Need another reason to do your estate planning? You may not have as long as you think. The life expectancy in the United States, in a concerning trend, has been falling in recent years. While women do tend to live longer than men, both groups have seen their life expectancy fall.
When a spouse dies, the surviving spouse likely can't face the thought of a future without their beloved partner. But they must, and sooner rather than later.
Knowing that your pet will be taken care of and will not represent a financial burden for the caretaker after you die can bring enormous peace of mind. This is why more and more estate planners are choosing to set up a pet trust to care for their animals in Massachusetts.
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.