Did you get a holiday bonus from your employer? Or maybe you have a tax refund coming. If so, do you have any of it left, have you already got it spent in your mind, or are you thoughtfully considering how you can best utilize this surprise resource? Annual bonus payments and tax refunds are nice windfalls, which can be used to create more stability in your life. While it is fun to treat such income as “mad money” Read More
6 Changes to Watch out For in your 2020 Taxes
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
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
What You Should Know About Guardianship—In Case A Parent or Loved One Becomes Incapacitated
Whether through illness, injury, or other means, anyone can require a guardian to become appointed if they become mentally incapacitated. In such cases, if there is no estate planning in place (or insufficient planning) to keep family or other loved one’s out of court, a guardianship, or conservatorship as it is sometimes called, must be established via a court process in the county probate court. Obtaining Read More
Recently Divorced? Why You Should Put Aside Your Differences For Tax Season
Divorce can wreak havoc on your finances. But what many divorced couples don’t realize is that they can expect to face recurring financial challenges during tax season for years after the divorce is finalized. While divorce is often adversarial, leaving both spouses with animosity in its wake, tax season is an opportune time to put aside those differences and cooperate to reach a mutually beneficial Read More
How Will the New Tax Law Affect Your Family?
President Trump signed the new Tax Cuts and Jobs Act bill into law on December 22, 2017, and the law includes a number of historic changes to the federal tax code. However, the vast majority of the most dramatic changes are aimed at business taxation, not individual taxpayers. That said, there are several fairly significant changes to personal income tax laws, which we’ve highlighted below. But keep in mind, unlike Read More
Financial, Legal Planning for Unmarried Couples: Should You Legally Marry or Not?
While the Supreme Court issued a landmark decision to legalize same-sex marriage in the U.S. making it possible for people of all sexual orientations to marry, many modern couples (of all genders and sexual orientation) still choose not to marry. If you and your partner are deciding whether or not to legally get married, be sure to consider these important factors: Legal Protections If you are partnered and Read More
Navigating the Sandwich Generation with Ease
July is Sandwich Generation month. If you've never heard of it: the average age of parents raising children in the US continues to rise, leaving many middle-aged Americans in a category commonly referred to as the the “sandwich” generation: often still raising kids at home when they become responsible for the care of their own aging parents. The stress and financial strain of managing the affairs of both children Read More
Tax Season! Investing Your Tax Refund Creatively
David Feakes, President of The Parents Estate Planning Law Firm, PC, shares why investing in a comprehensive estate plan is the smart, loving way to use your tax refund this year. Also covered, Red Sox Opening Day, and National Health Care Decisions Week! Read More
5 Creative Ways to Invest Your Tax Refund in Your Family’s Future
Expecting a tax refund this spring? Up to 80% of us are, and will have to decide what to do with our tax refund of, on average, about $2,832! Though it can be tempting to see a tax refund as “free money” (rather than what it actually is- part of your hard-earned paycheck,) it seems as though the vast majority of Americans do plan to treat the windfall responsibly, instead of blowing it on a splurge Read More
