Fall River Estate Planning Lawyer

Fall River Estate Planning Attorney

It can be difficult to approach the subject of what to do with your assets after you pass away. For many, it is difficult to think about death and no longer being there for the ones you love, but it is important to have a plan. No matter your age, it is never too early to begin the estate planning process. A Fall River estate planning lawyer can help you get started.

The truth is, we never know when the inevitable will happen, and you do not want to leave your loved ones without the help they will need after you pass away. By having a comprehensive estate plan in place, you can make sure that your wishes are carried out should you become incapacitated or pass away.

Our team at Albanese Law, LLC, is dedicated to developing a plan for your assets and property to make sure your legacy remains protected after you pass away.

Estate Planning in Fall River

Creating an estate plan can be very overwhelming and emotional for some people. In fact, as of 2024, only 24% of Americans have a will. Our team at Albanese Law, LLC, will try to ease your burden by guiding you through the process with ease and grace. Our team handles all aspects of estate planning, including:

• Wills. A will in Massachusetts is a legal document that specifies how property will be distributed after you pass away. A will names decision-makers and beneficiaries for any assets, as well as guardians for any minor children.
• Long-term care planning/Medicaid planning. This part of your estate plan will address how to protect your assets while planning for eligibility for Medicaid to cover long-term care costs. If you have a high net worth, Medicaid planning can help make sure you receive the care you need when the time comes and that you do not exceed income limits for Medicaid.
• Revocable and irrevocable trusts. This tool helps to manage and protect your wealth while continuing to provide for your loved ones over time. Trusts can be used in place of a will or alongside a will to make sure your property goes to the correct beneficiaries and to avoid probate. Trusts also help protect your assets from certain tax liabilities.
• Power of Attorney. This is a powerful legal document that gives another person the authority to act on your behalf if you become incapacitated and cannot communicate your medical or financial wishes.
• Business Planning. Estates that include business interests can have further complexities when compared to standard estate plans.
• Guardianships. A pivotal part of any estate plan involving a minor or a loved one who is unable to care for themselves due to an incapacitating illness, disability, or injury. This names another individual as a guardian to protect and care for this vulnerable individual when you pass away.

We Support the Needs of all Fall River Residents

Our team at Albanese Law, LLC, is dedicated to helping all residents with their estate planning needs. Fall River, MA, with a population of 94,689 as of 2024, has a majority of residents aged 18 to 65.

For this age group, many believe there is still time to craft an estate plan, but tragic events can happen at any time. You do not want to be unprepared, leaving your dependents or loved ones at the mercy of the courts in determining important matters such as guardianship and asset distribution.

It is important to have a plan in place and to revisit that plan as life changes throughout the year. At Albanese Law, LLC, we offer a range of estate-planning services and experience, and we are dedicated to creating a plan that fits your unique life situation.

FAQs

How Much Do Estate Planning Lawyers Charge for Their Services?

There is no set amount that estate planning lawyers charge for their services. Instead, attorneys assign fees based on the complexity of your estate, the tools you wish to use in your estate plan, and fees as disputes arise or changes are made to the estate plan. Most attorneys charge a flat fee for standard estate plans with predictable structures and paperwork, and hourly rates for more complex or involved estates.

What Is the 5 by 5 Rule in Estate Planning?

The 5 by 5 rule in estate planning allows the beneficiary of a trust to annually withdraw the greater of $5,000 or 5% of the total trust value. This rule allows flexibility and control over the trust’s funds without incurring gift or estate taxes. This rule is often used when creating irrevocable trusts. Since 2023, Massachusetts has had a $2 million state estate tax exemption, and this rule helps keep trust assets below that limit.

What Is the Disadvantage of Putting Your House in a Trust?

The largest disadvantage of putting your house in a trust is the ongoing administrative needs and complications if you ever wish to refinance or change homeowners’ insurance carriers. In Massachusetts, revocable trusts do not offer any protection from Medicaid estate recovery either. When your home becomes a part of a trust, it is also no longer protected from creditors during your lifetime, as it becomes a part of your estate.

When Should You Hire an Estate Planning Attorney?

Throughout life, many changes can happen that will require the help of an estate planning attorney. Some of these are:

• Marriage or divorce
• Birth of a child
• Purchase of a home or business
• Moving states
• Or substantial growth in assets

Even without major changes, it is advisable to review your estate plan regularly and make updates to account for changing laws.

Hire a Fall River Estate Planning Lawyer

It is never too late to start planning for your future and to protect your loved ones. Our team at Albanese Law, LLC, proudly serves the Fall River community with its estate planning needs. Contact our office to schedule an appointment today.