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January 2015 Archives

Protecting Massachusetts incapacitated adults and minor children

Every day, residents in Massachusetts are faced with making the decision to protect a loved one from himself or herself. Whether they are protecting an incapacitated adult or minor children, family members will need some legal authority to act on one's behalf. Without such authority, a person's health and assets are vulnerable.

A revocable trust can provide for children of a single parent

Massachusetts residents may not realize that it is not only the wealthy who benefit from the use of trusts. In reality, anyone can benefit from using a trust as part of a comprehensive estate plan. One group of people who could benefit from the use of a trust, such as a revocable trust, are single parents.

New federal exemption allows people to refocus asset protection

For 2015, the federal estate tax exemption has been raised to $5.43 million per person. This means that a dwindling number of estates will actually exceed the exemption. Here in Massachusetts, however, the exemption is only $1 million. Therefore, asset protection can be refocused toward reducing other types of taxes, including the Massachusetts estate tax.

Trusts provide asset protection for minor children

Nearly all Massachusetts parents likely expect to live long enough to raise their children and watch them become the adults they are meant to be. However, the reality is that none of us knows how long we will live. As loving, responsible parents, we need to put a plan into place to ensure that minor children will be taken care of in the event of death. Asset protection is a major concern for parents with minor children.