We write to share a recent change in the law governing retirement plans as of January 1, 2020. If you have one or more retirement plans (e.g. 401(k)s or IRAs), this change could impact your estate plan. This is especially true if you’ve named (or...
The IRS has issued updated exemption amounts for estate and gift taxes for the 2020 calendar year: The Federal Estate and Gift Tax exemption amount, which is the amount of assets below which no federal estate or gift taxes are imposed, is indexed for inflation....
Have An Estate Plan Even celebrities die without wills. Picasso’s unplanned estate paid an extra $30 million in taxes. Prince’s $300 million estate faced unnecessary significant taxes and disputes, with false claims by alleged heirs, including a convicted felon. James Dean died at 24 without a...
If you have wishes regarding your funeral services or burial arrangements, there are various ways to make such wishes known. While funeral or burial arrangements are usually handled outside of a Will (or Trust), they are important to plan for because they are often the...
From GRC's Spring 2019 Newsletter If you are reading this the odds are pretty good you have addressed your estate planning. Many (most?) never undertake even basic estate planning. The reasons are myriad: you just never thought about it, fear of going to see a lawyer...
From GRC's Spring 2019 Newsletter As part of the estate planning process, it is important to distinguish between so-called "probate" assets and "non-probate" assets because your Will only controls the disposition of your probate assets. Probate assets are those assets that are owned in your name...
From GRC's Fall 2018 Newsletter While estate tax minimization continues to be an important estate planning goal for Massachusetts residents, there are many “non-tax” reasons to regularly review and update your estate plan as well. One of the more overlooked non-tax reasons is planning for incapacity. If...
From GRC's Fall 2018 Newsletter Adult children commonly help their parents with bills, and are often added on financial accounts as joint owners to enable this help. While this may seem like a good idea, it is fraught with problems. Naming another person as a joint...
In order to help a debtor “obtain a fresh start”, federal law allows debtors to exempt retirement accounts from the bankruptcy estate....
A durable power of attorney has long been a standard document in any estate plan....