Although you may have just filed your 2019 income taxes in July, now is the time to start thinking about your 2020 return, due in April. While it’s always a good idea to be proactive when it comes to tax planning, it’s particularly important this year. In addition to annual updates for inflation, the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides individual taxpayers with several new tax 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
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
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
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
How To Make Estate Planning The One Resolution You Keep In 2020
We make them with the best of intentions, New Year’s resolutions. At the end of the month up to 40% of us will resolve to accomplish something in 2020. Yet, not unsurprisingly, a mere 8% of us will actually keep those resolutions and succeed in our goals. Some of the most important resolutions we will set center on family and money. Though estate planning doesn’t typically come to mind when you think “resolution,” Read More
Our 2019 Family Gift Guide
Happy Holidays! I’m behind schedule this year. By now, I have usually finished my holiday shopping. This year, I have barely started. Having been burned in years past for having my shopping completed early, I am taking a new approach in 2019. In addition to celebrating both Hanukkah and Christmas, I have two daughters who have very different replies to “what would you like for a gift?" One daughter likes me Read More
An Introduction to the Legacy Interview
What if you could hear your loved one’s voice long after they’ve passed? What if it could be something more than a clip of conversation or laughter from an old home video? What if you could hear them speaking about their memories, their achievements, and their advice? Speaking directly to you? Unfortunately, this is something you won't get to experience with loved ones you’ve already lost, but imagine if you could Read More
