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July 2018 Archives

Drafting a living will in Massachusetts

When a person is suffering from an illness that is expected to lead to further deterioration of his or her health in the future, it is likely that he or she will consider how estate assets as well as health care will be managed in the future. Sometimes, a terminal illness or an illness that affects mental capacity means that people are not able to make informed decisions in regard to their medical treatment. This is why many people in this situation decide to create a health care directive.

Avoiding probate in Massachusetts estate plans

When thinking about an estate plan, the first thing that comes to many people's minds is the creation of a will. While a will creation can be practical in some situations and for certain assets, it is not always the best choice. In many situations, it can mean a costly probate process.

How to avoid probate in Massachusetts

When starting an estate plan, one of the first things that people realize is that it is usually best to do everything one can in order to avoid probate. Probate can be a very costly process, taking assets away from the loved ones who you want to inherit your estate. The probate process can also be very lengthy, taking months, or in complex situations, years.

Setting up a trust for your grandchild

When you enter retirement, it is likely that you will start to think about how you would like your assets to be used at the end of your life. It is very common for those planning their estate to decide that they would like a portion of their assets to go to their grandchildren. However, while they have all the best intentions for these assets to be inherited by their grandchildren, it is likely that they also have concerns about large sums of money being inherited by young people, and want to make sure that the assets will be used in a wise way.

How does probate work in Massachusetts?

Probate is a process that is overseen by the courts after a person passes away. If a person has planned his or her estate in detail during his or her lifetime, the estate may be able to avoid the probate process completely, or the probate process may only be applicable to a small portion of the estate.

How an AB Trust could be beneficial for married couples

It's easy to become overwhelmed by the different options when planning your estate. There are many types of wills and trusts that are available to estate planners, but the right choice for you will depend largely on your specific financial situation, as well as what your last wishes and financial intentions are.If you are a married couple, there are ways that you can take advantages of certain clauses of the law. For example, you may be able to maximize your estate tax federal exemptions by the inclusion of AB trusts. AB trusts are a system of trusts. An A Trust is often known as a "marital trust" and a B trust is otherwise referred to as a "bypass trust".How does the law work when it comes to AB trusts?A new opportunity arose from a tax exemption perspective in 2011 when it was made possible for federal tax exemptions to be transferred between married couples. This essentially means that married couples can transfer a certain amount of assets to the heirs without being subject to estate taxes, without the use of AB trusts.However, AB trusts can still be beneficial in many other ways. AB trusts can be very useful for married couples who each have children from previous marriages. They will likely want to keep some of their assets separate in order to be inherited by their respective heirs, and setting up AB trusts can make this possible.How can AB trusts be set up?

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Casey & Lundregan, P.C.
71 Washington Street
Salem, MA 01970

Phone: 978-224-8893
Toll Free: 800-785-3588
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