When you are young, single, and just starting out in your career your estate plan will likely be rather simplistic. As your life becomes more complex, however, your estate plan will need to expand to reflect the increasingly complex nature of your life. For example, if you marry for a second (or subsequent) time and become part of a blended family, you may find the need to protect both your new spouse and any existing children within your estate plan. One estate planning tool that is often used … [Read more...] about Blended Family Estate Planning
What You Need to Know about Last-Minute Medicaid Planning
In a perfect world, you should create a Medicaid planning component within your estate plan before you reach middle age. Not doing so can put your assets at risk during your retirement years if you reach a point at which qualifying for Medicaid becomes crucial. While it is certainly best to plan for the need to qualify for Medicaid, you may still have options. The Londonderry Medicaid planning attorneys at DeBruyckere Law Offices explain what you need to know about last-minute Medicaid … [Read more...] about What You Need to Know about Last-Minute Medicaid Planning
Understanding Your Life Insurance Options
A life insurance policy is likely to play an integral role in your estate plan. While life insurance can be a valuable estate planning tool, the key to getting the most out of your life insurance policy is knowing which type of insurance is right for you and how it fits into your plan. Toward that end, a Londonderry estate planning attorney at DeBruyckere Law Offices explains your life insurance options. Life Insurance Options The type of policy you need will depend on a variety of … [Read more...] about Understanding Your Life Insurance Options
Just When You Thought You Understood the 10-Year Rule, Think Again
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year rule for distributions. The 10-year rule was thought to operate much like the 5-year rule that existed before the passage of the SECURE Act. Recently issued proposed Treasury Regulations dispute that … [Read more...] about Just When You Thought You Understood the 10-Year Rule, Think Again
Let’s Talk about Trusts…and Taxation
Estate planning attorneys need to understand and explain taxation of trusts in order to properly advise clients. Individual clients need to understand the implications of the plan their attorney suggests in order to properly file their own taxes. Determining whether a trust qualifies as a grantor trust or a nongrantor trust is the first step in determining tax liability for a particular year. Read on to learn more … [Read more...] about Let’s Talk about Trusts…and Taxation
What Estate of Marion Levine Means for Life Insurance
Life insurance has long been part of Estate Plans, whether used to ensure liquidity for the estate on the death of the insured, or simply as income replacement on the death of the insured. Understanding the impact of life insurance on an estate plan has become critically important. A recent tax court case resulted in a big win for the taxpayer in a complex set of facts which could impact how you incorporate life insurance for your Estate Planning clients. Read on to learn more. … [Read more...] about What Estate of Marion Levine Means for Life Insurance
Planning for Incapacity in Massachusetts
We all prefer not to think about it; however, the possibility of becoming incapacitated at some point over the course of your life is real. As such, you should plan for that possibility in your estate plan – just as you plan for the eventuality of your own death. Doing so ensures that your wishes are honored in the event incapacity does strike. To help you plan for the possibility, a Beverly area incapacity planning attorney starts by explaining how incapacity is determined in … [Read more...] about Planning for Incapacity in Massachusetts
Why the Loss of a Spouse Should Trigger an Estate Plan Update
If you recently lost your spouse, you are undoubtedly going through a period of grief and heightened emotions. It may be some time before you want to address the legal and practical consequences of your spouse’s passing. To avoid unintended consequences, however, you should take the time to update your estate plan shortly after the loss of a spouse. The Beverly estate planning attorneys at DeBruyckere Law Offices explain some estate plan updates that typically follow the loss of a … [Read more...] about Why the Loss of a Spouse Should Trigger an Estate Plan Update
Is a Family Limited Partnership Right for My Business?
For many people, starting a small business is a dream come true. If you are one of those people, and you hope to one day pass down your business to the next generation, careful planning is the key. There are several strategies you can use to transfer your business down to the next generation, including a Family Limited Partnership. A North Andover business succession planning attorney at DeBruyckere Law Offices discusses why a Family Limited Partnership might be right for your … [Read more...] about Is a Family Limited Partnership Right for My Business?
How Do I Protect Intellectual Property in My Estate Plan
Assets such as your home, vehicles, investment accounts, and securities likely come to mind when you contemplate estate planning; however, there is another category of assets that may also need to be considered – intellectual property. Whether you own intellectual property rights acquired directly by you because of your own work or because they have been gifted to you, they could be very valuable and should be included in your estate plan. To get you started, a North Andover estate planning … [Read more...] about How Do I Protect Intellectual Property in My Estate Plan
