even a legal professional, can access your finances and handle your affairs.
What is Involved in Elder Law?
There are several advantages to early estate planning, and the sooner you start, the better. Seniors and elders have unique concerns in the areas of estate planning and elder law, which our attorneys address and are ready to assist with.
In Massachusetts, every older individual should have the following estate planning documents:
- A last will and testament
- Durable power of attorney
- Advance medical directive
- Health care proxy
- And a revocable living trust as well as an irrevocable trust
With proper planning, future developments, including the need for long-term care and potentially MassHealth, can be anticipated. Our elder law attorneys would be proud to assist you in these matters.
When Should You Consider Updating Estate Plans?
Estate plans are not static documents that should never be reviewed or revised. There are many instances where it may be necessary to consider updating your estate plans to ensure that they meet your evolving needs and your family’s needs.
We typically recommend that our clients review and potentially update their estate planning documents every year and we have built a unique process to make sure this happens. However, certain life changes in circumstances may encourage the need to update an estate plan sooner rather than later.
Examples include the following:
- Birth of a new child
- The death of a beneficiary
- Marriage or divorce
- Significant changes in wealth
- Changes in home ownership
- Starting or selling a business
- Diagnosis of an illness that will lead to disability or incapacitation
- Updated state or federal tax laws that may impact your estate
- And more
Your Trusted Legal Team for Estate Planning and Probate
We provide our quality legal representation with confidence, constant communication, clarity, and the intention of keeping our clients comfortable. We continuously educate ourselves with a growth mindset, committed to ensuring that our Massachusetts clients always receive top-tier legal service. Teamwork is at the core and foundation of our approach to estate law, and we will be by your side throughout the entire legal process. After you pass on, we will manage your estate during the probate process to ensure your loved ones and family members feel supported during such challenging times.
To discuss your estate planning goals in detail, please contact our law office to schedule an in-depth case consultation today. You can get in touch with us by calling us at 781-675-1315.