The end of the year brought with it a new law that may change the tax field for years to come: the American Taxpayer Relief Act. Many financial experts have weighed in on the potential effects of this act and agreed that tax planning may never be the same again. Many elderly individuals in Massachusetts are wondering what they should do to protect their assets, especially those that own businesses and want to pass them on to their loved ones without the government getting too large of a bite.
What are the three major documents of an estate plan?
Estate planning often leaves people in Boston feeling flustered and intimidated. Though the process can be complex - especially when you have a large amount of assets - it does not have to be. Many elderly individuals have been left without plans because they have put them off over and over again. This is dangerous and could result in their personal wishes being completely ignored because they have not been put into an official form.
More investors worried about long term care expenses
A recent survey of investors conducted by UBS Wealth Management Americas may leave some surprised. The results of this study found that more people are worried about the costs of a life without long term care planning than those that are concerned about their retirement funds. This is not reflected in the way that many financial advisors work - with the goal of a solid retirement plan in mind.
