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 […]
10
Aug
Aug
401(k) accounts are among the few non-probate assets where beneficiaries must be directly named on the account rather than through other estate planning documents. Naming a beneficiary is extremely important, but there are also some rules to be aware of. Here’s what you should know about 401(k) beneficiary rules based on marital status. Single Account […]
18
Jul
Jul
There are many different life insurance policies available. Some are straight forward with premiums and payouts and others include investment, annuity, and other features for retirement planning. It’s easy to get overwhelmed. Sometimes the best solution is the simplest one. Here’s why term life insurance may be the best solution for estate planning. What Is […]
18
Jul
Jul
Incorporating life insurance into an estate plan goes beyond simply purchasing life insurance. Since these policies allow you to list direct beneficiaries and essentially bypass anything outlined in a will, you must make special arrangements to maintain more control over life insurance proceeds. Here’s a closer look at this topic and the best ways to […]
05
Jul
Jul
When couples divorce, they each prepare separate estate plans. However, when children are involved, it would seem that some coordination might be helpful for the benefit of their children. There are a few important things to know about coordinating estate plans of divorced parents. Using the Same Attorney Some couples opt to use the same […]
30
Jun
Jun
Divorce is an important life event that requires changes to other aspects of your life such as retirement and estate planning. Decisions that were previously straight forward when you were married are more complicated when divorced but have children together. The following tips on estate planning for divorced parents can help you navigate some of […]
23
Jun
Jun
The urgency to complete estate planning for single adults is often different from that of married individuals. Without a spouse, single adults face more uncertainty in who would be involved in their life in the event of disability or incapacity, and also who will inherit upon death. In addition to the normal Last Will & […]
23
Jun
Jun
Estate planning discussions are often focused on married couples, but it’s equally important for single individuals to prepare one too. In fact, in some ways, it’s more important for single adults given that heirs are less obvious and there are generally no jointly owned assets. A proper estate plan may be the only way to […]