Estate planning experts have been suggesting that it is better to create a plan for an individual's death earlier as opposed to later. This means that younger people -- recently married couples, single adults, people with newborn children -- should also consider creating and organizing their desires to ensure that they are followed at the time of their deaths. Without a thorough estate plan, your loved ones could be left with some serious legal hurdles to maneuver. And plans can always be updated later in life if you live to an older age.
As people age, they become more and more susceptible to unexpected injuries and illnesses. Many elderly living in Boston may be considering the option of long-term care insurance. For some, this may be an essential part of long-term care planning. For others, it may not be a wise choice.
According to reports, the estate tax rate may increase next year from the current maximum rate of 35 percent to 55 percent. This means that more than half of taxable estates -- which is currently valued at more than $5 million -- will go to the federal government. This may mean that it is time for the elderly living in Boston to begin planning accordingly.
Sometimes, money can make people go crazy, especially when there is a lot of it to be had. For residents of Boston, this means that they should do their best to create a thorough plan for their estates when they pass away. If not poor estate planning may be the cause for a serious rift between loved ones.