Depending on how they are drafted, trusts can offer a way to leave a legacy, protecting assets while avoiding the costs of probate, as part of your estate planning. Probate is the court process in which assets may...
Estate Planning Blog – Surprenant, Beneski & Nunes
It Can Be an Unpleasant Surprise but a 401(k) Is Taxable
While it is taxable on withdrawal, the contributions lower your taxable income.
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It turns out as a surprise to some retirees but the withdrawals from a 401(k) are taxable. However, it is important to remember that the contributions are beneficial, because they lower...
Ask Your Parents about Their Financial Plans
When everyone is comfortable, it is time to move forward with discussion.
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The key to learning about the financial plans of your parents, is to ask for advice on your plans and then ask about their plans, according to
Five Devastating Mistakes in Special Needs Estate-Planning
Estate planning is essential for every family, but especially for families with members who have special needs. When a caretaker passes away, there must be a plan in place that provides for the continued care of a special needs individual. Unfortunately, individuals who fail to consult a Massachusetts special needs...
Five Asset Protection Strategies for High-Net-Worth Estates
The main goals for many individuals preparing an estate plan are protecting assets for future generations, reducing estate taxes, and exercising control over how their estate is distributed. For high-net-worth estates, advanced planning is essential to achieve those goals and other goals individuals might have for their estate. A
Focusing on Elder Financial Fraud
Because seniors are particularly vulnerable, they are at a higher risk of being exploited financially. When seniors are forced to manage their own retirement funds while coping with an array of health issues, the potential of being victimized by financial fraud is high. If you or a loved one has been the...
Planning Your Estate After A Divorce
Going through a divorce is a difficult transition that involves a number of considerations, not the least of which is how to divide the marital property. During this trying time, it is important to control your emotions and maintain your objectivity. Once the divorce is settled, it is also crucial to revisit...
How to Avoid a Will Contest
Although creating a will is an important component of estate planning, it is not uncommon for beneficiaries and heirs to dispute the instructions in a legal proceeding known as a will contest.
Reasons for a Will ContestIt is important to note that beneficiaries cannot...
RMD Report: Reverse Mortgage Industry Sees Big Potential in New Condo Rule
The Department of Housing and Urban Development (HUD) announced earlier this month a new process for condominium approvals, effective October 15, which will expand FHA financing for qualified first time home-buyers as well as seniors looking to age in place, allowing those seniors to engage in
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Five Reasons a Will May Be Invalid
In Massachusetts, a will that is poorly drafted or that does not adhere to state law may be invalidated by the court. The best way to create a legally binding will is to consult an experienced estate planning attorney. In the meantime, let’s take a look at five key reasons why...