Legacy Protection in Massachusetts
Why Think About Your Legacy?
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When most people think about estate planning, they think of it as something they should do, but don't find it something they want to do.
Some people are able to prioritize the "should do." If you are that person, you probably already have an estate plan, and if you are reading this at all you are likely reading it for somebody else. Most of us, however, put the "should but don't want to" items at the end of the list, at least until something happens that makes them urgent. When it comes to making an estate plan, the idea of planning your own demise can be understandably depressing. This can feel different, though, if you think about planning as your legacy, and the opportunity to maximize the impact your life can have for your loved ones. This could be what they can do and accomplish with the assets you leave them. It could be the simple but powerful legacy of leaving your family with a clear road map for your estate so that they can move forward without unnecessary conflict or confusion. |
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The Impact of Protecting Your Legacy
An asset like real property in Massachusetts could be worth several hundred thousand dollars. Even if all you have to leave to your heirs is your home, you could be giving them a significant leg up on whatever their goals in life are. Perhaps your adult children could make a down payment on their first house. Or perhaps this gives them the ability to at least begin paying for your grandchildren's college education.
If you own an asset that you want to keep in your family, such as a farm, family home, or business, a plan that either avoids estate taxes or gives your heirs some liquid assets to take care of those obligations can ensure that they do not have to sell this potentially priceless asset upon your passing. Which in turn means that they can enjoy and use it as you intended.
If you have substantial assets to leave to your heirs, allow yourself to imagine what your children and grandchildren might be able to accomplish with that legacy left intact. That could be starting their own business, solving a problem they are passionate about, investing to make sure the legacy you left them grows into a legacy for their own children.
Not all legacies are tangible. Sometimes your true legacy involves the values and connections you established in your family. In that case, planning is still relevant. Imagine your family knowing exactly what your wishes are, being able to immediately take care of the things that need to be taken care of without being bogged down in probate court, and being able to move forward in a difficult time without fights or conflict.
If you own an asset that you want to keep in your family, such as a farm, family home, or business, a plan that either avoids estate taxes or gives your heirs some liquid assets to take care of those obligations can ensure that they do not have to sell this potentially priceless asset upon your passing. Which in turn means that they can enjoy and use it as you intended.
If you have substantial assets to leave to your heirs, allow yourself to imagine what your children and grandchildren might be able to accomplish with that legacy left intact. That could be starting their own business, solving a problem they are passionate about, investing to make sure the legacy you left them grows into a legacy for their own children.
Not all legacies are tangible. Sometimes your true legacy involves the values and connections you established in your family. In that case, planning is still relevant. Imagine your family knowing exactly what your wishes are, being able to immediately take care of the things that need to be taken care of without being bogged down in probate court, and being able to move forward in a difficult time without fights or conflict.
How to Protect Your Legacy
Maximize what your loved ones get to keep: the more you can protect your assets from taxes and the cost of long term care, the bigger impact you can have on the lives of your surviving family members. A proper estate plan can help minimize or avoid Massachusetts estate taxes, which can significantly increase the value left to your heirs. We can also help protect assets from state Medicaid liens in the event you or your spouse need to seek assistance with the cost of long term care.
Minimize the need for your family to go to court: just having a will does not mean your family will not have to go to probate court. The will must be approved through the probate process, and your personal representative approved by the court before he or she can begin taking care of the assets in your estate. Many families are surprised to learn that even though their parent had a will, they still need to go through this process. A well done estate plan can ensure that at least some of your assets are immediately available through the use of a trust. We can also help you create an "immediately after" plan through the use of bank accounts held jointly with your personal representative, to ensure that there are funds to take care of final expenses as well as other basic expenses for the months it could take to get court appointment of your representative.
Protect family assets from creditors: if there is something that you mean specifically to stay in your family (think family home, farm, business), the minute your heirs inherit an interest in that asset, it becomes available to their creditors. It can also become joint property with their spouse, which means that upon your heir's death, or if they divorce, that asset can move outside the family. This is not something you can prevent with a will alone. The will only controls how your assets are distributed on your passing- it cannot look into the future and control how those assets are handled as your heirs go through other life changes. To do that, you need to create a trust that can be designed to meet your specific needs and wishes.
Minimize the need for your family to go to court: just having a will does not mean your family will not have to go to probate court. The will must be approved through the probate process, and your personal representative approved by the court before he or she can begin taking care of the assets in your estate. Many families are surprised to learn that even though their parent had a will, they still need to go through this process. A well done estate plan can ensure that at least some of your assets are immediately available through the use of a trust. We can also help you create an "immediately after" plan through the use of bank accounts held jointly with your personal representative, to ensure that there are funds to take care of final expenses as well as other basic expenses for the months it could take to get court appointment of your representative.
Protect family assets from creditors: if there is something that you mean specifically to stay in your family (think family home, farm, business), the minute your heirs inherit an interest in that asset, it becomes available to their creditors. It can also become joint property with their spouse, which means that upon your heir's death, or if they divorce, that asset can move outside the family. This is not something you can prevent with a will alone. The will only controls how your assets are distributed on your passing- it cannot look into the future and control how those assets are handled as your heirs go through other life changes. To do that, you need to create a trust that can be designed to meet your specific needs and wishes.
How Our Estate Planning Attorneys Can Help
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Whatever it looks like, however big or small, tangible or intangible, you have built a legacy. Whether it is a spouse, children, grandchildren, or other people you care about, you have loved ones whose lives will be improved by your careful stewardship of that legacy. We are ready to help. We understand this can be a difficult issue to tackle, so we have designed our process to make it as easy as possible for you to get the plan in place that protects you and your family and accomplishes your goals. You can use the button below to schedule a free information call, or simply give us a call at 781-784-2322.
