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Estate Planning Archives

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.

What steps can you take to avoid conflict over your last will?

Far too many people put off the process of planning their estate or creating a last will. It can be difficult and humbling to consider your own mortality. However, if you have family members that depend on you or have accrued sizable assets over the course of your adult life, failing to create an estate plan could mean losing out on an opportunity for a legacy.

Tips for choosing the executor of your will

It can be overwhelming to discuss the topic of death with your loved ones. It even can be difficult to discuss it with the person you are closest with, your spouse. This is a discussion that must take place if you want to protect your loved ones and their inheritance upon your death. An important part of putting together an estate plan is choosing who will be the executor in Salem.

Issues that can derail your estate plans in Massachusetts

Putting together an estate plan is one of the most important things you can do in life. You don't have to be married or have children to plan out your estate. As soon as you exit school and enter the working world you should begin to plan your estate. Life can happen without warning and you don't want your assets and property to fall into the wrong hands. Here are some issues that can derail your estate plans in Massachusetts.

4 questions about beneficiaries

Typically, the beneficiary designation on an account is more important than your will. For instance, if your will says to split your retirement fund between your two children but your ex-spouse is named as your beneficiary, your ex is going to get the money.

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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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