Creating your ordinary will is hard enough. Deciding who will get your home, savings account and that treasured heirloom from a distant relative can be difficult. Once you have made the list as to who will get your worldly possession, it is time to consider who will get the virtual items, too. Those things might include all the pictures you have stored online, as well as your email, the contents of your Facebook account or even that very difficult to achieve gaming prize.
Estate planning is often complicated, even for situations that seem as though they should be quite simple. One of the ways to make sure your wishes are followed is to work with an experienced estate planning attorney. Another is to avoid the most common mistakes when it comes to ensuring your assets are protected.
Do you know if your parents are ready for retirement? It is often difficult to know whether your parents are financially prepared for this phase in their lives. After all, most people are simply trying to keep their own retirement plans on the right path. When it comes to things such as retirement spending, estate planning, living wills and other important care planning, you should have a general idea -- at the very least -- of how prepared your parents are for the future.
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 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.
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.
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:
One of the hardest things to do is plan for the future. Many elderly people in Boston know that attempting to do so can feel futile at times, but it still needs to be done. That is why many have already begun the estate planning process. If someone wants to maintain his or her estate and be able to pass some of it along to loved ones, planning is certainly necessary.
Many people were forced to evacuate during Hurricane Sandy. Towns were flooded, homes were destroyed, cars were washed away-despite the destruction, many families managed to survive. Many of those families have pets and some were forced with a terrible decision: Should they evacuate without their pet?
Changes in the landscape of estate tax legislation has many elderly individuals in Boston wondering what they should do about their estates. The major changes that are expected to occur will affect the current tax exemption threshold for estates by decreasing it from $5.12 million to $1 million. In addition, the maximum tax rate on estates will increase from 35 percent to 55 percent, a staggering jump that can leave poorly thought-out estates owing a hefty chunk to Uncle Sam.