Spousal Lifetime Access Trust (“SLAT”) – The Benefits and Drawbacks

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 […]

Is There A Way To Protect My Home From the Nursing Home Cost?

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 […]

Massachusetts Estate Tax

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 […]

Life Insurance Myths and Estate Planning Tips

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 […]

5 Common Estate Planning Myths

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 […]

Financial Planning Tips for 2021

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 […]

Can My Estate Plan Solve My Capital Gain Tax Issue?

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 […]