There are five major problems that can arise as a result or no, or poor, estate planning. Here’s what you want your family to avoid: 1. Living Probate. If you …
Estate Planning Blog
The Outcomes of Poor Planning
Definition: Probate
Probate is a legal process that pays debts owed by your estate and applicable death taxes, and distributes the remainder of your estate to your designated beneficiaries. There are two …
Benefits of a Living Trust: Part 2
5. Avoids Estate Taxes The federal government allows your beneficiaries to receive up to $5,340,000 (indexed for inflation) without paying death taxes. In Massachusetts, if you die with $1,000,000 or …
Benefits of a Living Trust: Part 1
1. Eliminates Living Probate A Living Trust helps your family avoid court expenses and time-consuming procedures if you become mentally or physically incapable of managing your assets. The successor trustee …
Definition: Living Trust
A Revocable Living Trust is the most reliable and thorough foundation for an estate planning portfolio, and provides the most complete financial protection for you and your family. It holds …
Definition: A Last Will and Testament
Contrary to what you see in the movies, A last will and testament does not have the final say on how your assets will be distributed after death. Some assets …
Definition: Joint Tenancy
Joint Tenancy refers to ownership of property by two of more people. This protects property from probate as deceased’s portion of ownership passes to other joint tenant(s). You might think …
What is an Estate Plan?
By David E. RosenYour “estate plan” is a legally binding plan that defines how your wealth will be managed if you need to be cared for in sickness, plus how your wealth will …
Understanding Your Estate
By David E. RosenWhat is Considered Part of Your Estate? Your “estate” includes every asset you own or in which you hold an interest, including real property, investments, business interests, insurance proceeds, personal …
Understanding the Importance of Estate Planning
By David E. RosenPeople generally don’t give much thought to their own deaths while they are alive. But when it comes down to the inevitable, not planning properly for estate management and distribution …