In Massachusetts, if an estate is “cash poor”—meaning it lacks liquid assets such as cash or easily sold investments to cover expenses like debts, taxes, or specific bequests—it can create challenges during the estate administration process. This situation becomes even more complex when an heir or beneficiary is assigned a specific, non-liquid asset (such as… Read More »
What Is A Care Agreement
As individuals age, many require assistance with daily activities, and family members often step in to provide this care. To formalize the arrangement, families sometimes use a care agreement. This document, also known as a personal care contract, is an essential legal tool that helps clarify expectations and ensure that the caregiving process is fair… Read More »
Time To Update Your Estate Plan!
As the New Year approaches, it’s a natural time for reflection and renewal. Amidst the excitement of setting new goals and resolutions, it’s also an opportune moment to review and update your estate plan. This often-overlooked aspect of financial planning is essential to making sure that your wishes are honored and your loved ones are… Read More »
Massachusetts Power Of Attorney
If you want someone to be able to handle financial matters or real estate transactions or sign legal documents on your behalf, you can have a document called a power of attorney (POA) drawn up. A POA is a simple document that allows you to designate someone you trust to handle your affairs for you… Read More »
What Happens to Your Cryptocurrency When You Die in Massachusetts
Cryptocurrency, a relatively new asset class, has raised unique estate planning questions, particularly regarding what happens to it after death. In Massachusetts, like in most other states, the distribution of cryptocurrency upon death is governed by traditional estate laws, but cryptocurrency’s decentralized and private nature presents additional complexities. Without proper planning, your digital assets could… Read More »
The Pros and Cons of Springing Powers of Attorney in Massachusetts
When planning for future incapacity, individuals in Massachusetts often consider different types of powers of attorney (POA) to manage their affairs. One such option is the springing power of attorney. This legal tool activates only upon a specified event, typically the principal’s incapacitation. While springing POAs can offer tailored protection, they come with their own… Read More »
Integrating Veterans Benefits into Estate Planning in Massachusetts
For veterans in Massachusetts, estate planning takes on an additional layer of complexity as they not only prepare for the distribution of their assets but also leverage the unique benefits provided to them by federal and state programs. Veterans benefits, such as disability compensation, healthcare, educational assistance, and housing benefits, can play a significant role… Read More »
A Brief History of Estate Planning in Massachusetts
Estate planning, the process of organizing and preparing for the management and disposal of a person’s assets after death, has a long history in Massachusetts. Massachusetts, one of the original thirteen colonies, has a rich legal history that has significantly influenced estate planning practices across the United States. Understanding the history of estate planning in… Read More »
Timing Matters: The Best Age to Start Estate Planning in Massachusetts
Estate planning is a crucial financial and legal process that provides peace of mind, ensures the orderly distribution of assets, and minimizes potential complications for heirs. However, many people in Massachusetts often wonder when the ideal time is to embark on estate planning. This article will discuss the best age to start estate planning in… Read More »
Navigating Estate Sales in Massachusetts: A Guide for Heirs
Estate sales are an essential part of settling the affairs of a loved one in Massachusetts. Thesesales liquidate assets and possessions, ultimately distributing the proceeds amongbeneficiaries. Understanding how estate sales work is crucial, as it can help streamline theprocess and ensure an efficient and fair distribution of assets. In this article, we will guide youthrough… Read More »