ESTATE PLANNING - OUR APPROACH TO ENSURING YOUR FUTURE IS SECURE

Estate planning has been a practice area we have provided since the founding of our firm.  Recently, we have seen that for myriad reasons, including the current state of the United States economy, inflation and increased costs due to tariffs and the Iran War Americans are focusing more on the future of their families' well being and how their legacies will be preserved and distributed as they see fit in the years to come. More specifically, in discussing the current legal interests and concerns of folks in the Boston and South Shore areas, we are increasingly finding these concerns at the forefront of our conversations. 

Discussions about an individual’s or a family’s estate is not an easy one to navigate. No one wants to think about a time in the future when they will no longer be able to share everything life has to offer with the people whom they love.  We are extremely sensitive to this fact and understand that this process is far more than a business transaction. It is rather a process that must be guided by empathy, seriousness and competency. 

Accordingly, we provide a specialized plan for our clients to ensure their wishes are carried out regarding the fruits of their years of labor and strategic financial decisions. Furthermore, we are diligent to craft plans whereby the government does not become an impediment or, in some cases, a barrier to the realization of client’s ultimate wishes for their family. 

Typically, we craft two different types of estate plans. One is a will based plan and the other is a trust based plan.  A will based plan amounts to a declaration by the client as to how they wish their real and personal property to be distributed once they pass. The will “speaks at death” and does not come into play until the individual passes away. The will is subject to probate in Massachusetts and is a public document.  The executor of the will must petition the court to carry out the provisions of the will. More typical than not, this process involves hiring an attorney and can be expensive, particularly if the will is being contested.  A trust based plan whether it be living/revocable trust or irrevocable trust is an active document. A living/revocable trust provides the client an opportunity to manage their assets during their lifetime and after they pass.  A trust is a private document and is not subject to the probate process. The revocable trust can be amended or revoked at any time during the individual’s life. An irrevocable trust is as its name infers cannot be amended and is generally permanent. It is typically used to protect assets from creditors and to minimize estate taxes. 

In both of these situations, we include the following documents in the plan: 

• Durable Power of Attorney;

• Health Care Proxy; 

• Medical Directive (although not binding in Massachusetts, it provides a guideline for families and medical providers); 

• Homestead Declaration. 

These tools provide families with the ability to make decisions on their loved ones behalf before a crisis arises. Too many times, we have seen families blind sided by an accident or unexpected health incident and do not have the necessary documents drafted and properly executed. Unfortunately, if this occurs folks are bound by the state’s intestate statute to deal with the disposition of their loved one’s estate or an inability to make medical decisions on their loved ones behalf. 

Our firm is committed to analyzing you and your families unique situation and committed to crafting the best estate plan which will be true to your goals and wishes. 

We would be happy to provide a free consultation for you and your family.