Few people enjoy thinking about their own deaths. Despite this, many people in Boston are getting older and should begin considering plans for their estates, especially if they haven't done so yet. One of the major parts of protecting an estate involves tax planning. But even with good tax planning in place, other factors may cause the whole estate to become compromised.
Your estate plan has been started and a will has been struck up. You've considered creating trusts and have an advanced medical directive set up as a power of attorney. There are many bases to cover during estate planning and few people understand all of those better than legal professionals that make it their expertise. That is why many people in Boston seek legal advice when drafting their estate plans -- to make sure that they have a comprehensive plan that addresses all the issues that arise when someone dies.
Estate plans contain some very important documentation that elderly individuals in Massachusetts need to make sure are in place. One of these is the power of attorney, a legal document that names a person - usually a spouse, relative, professional or friend - the ability to make decisions for you when you no longer can do so. Though it sounds straightforward, the document must be properly prepared in order for it to be valid in the eyes of those that require the decisions to be made.
With tax laws finally set in stone, many people in Boston are now able to get a clear picture of their estate and what to expect when they pass away. This is providing relief to many senior citizens as the future of estate planning was questionable in years past. The tax agreement that came with the end of last year has allowed this state of stability to become a reality, giving many the ability to create plans providing for tax minimization.
The financial instability seen during the past decade has left many people - elderly and otherwise - unsure of the future. Though planning was performed, many in Massachusetts are still anxious about what their plans will truly protect them from. One of the major holes in those protections is a lack of long term care planning, something that many people will need to do if they plan to financially survive a debilitating condition without severely affecting their loved ones.