So many people think that downloading the template of an online will, printing it and filling in the blanks makes an estate plan.
The topic of inheritance is causing unease in families across Massachusetts and the nation.
When former President George H.W. Bush, a Massachusetts native, passed away in November, he joined his beloved wife, Barbara, who died in April. It isn't uncommon to see couples who have been married a long time – the Bushes were wed for 73 years – pass away in quick succession.
We all think of life insurance as a way to provide cash to our loved ones upon our unexpected deaths. But life insurance is more than that. It's actually can be a key part of an estate planning portfolio for many Massachusetts residents.
Couples make their estate plans together, typically. And they leave their belongings to each other, then to their children as secondary beneficiaries, in most instances.
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.
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.
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.
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.
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.