Key Takeaways: Estate Planning for High-Net-Worth Individuals Without Heirs
Estate planning for individuals is about legacy, not default inheritance.
Children who are concerned about their aging parents’ well-being are increasingly turning to assisted living to help them. However, assisted living requires diligent planning to ensure that parents are treated with the respect and dignity they deserve. By recognizing the exact needs of your parents, and taking prudent steps to manage their...
Estate and business succession planning are two closely related areas of law that can both serve similar purposes. One reason that individuals, families, and small business owners choose to avail themselves of planning is to minimize taxes. If you’ve never created an estate or succession plan or it’s been a while since...
Probate is the process by which an individual’s last will and testament is determined to be valid (or “proved”) so that the decedent’s final wishes regarding estate assets can be settled. Although probate is avoidable in some cases, there are many estates that must be subjected to this process before property can...
Tracy Craig, Chair of our Trusts and Estates Practice Group, recently contributed an informative article to Kiplinger, discussing crucial changes in estate tax laws. This article is a valuable resource for those seeking to understand the impact of these changes on retirement and estate planning.
Your informed planning is...
Business owners are familiar with the benefits of forming limited liability companies (LLCs), such as pass-through taxation and shielding owners from personal liability. But LLCs can be used as part of an estate planning strategy as well....
Tracy Craig, Chair of our Trusts and Estates Practice Group, has been recently quoted in a Business Insider article discussing the complexities of inheritance tax. The article delves into the mechanics of inheritance tax, who is liable to pay it, and strategies for effective tax planning.
In addition to changes in the estate tax this month, there were significant changes made to many Massachusetts tax laws. Here’s a summary of some of the more important changes:
Estate Taxes
The threshold for a taxable estate is increased from $1,000,000 to $2,000,000 effective for decedents...
You’ve spent your life working to amass wealth in the hopes of having some money to live on during your retirement. If you’re like most people, you also want to pass on some of that wealth to your children and grandchildren. However, there is always the threat of chronic illness and the...
Tracy Craig, Chair of the firm's Trusts and Estates Practice Group, recently published an article featured in Kiplinger, "How to Handle Estate Planning for Multigenerational Living Arrangements".
In this notable article, Tracy delves into the complexities that arise when multiple generations cohabitate on a shared property. She adeptly...
