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Andover Estate Planning Blog

If the time comes, is a trusted party fully empowered to act?

Sound estate planning for most individuals and families across Massachusetts is arguably about far more than simple will execution and a focus upon asset distribution. Although such a confined focus may be all that is deemed necessary in some instances, most people have planning concerns that require a crafted strategy across a broader dimension.

A recent article on timely attending to estate planning concerns that might loom large in the future underscores that. It notes the unpleasant reality that can result when an individual encountering something like pronounced mental and/or physical impairment has not taken any in-advance steps to respond to such a situation.

Estate planning importance for blended families

An estate plan has the potential to leave a legacy or to leave a legendary fight. When done correctly, the assets of one person will transition seamlessly to loved ones, next of kin and younger generations. When done haphazardly, it can spawn fights and rekindle old disputes, putting sibling against sibling, children against parents, and conflict among all manner of relationships.

Relationships are already complex in a blended family, where adult children may not be as close to their stepmother, or stepchildren may have never lived in the family home due to their age upon your remarriage or an agreement with their genetic parents. There are all manner of relationships: by blood, marriage and personal bond.

Would there ever be a reason to create more than one trust?

Individuals and families in Massachusetts and nationally that are thoughtfully focused upon estate planning often have numerous questions regarding trusts.

Those queries run a wide gamut, and that is understandable. There are many types of trusts, with the instrument collectively commanding a broad-based utility. That is, trusts can be employed as impressively flexible legal tools to promote any number of key planning goals.

How a special needs child and divorce implicates estate planning

An article written by a financial planner specializing in divorce stresses these two key points regarding dissolutions involving special needs children:

Your estate plan needs to address your Massachusetts business

Our above headline leading off today's post certainly doesn't apply to all -- or even most - Massachusetts estate planners. Indeed, the majority of individuals in the Bay State and nationally work for businesses they themselves do not own.

Having said that, though, the enduring American entrepreneurial spirit virtually ensures that many people do strike out on their own commercially. And many of them succeed in their business creations through creative smarts and sweat equity.

What is centrally involved with being a Massachusetts conservator?

Would-be conservators and people just generally interested in the role played by such persons might assume that it features quite a bit of detail and complexity.

Actual conservators in Massachusetts don't simply suspect that. Rather, they know it to be true from experience.

Tips for making estate planning easier

Estate planning can be a sticky business. Who wants to contemplate their death and consider who gets what? That’s probably why only around 45 percent of adults have a will.

Unfortunately, putting your head in the sand won’t be helpful to your loved ones. Questions about what your wishes are will have to be answered by relatives after you are gone. They may not guess correctly. They might even argue about it while trying to grieve your loss.

Should the New Year trigger new thoughts re your estate planning?

Out with the old, in with the new.

That adage certainly applies in January and the early months of any new year for legions of Americans focused on revising and updating select elements of their lives.

Do I need an estate to start estate planning?

While you may not have the sprawling kind of estate with acres of lawn, dozens of grazing horses and multiple tennis courts, you do actually have an estate. Your estate is comprised of the things you own: your home and vehicles, retirement accounts, bank and investment accounts, jewelry and family heirlooms, to list a few possible assets you may own.

The “plan” part comes into play as you set up a strategy on how to handle your assets after you’re gone. Consider working with an experienced estate planning attorney who has tax planning law experience to distribute your assets effectively and according to your wishes.

Just how many heirs are looking at that art hanging on the wall?

In chronicling the inventory of a comparatively high-asset life for its eventual transfer to heirs via your projected estate plan, you've perhaps accounted for that coin collection that your youngest child was always fascinated with.

Ditto the fine china and silverware that has been in your family for generations, the cabin up north, and numerous other heirlooms that are important family keepsakes.

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The Law Offices of Kimberly Butler Rainen
68 Main Street
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Andover, MA 01810

Phone: 978-409-1928
Phone: 978-482-7139
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