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Fitchburg MA estate planning
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What’s the Latest with Aretha Franklin’s Estate?
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What’s the Latest with Aretha Franklin’s Estate? “Trouble is brewing around the estate of Aretha Franklin, where police are investigating possible theft of her assets and an ex-husband is angling for money.” Aretha Franklin, known as “The Queen of Soul,” died of pancreatic cancer in August of 2018 in her... Continue reading
Posted Feb 20, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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Does TV Mogul Sumner Redstone Have the Mental Capacity to Change his Estate Plan?
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“The ugly public legal battle over Sumner Redstone's estate plans has come to an end, as a Los Angeles judge on Wednesday, ruled the 95-year-old mogul had the mental capacity necessary to amend his trust in 2015 and 2016.” The decision on TV mogul Sumner Redstone's estate plans follows the... Continue reading
Posted Feb 19, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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Why Did a Rock Star Sign a Will Days Before He Drowned?
“Connecticut State Police investigating the suspicious death of All That Remains guitarist Oli Herbert have examined a will signed by the Longmeadow native a week before his death.” All That Remains guitarist Oli Herbert signed a will at a Hartford, Connecticut car dealership on October 9, 2018. The will was... Continue reading
Posted Feb 18, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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Why Did a Rock Star Sign a Will Days Before He Drowned?
“Connecticut State Police investigating the suspicious death of All That Remains guitarist Oli Herbert have examined a will signed by the Longmeadow native a week before his death.” All That Remains guitarist Oli Herbert signed a will at a Hartford, Connecticut car dealership on October 9, 2018. The will was... Continue reading
Posted Feb 18, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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How Can I Use Special Needs Planning with the New Tax Laws?
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“The financial costs of caring for a loved one with special needs can be staggering.” Of course, the precise expenses for an individual with special needs will vary, based upon the type of condition and level of care. A condition, such as autism, can require lifetime support costing upwards of... Continue reading
Posted Feb 15, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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Do I Pay Estate Tax on Property in Canada?
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“New Jersey can't impose the inheritance tax on any property it wants.” If a loved one dies in Canada, and you reside in New Jersey, how do the estate and inheritance taxes work? nj.com’s recent article asks what happens if “My sister died in Canada. Will I owe inheritances taxes... Continue reading
Posted Feb 14, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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Why Do I Need Estate Planning If I’m Not Rich?
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“Estate planning isn't only for the rich. Without a plan in place, there could be a long-lasting impact on your loved ones, even if you don’t have a pricey home, large IRA or valuable art to pass on.” Many people spend more time planning a vacation than they do thinking... Continue reading
Posted Feb 13, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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Which Stars are Leaving Their Kids No Inheritance?
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“Whether they shocked the world following their death by leaving their children with no inheritance, or they’re already thinking ahead while they’re still alive and writing their children out of their will, many stars have revealed their reasons for passing on little or none of their fortune to younger generations.”... Continue reading
Posted Feb 12, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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Credit Union Association Supports Fights Against Elder Fraud
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“CUNA strongly supports efforts to help protect seniors from financial exploitation and to empower seniors to make responsible financial decisions, it wrote to the Senate Special Committee on Aging.” CUNA delivered a letter for the record of the committee’s hearing on combating elder fraud. “Many credit unions provide a full... Continue reading
Posted Feb 11, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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How Can I Leverage Life Insurance in Estate Planning?
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“According to a recent study commissioned by Bankers Life Center for a Secure Retirement, middle-income boomers have lowered their overall expectation for financial independence in retirement, since the onset of the financial crisis in 2007. Ten years later, fewer boomers expect they will retire debt free (34 percent today, down... Continue reading
Posted Feb 7, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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What is Some Good Advice on Charitable Giving in 2019?
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“Were Americans as generous with their charitable giving in 2018? A record $410 billion dollars was given by individuals in 2017, according to Giving USA. Two factors may reduce giving: the recent income tax cuts and a rough-and-tumble December for investors.” Research shows that about a third of the year’s... Continue reading
Posted Feb 6, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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What Do I Need to Know About Estate Planning After a Divorce?
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“If you were one of the masses whose divorce was finalized in 2018, now is the time to revise your estate plan.” The recent changes in the tax laws created increased year-end activity for those trying to finalize their divorces by December 31—prior to the effective date of the new... Continue reading
Posted Feb 5, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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How Does Jeff Bezos’ Divorce Effect the Amazon Empire?
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“Splitting the family business down the middle would make it easy for the index funds to strip the CEO of his executive power. However, the settlement has to come from somewhere.” Amazon founder Jeff Bezos’ surprising divorce raises the question of how his 16% stake in the $800 billion company... Continue reading
Posted Feb 4, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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Who Pays What Taxes on an Inherited IRA?
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“I'm the executor of my mother's estate. She has an IRA where the beneficiary is her estate. When I withdraw this IRA into her estate account, how will this money be taxed?” The executor of a person’s estate must take on the important responsibility of ensuring that the deceased person's... Continue reading
Posted Feb 1, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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Do I Need a Business Budget?
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“You've just purchased or opened a small business and you know your trade. However, when it comes to bookkeeping – and more specifically, budgeting – your skill set is lacking. The good news is that it is possible to come up with a budget, or at least a good estimation... Continue reading
Posted Jan 31, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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Am I Too Young to Start Thinking About Estate Planning?
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“After taking inventory of your possessions, including your home, vehicle, stocks, life insurance policies, etc., there are many steps you will need to take to protect these assets -- and yourself. There are many steps and documents that advisors will suggest you put into place immediately for your protection.” Many... Continue reading
Posted Jan 30, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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What is a Blind Trust?
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“A blind trust is a type of living trust in which neither the grantor nor the beneficiary has control over or knowledge of the assets in the trust or how they’re being managed. A third-party trustee, who can be an individual or an institution, has full control of the trust... Continue reading
Posted Jan 29, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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How Do I Keep My Estate Planning Documents Straight?
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“In estate planning, there are documents that are usable during your lifetime, documents that are only usable after death and documents that are usable both during your lifetime and after your death. People get them confused all the time.” The basic estate planning document that is only effective during a... Continue reading
Posted Jan 25, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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What’s the Difference Between Per Capita And Per Stirpes Beneficiary Designations?
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“You've kept your will updated regularly to make sure your assets are distributed according to your wishes upon death. Have you done the same thing with your beneficiary designations? If not, your wishes may not be carried out as you expect.” A will covers the distribution of most assets upon... Continue reading
Posted Jan 24, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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How Do I Handle an Inherited IRA?
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“The beneficiaries of an inherited IRA are bound to IRS rules.” With an inherited IRA, in many cases the parent is the original beneficiary and the children are the successor beneficiaries. Both the original owner and beneficiaries need to follow some strict rules. nj.com’s recent article, “Inheriting an inherited IRA?... Continue reading
Posted Jan 23, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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Can the State Force Adult Children to Pay the Cost of Long-Term Care for Parents in South Dakota?
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“An obscure South Dakota law can force adult children to pay the cost of long-term care for their parents, if the elder family members cannot pay on their own.” This law has been on the books in South Dakota since 1939, but it’s rarely used. However, with the cost of... Continue reading
Posted Jan 22, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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If Your Will Directs that Your Estate Be Divided Equally Between Children, and One of Them Dies Before You Do, How Will Your Assets be Divided After You Die?
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“If you fail to change your will, state law will step in.” The Carroll County Times recently published an article with this question: “Legal Matters: If predeceased by an heir in a valid will, what happens with that inheritance?” It notes that your will may direct the way in which... Continue reading
Posted Jan 18, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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Is Your Estate Plan Doomsday Ready?
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It is hard to comprehend how someone loses everything in an instant, but it could happen to anyone at any time. There’s been a lot of news of disasters recently, like the California wildfires, Florida hurricanes, and devastating flooding in the Carolinas. It’s difficult to imagine how someone can lose... Continue reading
Posted Jan 4, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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What Did President George H.W. Bush’s Estate Look Like?
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George H.W. Bush led an extraordinary, well-lived life during an exciting time in American history. In any discussion of his life and accomplishments, his late wife Barbara quickly comes to mind as well. Theirs is a well-documented and iconic love story. From the battlefields of the Second World War to... Continue reading
Posted Jan 3, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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How Does Tax Reform Impact Single People?
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If your estate is worth less than $11.4 million and you depart this cruel orb in 2019, everything you own can be left to relatives and loved ones without any federal estate tax hit. One of the measures of the Tax Cuts and Jobs Act (TCJA) is to up the... Continue reading
Posted Jan 2, 2019 at Worcester & Middlesex County Estate Planning & Elder Law
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