If you have a child with special needs, you’re undoubtedly concerned about how your loved one will be cared for when you are no longer able to provide adequate care yourself. A special needs trust may provide an answer… and some much-needed peace of mind.A special needs trust allows you to provide...
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The New Year is a Great Time to Update Your Estate Plan
Many of us begin the new year by thinking about changes we want to make in our lives. This year, I hope you’ll also think about the changes that took place in your life last year, and whether your estate plan should be updated to take these changes into account.How do you...
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Another Great Event – Please Join Us!
Most of us will eventually need some form of long-term care. The good news is that proper planning can help ensure your wishes regarding your care will be carried out. Proper planning can also protect your life savings from the cost of such care.
On Monday, December 11th at...
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Finally! Massachusetts Residents Receive Some Good News About Estate Taxes
On October 4, 2023, Governor Maura Healey signed legislation that will modify a wide range of tax laws impacting Massachusetts individuals and families. Changes include a doubling of the Massachusetts estate tax exemption, from $1 million per estate to $2 million per estate. In addition, the new law alters how Massachusetts estate tax will...
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The Difference Between a Will and a Beneficiary Designation… and Why It’s Important
Wills and beneficiary designations are similar in that they allow you to name the person(s) who will receive your assets after you pass away. However, they are not the same. Understanding the differences is crucial to ensuring your wishes are carried out.Let’s begin with two basic definitions. A will is an estate...
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Protecting Your Life Savings Against the Cost of Long-Term Care: Irrevocable Trusts
Trusts are among the most powerful tools in the estate planner’s toolbox. The benefits of a trust include probate avoidance, greater privacy, and expedition of estate settlement. They can also establish specific parameters for the use of your assets during your lifetime and after you pass away, allowing greater customization of your...
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When to Update Your Estate Plan
Some folks believe that an estate plan is a “get it and forget it” proposition. The truth is that your estate plan must be updated to address changes in your life, the lives of your loved ones, and the law itself. At the very least, your plan should be reviewed every three to...
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Myths and Misconceptions: Childless Couples Don’t Need an Estate Plan
An estate planning myth shared by many childless couples goes something like this, “We don’t have any kids, so why would we need an estate plan? Whichever one of us lives longest will just inherit everything we own.”The rationale behind this notion is understandable because it embodies another myth about estate planning,...
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Tips to Lower the Cost of Long-term Care Insurance
Given the high cost of long-term care, it should come as no surprise that many people ask me what I think about long-term care insurance. As I mentioned in a previous article, I am a big fan of long-term care insurance. This despite the fact that such insurance has...
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A Common Misconception about Wills and Probate
Many people believe that having a valid will allows their estate to avoid probate. This is not the case. In fact, the probate process focuses on authenticating a decedent’s will (if there is one) and approving the named “personal representative” so that he or she can settle...
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