Many people don't include end-of-life health care provisions in estate plans because death is a subject most people want to avoid. Strategizing asset transfers for heirs may provide the emotional distance from death that long term care planning for the elderly does not.
The legislation that kept the U.S economy from falling off a fiscal cliff in 2013 also contains generous tax benefits for Massachusetts widowers and widows. Portable tax exclusions between spouses, a strong tool for asset protection, gained permanency.
Now that the new year is here, many estate planners are feeling relieved. Citizens are no longer living in a confusing time for planning, as the exemption amounts and rates for estate taxes have been solidified. This stability is giving many in Massachusetts the ability to make solid plans for tax minimization on their estates.
When considering one's estate, many find themselves worried about the taxes that could eliminate a large portion of their assets before they are bequeathed to loved ones. Though this should be a major concern, there are many other issues to address when going through the process of estate planning. Elderly individuals in Boston should be aware of this. Here are several other realms that often get placed on the back burner when thinking about one's estate:
Many experts believe that too few elderly people have plans for their long term care and their eventual death. According to many studies, this is exactly the case and it should make people in Boston realize the need for long term care planning. With the many advances in medical technology, people are living longer than they ever have before. That means that the behaviors of past generations witnessed by the current elderly population may not be models to follow.