The recently proposed federal tax legislation reduces our gift/estate/generation skipping transfer tax exemptions from the present $12.06 million to approximately $6 million. Even if the legislation is not enacted, the current exemptions are set to automatically change on December 31, 2025, resulting in a similar reduction. The question becomes, “Is there a way to preserve and take […]
19
Oct
Oct
For those entering the later years of their life, a common fear and question we often hear is “can the nursing home take my house?” Unfortunately, this is a very real possibility for those who may ultimately need to be cared for in a nursing home. In Massachusetts, there are two common ways to pay […]
02
Aug
Aug
While the federal estate tax is currently now a problem only for the very wealthy, many states, including Massachusetts, impose their own, separate estate taxes. Unfortunately, these often kick in at much lower thresholds. What this means is that a taxpayer could have an estate well below the federal exemption, yet still have to pay […]
27
Feb
Feb
Among the biggest news to start out this year is the proposed tax plan by President Biden. Should the changes be approved, it’s important to understand how it might impact your financial and estate planning for the year. Here are a few key components of the 2021 tax changes and estate planning considerations. Increased Tax […]
27
Feb
Feb
It’s a simple fact that your assets are always at risk. We encounter potential liabilities in our everyday life when we drive a car, invite guests to our home, post content on social media, etc. Even in cases where you have insurance, there are coverage limitations. We can be sued for almost anything and be […]
22
Jan
Jan
One of the most important decisions you can make is to purchase a life insurance policy. In fact, life insurance can play an integral role in your estate plan. Yet, so many people lack a policy. These life insurance myths are often why. Here’s the truth behind these common misconceptions. 1 – I Don’t Need […]
22
Jan
Jan
Misconceptions are very common with complex topics like estate planning. Unfortunately, myths can be damaging and can prevent you from taking the proper steps to protect your family and your assets. Here are some common estate planning myths that you should not believe. 1 – A Will Is Enough to Protect My Assets A will […]
05
Jan
Jan
The new year is a time of hope and an opportunity to set goals. If you’ve been procrastinating on estate planning, this is the year to change that! And we’re here to help. Here what you should include in your estate planning goals for 2021. 1 – Learn About Your Options Your first estate planning […]
05
Jan
Jan
It’s a new year, which means it’s also time to re-evaluate your financial plan. 2020 was an unusual year filled with uncertainty and market fluctuation. After such a year, financial planning is more important than ever. To help you get started, here are a few financial planning tips for 2021. Re-evaluate Savings Options Interest rates […]
Our focus at Simmons & Schiavo, LLP is to assist our clients in passing on the maximum amount of wealth to their loved ones. The best way to do this is to utilize tax savings techniques to minimize both capital gains and estate taxes. Click on the play button below and listen as Attorney Marco […]