With all the MegaMillions and lottery-winning news lately, my wife and I were hanging out on our porch here in Massachusetts one night imagining what we might do if we won the lottery. We ran through the usual litany of…
START YOUR ESTATE PLAN TODAY
All adults should have a comprehensive estate plan, not only to identify the distribution of their assets after death, but also to protect themselves (and their families) prior to death if they sustain a serious illness, and also to minimize their estate taxes.
Those involved in non-traditional relationships (such as second marriages or those who are cohabiting) have many additional reasons for developing well-considered estate plans.
If you’re in a second marriage, you have some very unique challenges to work through to make sure that your estate plan achieves your goals to protect your current spouse, your children from a prior relationship, and maybe even your own business. [If you haven’t read about these unique hurdles you face in a second marriage, click here to learn more about them].
If you’re living together in a long-term, committed relationship, you have even more challenges to overcome to protect your loved one because Massachusetts doesn’t recognize common law marriage. Even if you’ve been living together for more than 7 years, you simply don’t have the same protections that married people do! [Learn more about the legal challenges you face in a cohabiting relationship].
Why It’s So Critical to Get Your Estate Plan Done
Research indicates that a majority of people are leaving it up to state law to decide how their finances will be passed on and even how health care decisions will be made.
That’s pretty scary, particularly for those in a second marriage with a blended family because your estate might not end up in the hands of the people to whom you most want it to be left.
And, it’s even more frightening if you’re living together because you might be completely shut out of your loved one’s financial affairs and even his/her funeral arrangements!
Take Charge of Your Estate by Taking Advantage of Our Free Family Legal Planning Session
At this session, we can learn about your estate, and advise as to the cost for preparing a comprehensive estate plan that will address your needs and wishes.
SouthCoast Estate Planning BLOG
Giving Your Kids Some Money this Year? The 5 Critical Rules You Need to Know About Gift Taxes Before You Do It.
Giving Your Kids Some Money This Year? The 5 Critical Rules You Need to Know About Gift Taxes Before You Do It. Clients ask me all the time: if I give my kids a substantial gift, say $10,000, who has…