Most estate planning pitfalls are not the result of how the estate plan was drafted. They are the result of small oversights such as a form that was never updated, a trust that was…
Most families think of an estate plan as a will. In practice, a Massachusetts estate plan is a coordinated set of documents that cover several different situations: incapacity during life, medical decisions, financial management,…
Planning for minor children is one of the concerns that causes many young families to think about estate planning. When creating an estate plan, thinking carefully about who would raise minor children, who would…
Massachusetts residents often own real estate in other states. A ski condo in Vermont, a rental in Florida, a family cabin in Maine, or a timeshare in Hawaii introduces a wrinkle many families do…
Massachusetts law gives a testator broad authority to choose beneficiaries, including the authority to choose to omit beneficiaries, but that authority is not absolute. Understanding what can and cannot be done, and how to…
Retirement accounts are often one of the largest assets in a Massachusetts family’s estate, and they have transfer rules and nuances that differ from many other assets. A carefully drafted will or trust has…
Most conversations about estate planning focus on what happens at death. A durable power of attorney (DPA) focuses on what happens while you are still alive, but unable to handle your own financial affairs.…
An estate plan should not be a stagnant set of documents that is filed away and never reviewed. It is a snapshot of the family, the assets, and the law at the moment the…
Revocable trusts are living documents. Families create them, fund them, and then, as life changes, modify them. The two primary ways to modify a revocable trust are through amendments and restatements. The two are…
The moment a family needs to act on an estate plan is usually the worst possible moment to need to go hunting for documents and accounts. A spouse or adult child who has just…
When families sit down to create a will, they naturally assume it controls all their assets. That assumption is understandable, but it misses one of the most consequential rules in estate planning. For assets…
When a trust holds assets for a beneficiary rather than distributing everything outright, the trustee has to decide when and how much to distribute. Discretionary distribution authority is one of the most important and…
When families create trusts as part of an estate plan, one of the most important protective features is often buried deep in the document’s boilerplate. A spendthrift clause restricts a beneficiary’s ability to transfer,…
Serving as a trustee is a meaningful responsibility. When a family member or friend names someone as trustee, they are expressing deep trust in that person’s judgment, integrity, and willingness to act on behalf…
A revocable trust is a powerful tool for avoiding probate and managing assets, but it only controls assets that have been titled in the trust’s name, or assets that pass to the trust through…
Many families ask about living wills when they start thinking about medical planning. It’s a reasonable question, and the answer reveals something important about how Massachusetts handles end-of-life decisions differently than most other states.…
Most families spend time thinking about who should inherit their assets but far less time thinking about how those assets are owned. The form of ownership on a bank account, a deed, or a…
Most families in Massachusetts hear the phrase “estate tax” and assume it applies only to the very wealthy. At the federal level, that assumption holds. The federal estate tax exemption is $15 million per…
Number 1: Avoidance of Probate Establishig a revocable trust, and properly funding the trust, avoids probate on assets that would traditionally trigger probate. These assets include real estate and privately held businesses. By setting…
Estate planning carries with it many assumptions and misconceptions, more so than other areas of law. Families often arrive at an initial consultation with beliefs picked up from the internet, well-meaning relatives, or experiences…
One of the first decisions families face when building an estate plan is who should fill the key roles: guardian, executor (called a Personal Representative in Massachusetts), and trustee. These are distinct positions with…
