Recent Blog Posts
Does The Massachusetts Estate Tax Count Out-Of-State Real Estate?
Massachusetts has its own estate tax. It covers many estates in the Commonwealth that do not have any federal estate tax liability. In 2023, lawmakers increased the Massachusetts estate tax exemption from $1 million to $2 million. As part of that reform, the law changed. Out of state real estate—which was previously exempt from… Read More »
Bill To Repeal Federal Estate Tax Introduced, But Still Faces Hurdles
According to a report from Financial Regulation News, a bill has been introduced in the United States Senate to repeal the federal estate tax. The legislation was introduced by South Dakota Senator John Thune and it has 45 co-sponsors. Here, our Norwood estate planning attorney provides an overview of the existing federal estate tax,… Read More »
What Does It Mean To Fund A Trust?
A trust is a legal arrangement where assets are managed for beneficiaries. They can be highly effective estate planning tools. Massachusetts has a wide body of law governing the use of trusts (MGL c. 203). Notably, all types of trusts generally need to be “funded” in order to become effective. This raises an important… Read More »
Can You File Your Will With The Court Ahead Of Time In Massachusetts?
A will is one of the most important legal documents that you have. When you pass away, your last will and testament helps to provide the roadmap for how your property and assets should be handled. Your survivors—particularly the executor of your will (now called a Personal Representative under Massachusetts law) —must file the… Read More »
What Is A Survivorship Life Insurance Policy?
Life insurance helps to provide much needed financial protection to many people and families. It can be a very important estate planning tool. Notably, life insurance policies come in a wide range of different forms. For some people—often married couples who want to provide for their children—a survivorship life insurance policy—can be especially effective…. Read More »
Estate Planning In Massachusetts: Can I Name My Minor Child As The Beneficiary For My Retirement Account?
For many people, their retirement savings—401(k), IRA, etc—is amongst their most valuable assets. It is important to consider your retirement accounts when developing an estate plan. You may be wondering: Can I name my minor child as the beneficiary on my retirement account? In Massachusetts, the answer is “yes”—but some unique issues can apply…. Read More »
Where Should I Keep A Copy Of My Estate Plan?
As an adult in Massachusetts, you should have a comprehensive estate plan in place. Estate planning is important. It is crucial that your family, friends, and other loved ones know how to access your estate plan when the time comes. This raises an important question: Where should I keep a copy of my estate… Read More »
How Do I Identify My Estate Planning Goals?
Are you working to develop your estate plan? Estate planning is important. It is also a fundamentally personal process. Your estate plan is your opportunity to achieve your goals. This raises an important question: How do I identify my estate planning objectives? The answer is that you should take time to evaluate your specific… Read More »
Know The Advantages Of A Revocable Living Trust
Are you considering setting up a revocable living trust as part of your estate plan? A revocable living trust is one that you can alter or even terminate at any time and for any reason—while still protecting certain selected assets from the probate process. Many people and families can benefit from these types of… Read More »
Four Estate Planning Tips For New Parents In Massachusetts
Are you a new parent or soon-to-be new parent in Massachusetts? It is an exciting time that can also be stressful. Estate planning may not be at the forefront of concerns. At the same time, it is crucial that new parents put an estate plan in place. It does not have to be complicated… Read More »