One of the most commonly overlooked aspects of estate planning is the impact of estate taxes. Most people with sizable assets understand how critical a last will and estate plan are. Failing to create them during your healthy, younger years could result in the government seizing your estate after you die.
Medicaid is a federal program designed to cover the costs of medical care once a qualifying individual's funds are depleted. Steps can be taken to proactively plan to qualify for these benefits.
Many Massachusetts residents look forward to retirement and make sure that they plan for it. However, they fail to plan for what comes after retirement -- the probate process. Moreover, retirement plans could be interrupted by an illness or accident. Failing to plan for either of these possibilities could lead to other problems in the future.
Careful planning when one is of sound mind and body can help to ensure that one's desires and intentions are properly carried out upon one's death. Organization of one's finances and assets ahead of time also benefits a person who becomes mentally or physically incapacitated and no longer able to govern his or her own estate. A professor of finance from a university outside of Massachusetts published a recent article about the benefits of taking a financial inventory for the purpose of future estate administration.
An estate plan is designed to take care of the family members left behind after a Massachusetts resident passes away. Ordinarily, the documents are set up to make estate administration easier and less time-consuming for his or her loved ones. However, dealing with the particulars of how everything will happen is too much for some loved ones. In that case, it will not matter how well an estate plan is crafted.
Most Massachusetts parents want to ensure that their children are cared for after they are gone. The question is how to divide their assets among the children in a way that will give each of them the most benefit. Every child is different, and simply dividing the assets up equally may not be the best solution.
It might be difficult for Massachusetts fans of Robin Williams to believe that it has been nearly six months since he passed away. He attempted to set up a conflict free estate plan that provided for the people he loved, but that has not stopped his heirs from finding their way into court. The contentious probate process is not over the big assets that he owned -- instead, it is about his personal items.
By now, most Massachusetts residents are aware that the circumstances surrounding Joan Rivers' death may be suspect. For this reason, Rivers' daughter, Melissa Rivers, has retained counsel to file a medical malpractice claim against the party or parties believed responsible for her mother's death. The way that Joan Rivers structured her estate plan, estate administration should not have been necessary. However, now that a lawsuit regarding her death is being initiated, it is required.
When Massachusetts residents are creating their estate plans, one of the most important decisions they have to make is who to appoint as the executor of their estate. In making this crucial choice, it may be helpful to understand the role that an executor plays in estate administration. Here is an overview of an executor's responsibilities.
The purpose of an estate plan is to be sure that family is aware of how a Massachusetts resident's estate is to be administered in case of incapacitation or death. In order to effectively do so, family needs to know about every asset the individual owns, including digital ones. Without this information, crucial assets and liabilities could go unnoticed.