COVID or No COVID – It’s Important to Plan

This Doctor says it as well as I’ve ever seen it – “So many of us have intentions of one day writing out our plans and instructions for end-of-life care, but most of us put that task off, for when we’re older or sicker. But the truth is, none of us knows when we will die…just because something was previously …

Trusts – Traps with Irrevocable Trusts

Trusts – yes most of us should have one. It is not something only for the super-wealthy. A trust allows us to build our own vault and privately, set the terms and conditions under which assets in that vault are distributed to the people of our choosing (beneficiaries) after a certain event happens. Trusts are either revocable or irrevocable. With …

Caring For Aging Parents, Kids & Oh, Ourselves Too…

Hey, the kids are almost all out of the house…now it’s OUR time…well maybe not. Phew, we’re out of diapers and baby monitors, now we can relax, get a good night’s sleep, “un-childproof” the house…well maybe not. Often, we now become the caretakers for an aging parent. We are part of the “new and invisible workforce…15+ million unpaid and untrained …

The SECURE Act – What Does It Mean For My Personal or Family Contingency Plan?

Surprise…Congress did something major at the very end of last year that impacts retirement accounts – investment options, required distributions for certain classes of beneficiaries. You may have heard that the federal appropriations bill enacted into law by Congress and the President in the final weeks of 2019 includes changes to the federal tax code that may affect your qualified …

A Personal & Family Contingency Plan (a/k/a Estate Plan) > A Will

Famed film director, John Singleton, allegedly had a stroke a week ago and is in a CA hospital unable to carry on his film business. Mr. Singleton “had not signed any health care directive or power of attorney that would let someone make medical or financial decisions for him,” and as a result, his mother is petitioning the court to …

The Queen of Soul Did Not Have An Estate Plan

“Deeply private in life, Aretha Franklin’s estate will be laid bare for all to see, as according to court documents, she died without having a will or trust in place.” Aretha Franklin’s net worth is estimated at $80M and the State of Michigan will decide how it’s distributed and anyone who wants to can read about EVERYTHING!  Who owns her …

Estate Planning: What Comes After Pomp & Circumstance?

Lately, I’ve seen quite a few Facebook photo postings from proud parents with their high school seniors. It is a big moment…your child is done with high school and the next step is – gulp – college! Graduating from high school is a significant milestone for both parents and the graduate. There is actually another really important milestone that happens …

Estate Planning – Digital Assets

The phrase “digital assets” makes me uncomfortable because it sounds like a description for a discrete pile of “stuff,” that is dealt with on a ‘one and done’ basis. Digital assets are actually more and more our entire, daily world! Digital assets include bank accounts, photos on a cloud, e-books, credit card accounts, insurance policies (homeowner’s, car, life), utility bills, …

Estate Planning – The Out of Office Memo

Finally taking that long weekend, that week, or crazy as it sounds those TWO weeks off from work. OK, I’ve got X going on for Client 1, Y in process for Client 2 and Client 3 might need Z, or ZZ. Well then, I think I’ll just leave everything on my desk and take off…good luck clients and colleagues! No? …

Estate Planning – Homestead Declaration No Covered Wagon Required

Homestead WHAT? It’s 2016, who has a “homestead?” Well if you own a house, condominium, manufactured home, etc. then you have a homestead! In Massachusetts, a homeowner receives automatic protection on their principal residence in the amount of $125,000. That amount is protected against the reach of an unsecured creditor. The most common example of an unsecured creditor is a …