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National Estate Planning Awareness Week Oct 19-25, 2020

Estate planning is an often overlooked area of personal financial management. By some estimates, 70% of American parents do not have an estate plan! Most mistakenly hear the word “estate” and assume “estate planning” is just for the Bill Gates, Elon Musks, or Warren Buffets of the world. Estate planning, however, is for everyone! Estate planning is essential to protecting you, your family, your assets, and perhaps Read More

How Do Trusts Help You Save on Taxes?

Many people come to us curious (or confused) about trusts and taxes. So we’d like to sort it out and clarify things. There are two types of trusts, and each type has its own tax consequences. Revocable trusts, which are the more commonly used trusts, have no tax consequences whatsoever. A revocable trust has your social security number as it’s tax identifier, and is not a separate entity from you for tax Read More

Is your trust funded? Setting up a trust – the right way.

“The fortune is in the follow-up.” Jim Rohn “The devil is in the details.” Ludwig Mies van der Rohe I recently met with a couple who had gone several years ago to a nearby “traditional” law firm for their estate planning. The firm created separate revocable trusts for the husband and the wife, and then, once all of the documents were signed, sent the couple an email with a spreadsheet of all of their Read More

Create a Special Needs Trust to Protect the Financial Future of Your Child with Special Needs

I am always surprised when the parents of a child with special needs tell me that they were not aware of what they needed to do to ensure the future well-being and care of their child. Often, they tell me they didn’t know they needed to do anything at all. If that’s you, and you have a child with special needs at home, this is for you (or, if you have friends or family who have a child with special needs, please Read More

Don’t Let Your Kids Move Out Without This Plan

Watching your kids leave home to attend college or start their career can be an emotional time for you as a parent. On one hand, moving out on their own is a major accomplishment that should make you proud. On the other hand, having your kids leave the nest and face the world can induce anxiety and fear. 
Regardless of your feelings, once they reach age 18, your kids become legal adults, and many areas of their Read More

Online Estate Planning: When You Should, When You Shouldn’t and Where to Do It

The Parents Estate Planning Law Firm As our community continues to struggle with the impact of the COVID-19 virus, one positive that has come to light is how much we can do virtually. From essential business functions to social gatherings with friends, many of us (including our firm!) have adapted and learned how to keep calm and carry on, online. As we stay safer at home and go about much of our lives on Read More

Leaving a Legacy: A Map to Doing the Right Thing for the People You Love During the COVID-19 Pandemic

Right now, huge numbers of people are coming face-to-face with their own mortality, and realizing they need to plan for the worst, even as they hope for the best. This goes not just for those in the “senior” category, but for all of us, no matter our age. We are facing the reality of our mortality, and many of us are doing it courageously by learning and taking action on what we need to do for the people we Read More

The Most Important Legal and Financial Actions to Take Right Now

As you know, the COVID-19 pandemic means nothing is business as usual. Many states have implemented a “shelter-in-place” order to limit the spread of the disease. Those that haven’t will soon need to do the same. In this time of chaos and upheaval, it may feel too pessimistic to plan for the worst. But that’s exactly why it’s the most important time to plan.  If you are staying at home, you may even have some Read More

6 Reasons Why a Trust is Better Than a Will

A will is one of the most basic estate planning documents, and everyone should have one to make sure that there is no question about what would happen to your assets and kids if something happens to you.  But there are important reasons why having a trust in addition to a will is critical and make things so much easier for you and your family. Here are the top 6 reasons why a trust is better than a will: A Read More

Two Certainties in Life: Death and Taxes in Massachusetts

In a letter to a friend, Benjamin Franklin once wrote, “In this world nothing can be said to be certain, except death and taxes.” Though he said it in the 18th century, it remains true to this day. Today we’re discussing both death and taxes -- we’re delving into the taxes that are owed on your estate after you pass away. Let’s start with the happy part first. Can my assets avoid estate taxes when I Read More