According to a caring.com survey, the COVID-19 pandemic appears to have changed the nation’s perspective on many things, including estate planning. In fact, the number of young adults with a Will has increased 63 percent since 2020, and in 2021, 18-34-year-olds were more likely to have a Will than those between the ages of 35 and 54. In the big picture, having any estate plan in place is at least a step in the right direction in protecting you and your family from otherwise uncontrollable risks; however, many plans fall woefully short of accomplishing what they were intended to do, which is why we here at Family Estate Planning Law Group created our ongoing client care program to help people care for their loved ones.
The idea of leaving behind a spouse, children, grandchildren, or close friends is something few of us really want to think about. Despite our reticence, the best way to ensure you have an impact on the lives of those you care about is to create a comprehensive estate plan. When you engage in estate planning with Family Estate Planning Law Group, you are taking an important step toward peace of mind. Proper estate planning can benefit your loved ones in the following ways:
- You can determine who receives assets from your estate;
- Estate tax burdens are minimized or eliminated;
- The costly, lengthy probate court process is avoided;
- You have a plan in place in the event of your incapacitation, and
- You can minimize unpleasant surprises or bickering when you include our Family Care Meeting™ as a part of your estate plan.
By planning for the future, you can put your mind at ease with the knowledge that your family will be taken care of rather than dealing with a lot of hassle. In short, you can rest easy knowing you have created financial security for your loved ones. The FEPLG estate planning legal team believes in building relationships with our clients, their families, and other trusted advisors through our ongoing client care program. Rather than a transactional relationship, we will be a part of your life for many years to come via our ongoing client care program. We work alongside our clients throughout their family changes, changes in the laws, asset changes, or changes in preferences.
When Is Estate Planning Needed?
Far too many people believe estate planning is only for the very wealthy. This is far from the truth. Others believe if they have a Will, they are fully covered. This, too, is a misconception, and one that can cost you dearly. At Family Estate Planning Law Group, we emphasize that a Will, while necessary for some situations, is simply not enough on its own. Whether there is only a Will or no Will at all, an estate will have to go through the probate process. In the event there is no Will, assets will be divided according to the Massachusetts laws of intestacy. This could result in the estate going to relatives you never intended.
When planning your estate, the FEPLG team can help you navigate the many issues associated with estate planning, with the goal of ensuring your beneficiaries receive maximum benefits under the law. At Family Estate Planning Law Group, the extensive knowledge of our highly experienced team of estate planning attorneys benefits you when creating a Trust, or multi-generational estate plans.
End-of-life plans and asset protection strategies incorporate many different working parts, including:
- Trust administration and fiduciary services
- Special needs planning
- Estate tax planning
- Disability and public benefits eligibility
We can help you create a comprehensive estate plan that uses a Trust and other asset protection strategies to give you more control over how your property gets distributed in the event of your death. We can also guide you through the creation of a Health Care Proxy which will take effect in the event you become incapacitated.
What Is a Trust?
Creating an estate plan is one of the most important steps you can take in life to create a legacy for your loved ones that will last for years to come. Being prepared for the inevitable means your assets are not left in limbo while your loved ones struggle with a costly, frustrating probate court process. Trusts can be one of the best tools to ensure your estate goes to the beneficiaries you designate.
There are several types of trusts available to you, depending on the type of assets you are leaving behind—and the recipient of the trust. This customizable approach makes it possible to create trusts designed for the specific family member receiving them. Some of the more popular trusts we can create for you include:
Many Newburyport families rely on a revocable trust to provide continuing financial support and asset protection after the Trustmaker has passed away. This type of trust is extremely flexible, allowing for modifications and termination at any point throughout your lifetime.
If you would prefer a trust that you cannot change or terminate, you can use an irrevocable trust to remove your asset rights and ownership. This type of asset protection is useful for those who wish to minimize costly state and federal estate taxes or need to qualify for government programs like Medicaid or Medicare. These are also useful to keep creditors from taking away assets you want to leave behind for loved ones.
Special Needs Trust
If you are a caregiver for a family member with special needs, this trust could supplement your loved one’s benefits received from government programs like Social Security Disability. This option can supplement any benefits that your special needs family member may be receiving from government programs. With this, you can make sure this individual receives any necessary financial support throughout their life.
Many of us have organizations and philanthropic interests that we want to support beyond our lifetimes. There are two primary types of charitable trusts available to accomplish this goal, and these will require the knowledge of an estate planning attorney to set up properly.
As you can see, a comprehensive estate plan offers a variety of distribution options that not only ensures your loved ones are taken care of but also establishes a legacy of support that will last generations. End-of-life planning should focus on providing support that not only limits or avoids estate tax liabilities but also creates a streamlined experience for your family and prevents unnecessary delays in distribution.
Newburyport Area Estate Planning Attorneys You Can Build a Relationship With
If you or a loved one needs to begin the process of estate planning, working with an experienced legal team familiar with Newburyport estate planning needs is a smart move. The FEPLG legal team can ensure that your plan takes into account every unique circumstance related to you, your family, and your assets. At Family Estate Planning Law Group, we fully understand the urgency in creating an estate plan that shields loved ones from potential tax liabilities, greedy creditors, or familial disputes over asset distribution.
For 30 years, we have assisted families in your community in achieving all of those features and more. Maybe you have a special needs child that will require ongoing care when you are no longer here to provide for them, or you want to create a Trust to benefit a local art and culture organization like the Maudslay Arts Center. Whatever your goals may be in leaving a legacy, our team of estate planners can help you make this a reality.
Because you are unique, so are we! We know you will appreciate our SAVeT™ program, as well as our Family Care Meeting™, which brings together a comprehensive team including our FEPLG team, your financial advisors, accountants, loved ones, or anyone else you want involved in the administration of your plan. During your initial complimentary consultation, we can evaluate your current circumstances, answer your questions, and further discuss how we can guide you in taking care of your loved ones. For more information contact FEPLG, explore our blog, or visit our website. Together We Plan for Life®!