If you are a beneficiary of a trust, it means that you have an interest in the assets held by the trust. It also means that the Trustee is required to communicate with you about trust business from time to time. As part of that obligation, the Trustee may send you a “Crummey Notice.” A Beverly estate planning attorney at DeBruyckere Law Offices explains what to do if you received a Crummey notice. What You Need to Know about Trusts To understand the significance of a Crummey Notice you … [Read more...] about ￼What Do I Do If I Received a Crummey Notice?
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Some clients want to explore asset protection and let the attorney know they want to consider offshore planning. Sometimes, offshore planning works, but often it causes additional issues. Read on to learn more. … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part II
As part of the Estate Planning process, an attorney explores numerous topics with the client to help create a unique plan tailored to the client’s circumstances. Many estate plans use a trust as the centerpiece of the plan. Inevitably, clients want to understand the degree, if any, of asset protection that will result from the creation of a trust. There are numerous ways to achieve asset protection planning for a client. Read on to learn more. … [Read more...] about The Intersection of Asset Protection Planning and Estate Planning – Part I
Managing the practical duties involved in administering an estate while simultaneously grieving the loss of a loved one can be challenging. If you are in this position, one of your important responsibilities as Executor will be to make sure the estate pays any federal gift and estate taxes due. To help you get started, the Beverly probate attorney at DeBruyckere Law Offices explain the practical steps required to pay estate taxes owed during the probate of an estate. Probate Basics Probate … [Read more...] about If an Estate Owes Federal Gift and Estate Taxes, How Do I Pay Them?
When a loved one passes away, experiencing a range of strong emotions is normal. Learning the terms of the Last Will and Testament can also cause an emotional reaction that can lead to the desire to challenge the Will; however, you must have a valid legal reason to do so. To help you figure out if a Will contest is a viable option, the Beverly probate attorneys at DeBruyckere Law Offices discuss five signs that point to a Will contest. What Does It Mean to Contest a Will? A spouse, adult … [Read more...] about 5 Signs Pointing to a Will Contest
President Biden scored a win on some issues, but a loss on others when he signed the Inflation Reduction Act into law. The legislation left the estate and gift tax alone and made modest changes to the income tax. The Act will have a significant impact on those on Medicare because of the cap on out-of-pocket prescription drug costs and insulin. Read on to learn more. … [Read more...] about The Inflation Reduction Act
As interest rates continue to climb, Estate Planning practitioners look to different planning techniques to take advantage of rising rates. Two common estate planning techniques work well in higher-interest rate environments. Read on to learn more. … [Read more...] about What’s Estate Planning Got to do with Interest Rates – Part II
Although most Americans admit to knowing the importance of estate planning, over half do not have a plan in place. Part of the reason for this is that there are several myths and misconceptions about estate planning. To some extent, this is understandable because the average person has little reason to know much about estate planning until they sit down to create their plan. Unfortunately, however, some of those myths can result in costly mistakes. To help you avoid making any of those mistakes, … [Read more...] about Debunking Common Estate Planning Myths
Interest rates were at historic lows for many years. Those rates have begun to rise in recent months and may continue to do so. Practitioners need to monitor interest rates in order to advise clients regarding the most effective Estate Planning strategies in any environment. Read on to learn more. … [Read more...] about What’s Estate Planning Got to do with Interest Rates – Part I
For most seniors, one of the most frightening aspects of growing older is the thought of developing Alzheimer’s disease. Whether you are nearing your “Golden Years” yourself, or you have a loved one who is, you need to understand Alzheimer’s disease. Toward that end, the North Andover elder law attorneys at DeBruyckere Law Offices help you understand what you should know about Alzheimer’s disease. What Is Alzheimer’s Disease? Most people associate Alzheimer’s disease with dementia and the … [Read more...] about Understanding Alzheimer’s Disease