Ready to Plan For Life? Contact An Experienced Marblehead Estate Planning Attorney
Planning your estate involves more than just deciding what happens to your property after your death. Having a comprehensive approach to your estate planning goals can provide a higher level of protection for you and your loved ones. While feeling overwhelmed can lead us to procrastinate on estate planning, when you work with a team of knowledgeable legal professionals, the process becomes understandable and clear.
If your goal is to direct the management and eventual transfer of your assets to your loved ones, Family Estate Planning Law Group can help you accomplish that goal. Together, we can guide you through the process of protecting your loved ones. We understand you have worked hard to get where you are, and protecting your legacy, providing for generations, and taking care of your loved ones brings you peace of mind. We can ensure that process is thorough and comprehensive.
Like many families living in Marblehead, you might enjoy your thriving community and beautiful views—like those found at Fort Sewall. Planning ahead ensures your loved ones are well taken care of even after your death and will continue enjoying their home in this city. It’s important to understand that estate planning involves far more than a will. At FEPLG, we want to help your loved ones avoid probate and ensure that your assets are distributed as you would wish while incorporating a healthcare proxy and other important documents.
When Do I Need an Estate Plan?
No matter your age, amount of assets, or current health status, having a comprehensive estate place in place protects the interests of your loved ones. Perhaps you are still hesitant regarding the implementation of an estate plan. You may think you are too young or do not have sufficient assets to need one. In fact, if you are an adult of any age you can benefit from an estate plan—it’s not just for the wealthy. Consider the situations below that highlight the need for a well-thought-out estate plan:
You Have No Plan
Before you let the state of Massachusetts handle your estate, make sure you understand that creditors will receive outstanding money from your assets before your loved ones do. Further, relatives you never wanted to receive a portion of your estate may wind up with most of it, as it will be governed by Massachusetts intestate laws, not your wishes.
You Have Young Children
If you have young children and wish to leave them your estate, understand that the state of Massachusetts does not allow minors under the age of 18 to control inheritance left to them. This is because they are not of legal age to make decisions regarding the use of assets. Additionally, who will care for your children when you are gone? It is critical to establish a guardian by way of an estate plan to avoid any potential conflict down the road.
Your Estate is Taxable
If the value of your estate exceeds the MA state threshold of $1,000,000 and/or federal limits of $12,060,000 per individual, your family will have to pay estate tax. This type of financial burden can devastate your loved ones, and an estate plan can help minimize or shield them altogether from these costs.
You Own a Business
Business succession planning is critical to your operations, especially if you are nearing retirement. By making arrangements now, you can ensure a smooth transition later and minimize any negative impacts on your company when you have passed away.
You Have a Retirement Account
Tax problems can arise if you have retirement accounts that are not coordinated with your estate plan. Working with an attorney familiar with Marblehead estate planning needs can help guide you in the right way to defer taxes for your loved ones.
You Care for a Disabled Family Member
Special planning is necessary for any disabled family member you support. Providing additional support without jeopardizing their government benefits requires a thorough understanding of the law that an estate planning attorney can provide.
You Only Have a Will
In Massachusetts, a Will on its own is simply not enough to prevent your family from going through the probate process. In fact, a Will guarantees probate because the state requires a probate judge to approve it upon your death. If your Will were to be invalidated, state intestate succession laws would override your wishes. Estate plans that incorporate trusts and other estate planning tools can help avoid any unwanted situations.
How to Manage Family Conflict When Estate Planning
When planning for your estate, you may be surprised at the different range of emotions you receive from your children, spouse, or grandchildren in response to your end-of-life choices. These conversations can be emotionally charged because the mere thought of your death causes anxiety, although loved ones may also fail to agree with your wishes regarding the distribution of your estate.
At FEPLG, our team provides a Family Care Meeting™ as a part of the ongoing process to help include your adult children or other trusted advisors in the planning process by communicating your decisions. We are skilled in facilitating these types of discussions and can help put you and your family at ease about your plan. Having an FEPLG attorney that is familiar with Marblehead estate planning needs facilitate these types of discussions can help everyone to feel comfortable with the process. We can guide the discussion while answering any questions from you or your loved ones.
Trust Your Legacy with a Marblehead Estate Planning Attorney
Marblehead families can rely on Family Estate Planning Law Group. Our team has more than three decades of experience in estate planning and elder law services. We are committed to ensuring our clients can customize their estate plans to include multi-generational trust options or a charitable endowment to a beloved charity or museum such as the Abbot Hall Maritime Museum.
Regardless of your estate size, our firm offers the unique SAVeT™ System that incorporates simplifying and consolidating your assets prior to aligning them with your plan. Fewer assets equal a more efficient estate plan with a decreased chance of probate. We help you align assets with your estate plan, then verify that alignment to prevent any surprises. Finally, we continually track your assets to ensure alignment and verification stay current in the event of changes in laws, institutional changes, or life changes.
If you or an elderly loved one have questions or concerns about setting up an estate plan, contact our office today and schedule a free consultation. During this meeting, we can explain how our ongoing client care program provides you with the estate planning services you need to protect your assets and loved ones.. We also invite you to explore our blog and visit our website to find out more about FEPLG and our team members who are ready to guide you through this process. Together We Plan for Life ®.
