PROCRASTINATION – (Noun.) Def: (1) “The action of delaying or postponing.” (2) “To keep delaying something that must be done.” — The Cambridge Dictionary. Finally, I have gotten around to writing this article. You might ask: “What does procrastination have… Read more »
What is a Health Care Directive / Proxy — & Why Do I Need One?
You need one because accidents and unexpected illnesses happen all of the time! I am certain that your calendar does not show that you have an automobile crash scheduled for next Tuesday at 7:45 AM. Of course not — the same holds true for illnesses. A health care directive, or proxy, is a preplanned document… Read more »
What is a Trust and Should I Have One ?
Trusts are nothing more than a legal relationship and contract agreement, where the owner of some type of assets (the Donor, Grantor or Settlor), transfers possession of those assets in a written agreement (the Trust) to someone who agrees to be the holder of the assets (Trustee), and who also agrees to make the distributions… Read more »
First Time In 20 Years Massachusetts Revises Estate Tax Law
On October 4, 2023, Massachusetts Governor Maura Healey signed sweeping tax changes into law. One of the most important of these changes was to the Commonwealth’s estate tax exemption. Historically, the exemption amount was one of the lowest in the country ($1M/ per estate). The new law raises that amount to ($2M/ per estate) and… Read more »
Prenuptial Agreements
Do they say: “I don’t trust you and expect that we are going to wind up getting divorced anyway” ; or Do they say: “You and I have once before gone through a very contentious, hurtful, hateful and litigious divorce in the past and we do not ever want that to occur between us“? If… Read more »
Yes . . . You Do Need a Will!
According to a recent report from Morgan Stanley, only 39% of individuals earning between $40,000 and $ 80,000 per year have a will. This means that 61% of those in that group do NOT have a will. If you do not have a will, the state government decides who will get your assets–such as your… Read more »
Where There’s a Way – There’s a Will
Do you want a way to find some peace of mind in these troubling times? Would you like a way to establish direction and provide a future for your family and loved ones? You certainly want a way to determine who will be the guardians for yourself and your children in the event you cannot… Read more »
Aging: The need for Wills, Trusts, Durable Powers of Attorney and Health Care Directives
It was recently reported by CBS News that Aretha Franklin passed away, without any Will regarding her nearly $80 million estate. Therefore, the State of Michigan will be deciding the distribution of her assets rather than she. Unfortunately, this is too often the headline in the paper, yet the rest of us go on with… Read more »
Don’t let the tail of the increased federal exemption wag the estate planning dog
On December 22, 2017 the President signed the TAX CUT AND JOBS ACT (The “Act”) that became effective January 1, 2018. For estate tax purposes and for estate tax planning purposes, the Act essentially doubled the federal estate, gift, and generation-skipping transfer tax exemptions through the end of 2025. This means that as of January… Read more »
New federal law targets elder abuse and exploitation
According to a report by Rhonda McMillion, an editor of the ABA (American Bar Association) Washington Letter, a publication of the ABA Governmental Affairs Office, a new federal law championed by the ABA will fight elder abuse and exploitation. The report, which appeared in the December 2017 issue of the ABA Journal, notes the following:… Read more »