Digital assets are a category of commonly overlooked assets that play a crucial role in your estate plan and the legacy you leave behind at your death. It is all right if you did not consider these items when you first created your will or trust; such a mistake is surprisingly common and, luckily, easy to correct. What are digital assets? They include all of…
Estate Planning awareness Week: Do Your Parents Have an Estate Plan?
If you are part of the sandwich generation—caring for both your children and your parents at the same time—it is crucial that you know whether or not your parents have an existing estate plan. While the final decisions within their estate plan rest with them, creating a comprehensive estate plan is an absolute necessity, regardless of when it is done. The thought of speaking with…
Our Latest Video – Can a Minor Inherit Assets?
In our latest reel, see the answer to this question as well as an important estate planning tip for parents. Click on the link – https://youtube.com/shorts/cXCIjNhKfdc?feature=share
How the SECURE Act 2.0 Affects Your Retirement Account & Beneficiaries
The SECURE Act 2.0, signed into law in 2022, introduced major changes to retirement accounts, impacting everything from Required Minimum Distributions (RMDs) to beneficiary inheritance rules. These updates are crucial for individuals planning their estates, as they affect how retirement assets are distributed and taxed after death. As estate lawyers, we often help clients navigate these regulations to ensure their estate plans align with the…
Important Information About the Corporate Transparency Act
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…