Would Your Kid Be the One that Buys a Ferrari?

Much of family wealth is lost when it is passed from the first to the second generation, with nearly all of it exhausted by the third generation. Even though some of that may be due to most estates not being that large and the bulk of money going to purchasing a home or providing education — often the reason is that young heirs are unprepared to handle an inheritance. In consideration of leaving an inheritance to their kids, nearly 60% … Continued

Planning for Seniors: Medicare, Medicaid and MassHealth

Most people will require long-term care at some point in our lives. Long-term care may be provided in a nursing home, an assisting living facility, or in the comfort of one’s own home.  It includes services required to assist elderly individuals with everyday tasks such as eating, dressing, bathing, and toileting.  In the absence of proper planning for long-term care, it is easy for families to deplete their life savings and assets to pay for nursing home care.  To understand … Continued

Don’t Forget About Fido: Pet Protection Planning

In 2018, roughly 85 million American families own a pet. What’s more, 95% of owners consider their pets to be members of the family. Despite these numbers, many owners overlook their family pet when it comes to drafting their estate plans. How can you properly plan for and protect pets in your estate plan? Planning for your pet Fido or Fluffy is actually very similar to planning for a minor child. However, in most cases children grow up to be … Continued

Opportunities Under the 2018 Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) that went into effect on January 1, 2018 had monumental changes to business taxation, especially as it relates to pass-through businesses. It also resulted in huge increases in estate, gift, and generation skipping transfer tax exemptions. What opportunities does the Act offer to you and your loved ones, or your business? Federal Estate Tax Exemption Doubled With the Tax Cuts and Jobs Act, the federal estate tax and GST tax exemption doubled on … Continued

What the Tax Cuts and Jobs Act Means for Your Business

The Tax Cuts and Jobs Act (TCJA) passed by the House and Senate on December 20, 2017 represents the most significant tax legislation in over 30 years. TCJA produced significant changes to business taxation, especially as it relates to pass-through businesses. What is a pass-through business entity? Many business owners choose a business structure such as a partnership, limited liability company (LLC), or S Corporation so that they can pass income through to the owners without paying tax at the … Continued

You’ve Chosen a Guardian for Your Kids…Now What?

A critical starting point in protecting your children is choosing a legal guardian, but if you’ve already chosen a guardian, what steps can you take to ensure you’ve fully planned and protected for your minor children? Below are six key reminders regarding kids’ safeguard planning. (1) Have an exclusion document. You may have people in your life that you would never want as the guardian of your children. In circumstances like this, particularly if that person is a close family … Continued

Is Probate Really that Bad? 5 Need-to-Knows About Probate Court

Probate is the legal process through which the court sees that, when you die, your debts are paid and your assets are distributed according to your Will. If you pass away without a valid Will, your assets are distributed according to state law. Is Probate really all that bad? Unfortunately, in most circumstances…yes! Below are five “need-to-knows” when it comes to Probate Court and your estate plan. (1) Probate is expensive. All legal fees, executor fees and other costs must … Continued