Breaking News: State Bills Introduced in Massachusetts to Change the Estate Tax

In an effort to provide you with the latest estate planning news – Two bills were introduced to the Massachusetts State Senate which, if enacted, will change the Massachusetts Estate Tax laws. The first bill, S.1631, entitled “An Act to Mitigate Snowbird Relocation”, would increase the state estate tax exemption from the current $1 million to $2 million. Additionally, the tax rates are to be…

3 Liability Planning Tips for Physicians

You probably know that the practice of medicine is a profession fraught with the risk of liability. It’s not just medical malpractice claims either (although those are certainly scary enough). It’s the entire scope of risk from being in business, including employment-related issues, careless business partners and employees, and contractual obligations, as well as personal liabilities. Unfortunately, in our litigious society, these liability risks are…

Estate Planning Tips for Someone Who Is About to Go in for Major Surgery

Getting the news that you have to undergo major surgery is never easy. Preparing for absences from work, planning for childcare and household responsibilities, and reviewing your estate plan will be among the things you may be worrying about. But, what if you only have a few weeks—or even days—to react? Who should you call? How can you concentrate enough to get this work done?…

Four Common Myths about Estate Planning

1) Myth: My spouse can make all of my healthcare and financial decisions because he/she is my spouse. Reality: This is not always the case. To make sure your spouse can indeed make important medical decisions on your behalf, you should sign a durable power of attorney, health care proxy and HIPAA Authorization. 2) Myth: I’ve told my family how I want my affairs handled…

Are Any of These 11 Mistakes Lurking in Your Estate Plan?

1) Lack of Healthcare and Disability Planning. The majority of deaths occur in hospitals or other institutions. Patients may be incapacitated to the point where they can no longer communicate their healthcare wishes. Health Care Proxies, living wills and MOLST forms can identify medical decision-makers, specify wishes for end-of-life care, and Trusts and Durable Powers of Attorney can provide a formal plan to control financial…

Don’t Let Change Wreck Your Business: The Buy-Sell Agreement

Divorce – an unexpected death, disability, or retirement – an irreconcilable dispute. Any of these events may put your successful, stable business into a tailspin. Luckily, a buy-sell agreement can help you and your business be better prepared to handle these events. What is a Buy-Sell Agreement? A buy-sell agreement is a legally binding agreement between co-owners of a business that controls what happens if…

What 199A Regulations Mean for Your Clients

Tax-Saving Opportunities for Business Owners Are any of your business-owning clients curious about the new Section 199A deduction? Although the deduction became effective on January 1, 2018, guidance on how it would be calculated was delegated to the Internal Revenue Service (IRS) by Congress. For months, financial and tax professionals have speculated about various aspects of this new deduction since Congress gave us little concrete…

Taking Full Advantage of the 2017 Tax Cuts and Jobs Act

Key Points to Discuss With Your Clients Like all things, tax laws are constantly changing. An important part of serving your clients is responding quickly and strategically to new developments in the tax law landscape. But at the same time, a knee-jerk reaction is rarely the best course of action—often resulting in unforeseen complications in the future. The best decisions are made by professional teams…

How Tax Reform Will Impact You and Your Estate Planning

In December 2017, Congress passed, and President Trump signed a sweeping tax reform bill commonly known as the Tax Cuts and Jobs Act. This Act contains significant changes that will impact your estate planning and income tax situation going forward. Estate Tax Changes Starting January 1, 2018, the estate, gift, and generation-skipping transfer (GST) tax exemptions double from $5 million to $10 million (adjusted for…

Last-Minute Opportunities Before the New Tax Law Takes Effect

(Below is an article about last minute planning considerations in light of the new tax act written by my colleague Andreea Olteanu, JD of WealthCounsel.) With 2017 coming to an end and sweeping tax reform legislation (Act) having been signed into law, some last-minute opportunities should be considered while the current law still applies. There are steps that taxpayers can take before the Act takes…

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