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ESTATE PLANNING

Get Your Estate Planning Documents in Place

They say the best intentions go to waste. If clients don’t create and coordinate their wills, asset ownership forms, beneficiary designations, trusts, and medical directives, they have an estate ambition instead of a plan.  Failing to get the essential documents in place can conflict with your plans, leave your children without the guardian of your choice, and increase the likelihood of disgruntled heirs, lengthy probate waits, and diminution of assets.

We can determine what estate planning documents would best accomplish your goals, and ensure they are drafted in accordance with your wishes and the requirements of the law.

Title Your Assets Properly

Clients can own assets in many ways: sole ownership, joint tenancy, etc. This determines how an asset’s ownership changes when an owner dies.  People often add children or others to bank and investment accounts, real estate deeds and other property to try to avoid probate and/or plan for disability. However, adding others to titles and accounts can have serious unintended consequences for both you and the added person.

We can help you can navigate the various tax implications so as to maximize and protect the value of your assets for the benefit of those persons you leave behind.

Know What's Included in Your Taxable Estate

The Federal estate tax threshold is currently $5,250,000. The Massachusetts estate tax threshold is currently $1,000,000.

Your taxable estate is different from your probate estate.  A person's gross taxable estate is composed of ALL property interests he or she owns.   This includes:

1. Your share of jointly owned property and accounts.
2. Your qualified retirement plan accounts, 401(k)s, 403(b)s, profit sharing plans, and individual retirement accounts (IRAs) (both traditional and Roth).
3. Life insurance proceeds owned by you, payable to your estate, or which give you any legal incidents of ownership.
4. Property held in a trust that you control outright (such as a living revocable trust), or in which you have significant control and/or management over (such as a irrevocable trust where you are both the grantor and sole trustee).

In short, everything you own at death is counted when it comes to figuring your estate tax liability.

We can help you make full use of all available tax-saving strategies and tools available to you to minimize and/or avoid any estate tax liability.