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
Law Blog
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
Massachusetts Opportunity Zones Offer Tax Breaks
For a limited time, investors can help reinvigorate distressed communities while deferring capital gains on profits earned elsewhere. The 2017 Tax Cuts and Jobs Act created the Qualified Opportunity Zone program in order to offer tax incentives for investment in economically blighted communities. ... Read More
Protecting Yourself from Identity Theft
Your identity is constantly at risk,... and it’s your job to protect it! These days, almost everything you do puts you at risk. From shopping in stores or online, to seeking medical attention, applying for loans, or using an ATM machine, almost everything you do relies on your identity. ... 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
5 Reasons to Freeze Your Credit
Did you know that you can freeze your credit? Credit freezes are an important precaution against identity theft. Here’s a look at what credit freezes are and 5 specific reasons to freeze your credit. What Is a Credit Freeze Credit freezes can be performed at the 3 major credit bureaus (Equifax, ... Read More
When can you delay taking Medicare?
Although you’re eligible for Medicare at 65, there are circumstances in which you might not want to apply, particularly if you’re working for a larger employer or contributing to a health savings account (HSA). However, you may face penalties if you don’t sign up at the right time, so it’s important ... Read More
It’s Now Harder for Veterans to Qualify for Long-term Care Benefits
The Department of Veterans Affairs (VA) has put in place new rules that make it more difficult to qualify for long-term care benefits. The rules, similar to those already in force for Medicaid, establish an asset limit, a look-back period, and asset transfer penalties for claimants applying for ... Read More
Simmons & Schiavo, LLP
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