Simmons & Schiavo, LLP's Profile | Typepad

This is Simmons & Schiavo, LLP's Typepad Profile.

Join Typepad and start following Simmons & Schiavo, LLP's activity

Join Now!

Already a member? Sign In

Simmons & Schiavo, LLP

Recent Activity

Using a prepaid funeral contract to spend down assets for Medicaid

One benefit of a prepaid funeral contract is that you are paying now for a service that may increase in price — possibly saving your family money. No one wants to think about his or her death, but a little preparation in the form of a prepaid funeral contract can... Continue reading

Posted Oct 31, 2017 at Woburn, MA Estate Planning and Elder Law

0

IRS now allows private debt collectors to dun taxpayers

In a move that could be confusing to seniors who are vulnerable to scams, the IRS is using private debt collection agencies to collect past-due taxes. The new program began in April 2017. Pursuant to a law Congress passed in December 2015, the IRS may now contract with private debt... Continue reading

Posted Oct 30, 2017 at Woburn, MA Estate Planning and Elder Law

0

Five things to know to reduce your tax on capital gains

Although it is often said that nothing is certain except death and taxes, the one tax you may be able to avoid or minimize the most through planning is the tax on capital gains. Here’s what you need to know to do such planning: What is capital gain? Capital gain... Continue reading

Posted Oct 27, 2017 at Woburn, MA Estate Planning and Elder Law

0

Estate planning for a single person

If you are single, you may not think you need to plan your estate. But single people have as much reason to plan as anyone else. Estate planning not only involves determining where your assets will go when you die, it also helps you plan for what will happen should... Continue reading

Posted Oct 26, 2017 at Woburn, MA Estate Planning and Elder Law

0

Wills Need Probate

If you inherit something through a will, you cannot just take the will to the bank and demand they give you the contents of a bank account. How wills actually work, is not understood by everyone. Many people think that if something is written down in a will, then everything... Continue reading

Posted Oct 25, 2017 at Woburn, MA Estate Planning and Elder Law

0

2018 Estate Tax Exemption Projections

Experts predict that the estate tax exemption for 2018 will increase slightly to $5.49 million for a single person and $10.98 million for couples. The IRS has not yet announced what the 2018 estate tax exemption will be. However, expert analysts think there will be some slightly good news for... Continue reading

Posted Oct 20, 2017 at Woburn, MA Estate Planning and Elder Law

0

Estate Tax Repeal Could Hurt Charities

People who are opposed to eliminating the estate tax are often seen as wanting to do nothing more than to punish the wealthy. However, some of them are more concerned about the impact that estate tax repeal could have on charities. At first glance, it might not seem like there... Continue reading

Posted Oct 19, 2017 at Woburn, MA Estate Planning and Elder Law

0

Estate Planning Is Ongoing Process

It is not enough to get an estate plan once and leave it alone for all time. It needs to be constantly reviewed and updated to take account of changing circumstances. Some people can get away with getting an estate plan once and never looking at it again. If someone... Continue reading

Posted Oct 18, 2017 at Woburn, MA Estate Planning and Elder Law

0

Cutting a Child Out

It is not all that unusual for a child to not live up to the expectations of parents. Sometimes parents will be so disappointed when that happens, that they will attempt to cut the child out of their estate plans. They might want to reconsider. Wealthy parents often have extremely... Continue reading

Posted Oct 16, 2017 at Woburn, MA Estate Planning and Elder Law

0

Planning for the Future (Without a Crystal Ball)

Creating a will, trust, or any type of estate plan has always involved dealing with an uncertain future. Consider that just 20 years ago in 1997, the estate tax had an astonishing 55% rate with only a $600,000 exemption. Back then, tax-driven estate planning was a mathematical necessity for a... Continue reading

Posted Oct 13, 2017 at Woburn, MA Estate Planning and Elder Law

0

The In-Law Problem

A big concern for many people when they are planning their estates, is that they do not trust the people their children married. They fear that a son or daughter-in-law will waste their children's inheritances. The situation where parents do not get along with their sons and daughters-in-law is a... Continue reading

Posted Oct 12, 2017 at Woburn, MA Estate Planning and Elder Law

0

Writing Your Plans Down Is Important

If you want to have a say in who gets your possessions after you pass away, then you need to get an estate plan or at least write something down. A commonly held belief is that it really is not that important to get an estate plan, if you do... Continue reading

Posted Oct 11, 2017 at Woburn, MA Estate Planning and Elder Law

0

Irrevocable Life Insurance Trusts

Many people are surprised to learn that although insurance proceeds may not be taxable for income tax purpose, they are still included in your gross estate for estate tax purposes. Fortunately, with the help of an experienced attorney you can remove these proceeds from your estate so that they are... Continue reading

Posted Oct 3, 2017 at Woburn, MA Estate Planning and Elder Law

0

Legal Planning for Aging Parents

Being prepared for a crisis as your parents get older is essential, but the conversations are tough and it’s hard to know where to start. In the end, taking these steps to prepare now will make life easier. Tip 1: Ask about their financial, legal and insurance providers and professionals.... Continue reading

Posted Sep 29, 2017 at Woburn, MA Estate Planning and Elder Law

0

No-Contest Clauses

One way to make people hesitate before challenging a will or trust, is to include a no-contest clause, which disinherits them, if they file a legal challenge. People often get very upset when they think they have not received their fair share of a deceased family member's estate. They can... Continue reading

Posted Sep 28, 2017 at Woburn, MA Estate Planning and Elder Law

0

A Large Bequest for Two Cats

A woman in New York left a large sum of money for her cats in her will. It is becoming fashionable for wealthy people to leave large inheritances for the care of their pets, after the owner passes away. Every few months, another story makes the rounds in the media.... Continue reading

Posted Sep 27, 2017 at Woburn, MA Estate Planning and Elder Law

0

Hidden Benefit to Physician-Assisted Death Law

California's new law to allow physician-assisted death continues to be controversial, but doctors are starting to see a hidden benefit to the law. The recently enacted law that allows terminally ill patients in California to request lethal prescription medicine from their doctors, has caused a lot of controversy in the... Continue reading

Posted Sep 26, 2017 at Woburn, MA Estate Planning and Elder Law

0

Spousal Election

A surviving spouse has the right to an inheritance, in almost all circumstances. Most people do not want to cut their spouses out of their estate plan. However, there are some people who have built up a lifetime's worth of grievances, have not gotten a divorce and who do try... Continue reading

Posted Sep 25, 2017 at Woburn, MA Estate Planning and Elder Law

0

Even without an Estate Tax, Trusts are Beneficial

Many people get trusts as their primary estate planning instrument because of the estate tax, but trusts do have many other benefits. With Congress taking up tax reform soon, one thing that many people are following is President Trump's desire to eliminate the estate tax. It is important for many... Continue reading

Posted Sep 21, 2017 at Woburn, MA Estate Planning and Elder Law

0

Estate Planning Mistakes

Some of the biggest estate planning mistakes that people make are not technically estate planning, but they can have a big effect on an estate. When people are planning for their estates, they want to make sure they do not make any mistakes. It is important that the plans can... Continue reading

Posted Sep 20, 2017 at Woburn, MA Estate Planning and Elder Law

0

Estate Planning With Few Assets

People who do not have very many assets, still need to get estate plans. However, the best plans for them may not be the same as the best plans for wealthier people. Much of the estate planning advice you can find online is written with the idea that the person... Continue reading

Posted Sep 20, 2017 at Woburn, MA Estate Planning and Elder Law

0

Preparing for Alzheimer's

Everyone needs to prepare for Alzheimer's Disease. They should do so long before they think that they might get it, because it is not just the elderly who suffer from the disease. The typical view of people with Alzheimer's Disease is of an elderly person in a nursing home who... Continue reading

Posted Sep 15, 2017 at Woburn, MA Estate Planning and Elder Law

0

Before You Have a Baby

If you are expecting your first child, there are a few things that you need to do before the due date to make sure that you are financially prepared. Having your first child is an exciting time in anyone's life. People make all kinds of plans about the child. Names... Continue reading

Posted Sep 14, 2017 at Woburn, MA Estate Planning and Elder Law

0

Why You Should Fund a Trust

If you have a trust, you might find by looking carefully at the estate planning documents that you do not really need to put assets into the trust while you are alive. Don’t let that fool you. When you get a living trust, the estate planning attorney who drafted the... Continue reading

Posted Sep 13, 2017 at Woburn, MA Estate Planning and Elder Law

0

Adapting Your Home for the Elderly

If you would like to stay in your current home when you are elderly, then you might need to make changes to it now to make it a comfortable place for an elderly person to live. Most homes in the U.S. were not built with elderly people in mind. This... Continue reading

Posted Sep 12, 2017 at Woburn, MA Estate Planning and Elder Law

0

More...

Subscribe to Simmons & Schiavo, LLP’s Recent Activity