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Estate Planning Archives

Why you need a health care proxy and how to pick your agent

A health care proxy is a legal document that allows you to choose an alternate decision maker for your health care in case you become unable to make your own medical decisions. Regardless of where you live in the country, having a health care proxy keeps you in control of your medical decisions by making your wishes known to the doctors through your alternate decision maker, called a health care agent. It is especially important in Massachusetts to have this set up because medical instructions left in a living will may not be legally recognized.

How to pay for long-term care without liquidating all your assets

If you have created estate plans, you may feel like you are ahead of the game. Planning how your affairs are managed after you are gone is important, but you also need to think about what may happen as you age. According to the AARP, after people turn 65, there is a 50-50 chance they will require long-term care. Paying for long-term care is not inexpensive. The average cost of long-term care in the U.S. is $85,800 a year, but in some states, the costs are much higher.

Estate tax laws in Massachusetts

Many states in the country do not collect an estate tax. However, Massachusetts is one of the few states that does. Estate tax laws can seem confusing at first glance, especially if you are new to estate planning. If you are starting to plan your estate in Massachusetts, it is a good idea to start by speaking with an estate planning attorney.

The tax benefits of starting a charitable trust

When you think about the legacy that you want to leave at the end of your lifetime, it is likely that you have considered leaving a portion of your estate to a certain charity. If you have contemplated this idea but up to now have refrained from taking action, it is important to know that setting up a charitable trust might be simpler than you think. In addition, it may benefit you from a tax perspective.

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Understanding inheritance tax in Massachusetts

Taxes are imposed on almost all types of income, whether that is your paycheck from work or an inheritance from a loved one. When a person is planning their estate, they will naturally want to minimize the amount of taxes they will be liable for, because the more taxes they pay, the less there will be left to go to their beneficiaries.

Preparing for an IRS audit

If you have an estate plan or trust, you may face being audited by the IRS at some point. This should be no cause for concern, but it should mean that you take the audit very seriously and that you prepare as much as you can.

Why estate planning should start in your 20s

Many people think that estate planning is something to be considered when you reach retirement age. However, the best way to plan your estate is to do so throughout your lifetime. This will help you ensure that your loved ones will benefit from your wishes for them in the event of a tragedy.

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.

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

Phone: 978-224-8893
Toll Free: 800-785-3588
Fax: 978-745-3607
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