Being an estate executor (now called “Personal Representative”) is an important and serious job. It also comes with potential liabilities. For instance, if you distribute assets to heirs before paying off necessary debts, you could be held personally responsible for that financial mistake. To protect your rights and interests while carrying out your duties, remember […]
29
Oct
Oct
We previously wrote about how estate planning should change at different stages of your life. The same is true for your dependents. Their age and life circumstances will often prompt you to think about how to best care for and support them. Here are some thoughts on estate planning for different stages of your dependents’ […]
28
Oct
Oct
Being an executor of an estate, now known as a personal representative, is an important responsibility. It can be a bit confusing at first as you figure out what to do. Here are a few immediate to-do’s for estate executors in Massachusetts. 1 – Obtain a Death Certificate Death certificates can normally be requested from […]
28
Oct
Oct
At any age of adulthood, you should have an estate plan. However, the focus and goals of your plan will likely be different as you age. Estate planning is not something that you do once and forget. It should be a living document that changes with your life circumstances. The following is a look at […]
23
Sep
Sep
Most estate planning documents can be changed. Noted exceptions are those specifically designed to prevent alterations, such as an irrevocable trust. There are typically 3 ways to change your estate plan, although some are recommended over others. 1 – Hand Edits Let’s start with the one people seem most inclined to try, which is to […]
23
Sep
Sep
Estate plans should be reviewed every year and updated as needed, which is why we have an ongoing Client Care Program (for more information see https://www.sslawoffices.com/client-care/) . It goes without saying that updating documents correctly is just as important as preparing the original estate plan. Unfortunately, mistakes can make revisions invalid and result in disputes, […]
08
Sep
Sep
There are several decisions to make when creating a power of attorney as part of an estate plan. Beyond selecting who to name as primary agent, you must also consider alternates and the specific powers to grant. There is no single or standard power of attorney document that works for everyone. This is why it’s […]
08
Sep
Sep
A power of attorney is one of several common documents included in estate plans. Unlike most documents that take effect after your death, this one is active while you are still living. It is important to understand the purpose of a power of attorney in MA estate plans before deciding to include one in yours. […]
24
Aug
Aug
Trusts are one of the most popular estate planning tools because they can accomplish very specific goals. You’ve probably heard of revocable and irrevocable trusts, which are the most common. There are actually many other types of trusts that can be created to handle special circumstances. Here are a few potential reasons to create special […]
17
Aug
Aug
Tax laws for retirement accounts can be very complex. When you start receiving distributions, how much you receive and for how long are important factors. When 401(k) accounts are inherited, the rules are somewhat different. Understanding the tax implications of inherited 401(k) accounts can help you minimize tax burdens. Payout Options At Death of Account […]