How much does a divorce cost? It depends. It depends on how well parties can agree on how to divide assets, debts, co-parent the children, and whether and how much one party will receive ongoing financial support from the other. Parties can choose several routes through the divorce process: Do it yourselves (“DIY”), Support from […]
finances
Four Documents Young Adults Should Take to College
Turning 18 years old comes with new privileges, responsibilities, and privacies. Among them are managing finances, education, and healthcare needs. In other words, Adulting. In the eyes of school administrators and healthcare providers, your child has become an adult. This means that your young adult needs to provide permission for you to access their school […]
Do You Need a Trust?
I am frequently asked whether a trust is necessary, and I give the most legal answer I know: It depends. There are many different types of trusts, that serve many different purposes. They can shelter assets to reduce estate tax liability, protect privacy during the probate process, provide for responsible financial management of a minor […]
4 Gifts to Give Your Loved Ones When You Die
What do we leave our loved ones when we die? We leave legacies of love and sometimes legacies of wealth. In the immediate aftermath of your demise, your loved ones will be struggling with their grief and trying to manage many logistical details that they have never faced before. For a program at The First […]
6 Things Every Executor Should Know about MA Probate
“Probate.” You’ve heard the term. Usually, it’s uttered with the phrase “avoiding probate” or “dealing with probate.” No one ever wants to talk about probate. Except maybe probate and estate planning attorneys. Here are the 6 most frequently asked questions I get about probate in Massachusetts. As a preliminary matter, Massachusetts no longer uses the […]
Three Ways to Reduce your Estate Tax Liability with Lifetime Gifts
Although the Tax Cuts and Jobs Act increased the federal estate tax threshold to a whopping $11.18 million for 2018, the Massachusetts estate tax threshold remains exactly where it’s been for years — at $1 million. That leaves Massachusetts families wondering how they can maximize their children’s inheritances by avoiding or reducing their estate taxes. […]