Monique M. Sadarangani, J.D., LL.M. was recently featured in an article published by LAWQ ( https://thelawq.com ). The article addresses the question of asset protection through asset planning. You can read the full article here: https://thelawq.com/asset-planning-to-protect-assets/
As the new year brought in a new executive regime, there are many tax and financial implications that follow. With Biden’s tax plan, one of the key areas that Biden has addressed is eliminating the “step up in basis” for transfers of assets at death. The step up in basis allows for the transfer of one’s assets upon death to intended beneficiaries or heirs without the beneficiaries/heirs having to pay a capital gains tax upon
The recent holding In re Estate of Jacqueline Ann Kendall emphasizes the State’s desire to advocate for efficient probate administration among both creditors and heirs. Sheer statutory interpretation by the Supreme Judicial Court determined that the Commonwealth’s MassHealth program will not be the exception to its ultimate time limit policy when it comes to recovering claims against an estate. This rule is firmly rooted in the recent holding of In re Estate of Kendall,
During this unprecedented time, it’s normal for people to worry about protecting their loved ones and assets. The coronavirus pandemic is unlike anything we’ve ever seen before, and even the healthiest of people can be affected. We haven’t seen the last or the worst of this illness, and while it’s never pleasant to think about the worst-case scenario, it’s vital to ensure your affairs and assets are up-to-date and in order. 1. Trusts and Wills A will
A trust is a great way to ensure you’re protecting your assets and your family after your passing, and you don’t have to be extremely wealthy to benefit from one. However, your family or circumstances may change over time. Here, we’ll cover the types of trusts you could have and what to do if you need to end one. Revocable vs Irrevocable Trusts A living trust is a legal agreement that allows you to
In a today’s constantly growing world, people are striving to obtain more and more assets either through acquiring real estate, creating new businesses, or investing in the stock market. All of these are great ways to grow your financial portfolio, but have you considered who gets these assets after you pass away? Have you considered what would happen to your profound wealth and who would get rights to it should you pass away? Well, there
The year 2020 has been anything but easy. Not only has the world been hit with a deadly virus, but self-isolation and quarantine practices have been mandated. In addition to working from home, home-schooling your children, and wearing protective gear at the grocery store, you must also consider the impact COVID-19 may have on your aging parents. Since the elderly are more at risk of catching the virus, you have probably limited most, if not
An estate plan should be an official, fool-proof way to ensure your family and loved ones are taken care of when you pass. However, a poorly executed plan or no estate plan at all can lead to loved ones being left out of inheritances, having to pay large taxes, or struggling with unnecessary and unexpected legal battles. Here are ten common mistakes to avoid when you’re planning for the inevitable. 1. Not hiring an experienced
In a 2017 survey, it was discovered that only 42 percent of American adults have a will. 81 percent of those with a will are over the age of 72. When people were asked why they didn’t have an estate plan or a will in place, most said it was because it’s too uncomfortable to think about their death, or they think the process will be arduous and expensive so they’ve procrastinated doing it. Estate
Effective January 1, 2020, the Electronic Wills Act will allow electronic signing, witnessing, and notarization of wills and other estate planning documents in the state of Florida. It will give the public a convenient alternative to in-person signings, hopefully allowing easier access to legal services for people who might not consider it otherwise. Electronically signing and filing legal documents is the next inevitable step in our technological world but there are some obvious hesitations about
