This post alerts you of a new Federal law, called the Corporate Transparency Act, which will impact almost all LLCs, corporations, limited partnerships, and other closely held entities. There are a few exceptions. The law becomes effective January 1, 2024, so you will need to be prepared. Exempted from this requirement are entities such as the following. These are generally entities that are already subject…
Pros and Cons of Adding an Adult Child to a Bank Account: A Guide for Northshore Seniors
Are you a senior in Essex County or Middlesex County who is contemplating adding an adult child to your bank account to help manage your finances? It may seem like an easy solution for getting assistance with bill payments, but it’s crucial to weigh the pros and cons before taking action. Here at our Beverly, MA estate planning law firm, we understand the importance of…
Three Reasons to Avoid Probate
When you pass away, your family may need to sign certain documents as part of a probate process in order to claim their inheritance. This can happen if you own property (like a house, car, bank account, investment account, or other asset) in your name only and you have not completed a beneficiary, pay-on-death, or transfer-on-death designation. Although having a will is a good basic…
How Cryptocurrency and NFTs Fit into Your Estate Plan
Five years ago, cryptocurrency was probably not on your radar. Today, it may be an important investment in your portfolio. You could even own some nonfungible tokens (NFTs), which are powered by the same blockchain-based technology. Despite the dizzying fluctuations in the value of these assets, you should ensure that they are included in your estate plan so you can preserve them for your heirs.…
Planning for Your Digital Legacy
An estate plan often focuses on tangible property such as jewelry, artwork, money, and vehicles. However, in this age of technology, it is important to remember to include your digital assets. Digital assets consist of everything we own online. Because we spend more time on computers and smartphones than we ever did before, you may not realize how much digital stuff you own, from photos…
How to Choose a Hospice Provider | Beverly, MA Elder Law Attorney
When a medical professional recommends hospice care for you or a loved one, it can be an overwhelming moment. Suddenly, the fact that the end of life is near becomes much more of a reality than it has ever been. While this can be the cause of a lot of mixed emotions, it is important to recognize that this is probably the most compassionate and…
Beverly, MA Probate Lawyers Offer Tips for Handling an Out-of-State Probate
Losing a loved one is an emotional and life-changing experience. You might be tasked with the responsibility of settling the estate while also grieving your loss. It can be a challenging time in anyone’s life. However, it becomes complicated when you must go through probate for out-of-state property. Many people move to various states throughout their lifetime. Updates to the will, trust, and other documents…
What Happens to My Spouse’s Debts at Their Death?
A spouse’s death creates a difficult and demanding time for the surviving partner. As much as you might want space and time alone to process your grief, you may have certain responsibilities related to settling your deceased spouse’s affairs, including paying off their debt. Most Americans have some type of debt. The obligation to pay debts does not necessarily go away when a person dies.…
Updating Your Estate Plan: How Many Tweaks Are Too Many?
If your life or the law has changed since you signed your last will and testament (will) or trust agreement, you need to update your document. You can make updates to a revocable living trust by way of an amendment or a complete restatement of the trust agreement. An amendment updates a specific part of the trust whereas a restatement creates a new set of…
An Estate Plan Should Not Be a Set-It-and-Forget-It Endeavor
As we all know, life happens. There is really nothing we can do about it. However, some of the most common life events can have a dramatic effect on your estate plan. If you think your estate plan is like a slow cooker and you can set it and forget it, you and your loved ones may be in for a stomach-turning surprise when it…