Like everything else of value, your estate can be subject to state and federal taxes. If you have significant wealth, you can forfeit a great deal financially when you pass. The value of your estate can affect how much your estate is taxed upon distribution. With several qualifications, portability, and exemption rules, it can be easy to lose the thread, which is why it’s so important to understand how estate taxes work.
Author: Paula Smith
Your last will and testament is a key component of estate planning. It determines how your property is distributed after you die. However, after the assets detailed in your will have gone through probate and are distributed, what happens to those assets that don’t go through probate? Estate planning covers everything from the probate process to providing clear instructions on what to do in special circumstances. Learn how these together are indications that you need more than a will for estate planning.
With the rapid advances in technology, estate planning has evolved beyond managing one’s physical and financial assets. Nowadays, a substantial amount of a person’s personal and business data is being stored in digital formats. People tend to vastly underestimate the value of these digital records and don’t realize there is a serious risk of financial and sentimental loss if this information is not dispersed appropriately.
The same reasons people need estate plans in the first place also means that periodically, it’s important to review your estate plan to make sure it still aligns with your needs, assets, and dependents. As you get further and further from that day you signed your estate plan, those goals, assets, and dependents might change, you must update your estate plan with these changes in mind as they come. In this blog, I’ll go over signs its time to talk to an estate planner and get your plans updated.
In Massachusetts, a will is a critical part of estate planning. The legacy of the person and their loved ones can be deeply affected by the quality and type of will. Before a will can be enacted, it must pass through probate. During this time, a badly written (or executed) will – or no will at all – can lead to stress and hardship as the court drags on between all parties. I want to share with you how to handle wills to avoid these issues.
Having a conversation around estate planning isn’t on the top of anyone small talk list, but it is crucial to your life plan. There are many different myths and misconceptions around estate planning, but here are some of the myths and misconceptions that my clients have approached me with more frequently.