Preserving Your Legacy: Navigating Threats to Your Wealth and Estate
Preserving Your Legacy: Navigating Key ChallengesYour legacy is a reflection of your life's work, values, and the future you envision for your loved ones. However, several significant threats can jeopardize the legacy you've built over the years. To ensure that your assets are protected and distributed according to your wishes, it's essential to address these primary challenges.
Massachusetts Estate TaxesMassachusetts imposes estate taxes on the transfer of assets upon an individual's death, for anyone whose taxable estate (which includes life insurance, jointly held assets, and retirement savings) equals or exceeds $2 million.
These taxes can significantly reduce the value of your estate, leaving less for your heirs and beneficiaries. Understanding the intricacies of Massachusetts estate tax laws and exploring strategies to minimize your tax liability is crucial for preserving your legacy. Long-Term Care CostsThe expenses associated with long-term care can quickly deplete your assets and erode the inheritance you intend to leave for your family. Assisted living facilities and nursing homes can be exorbitantly expensive, and health insurance or Medicare may not cover the full extent of these costs. Without proper planning, your hard-earned assets may be at risk.
There are tools available to help you secure your legacy while ensuring you have access to the care you need. These include long-term care insurance, Medicaid planning, and other asset protection strategies to safeguard your assets and ensure you receive the necessary care without exhausting your estate. Complex Probate ProceedingsProbate is the legal process of distributing a deceased person's assets, settling debts, and ensuring the orderly transfer of property to heirs and beneficiaries. However, the probate process in Massachusetts can be time-consuming, expensive, and subject to delays and disputes. It can diminish the value of your estate and create additional stress for your loved ones. Some estimate that a probate proceeding can eat up as much as 3-7% of the overall value of your estate.
There are ways to minimize the impact of probate on your legacy. This may involve setting up trusts, designating beneficiaries on assets, and utilizing other probate avoidance strategies. By proactively addressing probate concerns, you can streamline the asset distribution process and reduce associated costs. Protecting Your LegacyAt slnlaw, we understand the importance of preserving your legacy and ensuring that your hard-earned assets benefit your heirs and loved ones. Our team is here to help you navigate the challenges of estate taxes, long-term care costs, and probate proceedings. With our expertise and personalized solutions, you can safeguard your legacy and leave a lasting impact for generations to come.
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Meet Our Estate Planning Lawyers
Emily Smith-Lee is the owner and founder of slnlaw. She is a 1996 graduate of Boston College Law School. She was previously a partner at the Boston office of a large international firm, where she worked for thirteen years before starting the firm that became slnlaw in 2009. She has been recognized as Massachusetts Superlawyer each year since 2013, and in 2018 earned recognition as one of Massachusetts Lawyers Weekly's Lawyers of the Year.
Jenna Ordway: Jenna is a 2013 graduate of Quinnipiac Law School, and also earned an LLM in Taxation from Boston University in 2015. She has been affiliated with slnlaw since 2011, first as a law clerk and then as an attorney. Jenna has been recognized since 2019 as a "Rising Star" by Massachusetts Superlawyers. Jenna wrote a book on estate planning: The Road to Peace of Mind: What You Need to Know About Estate Planning. Jenna has helped many individuals and families with planning to protect their legacies and loved ones, and planning for the future and succession of their businesses.
Sharleen Tinnin: Sharleen is a 2010 graduate of Northeastern University School of Law, and earned her LLM in estate planning from Western New England Scool of Law in 2016. She has been with slnlaw since 2023. Prior to joining slnlaw, she worked with King, Tilden, McEttrick & Brink, P.C. on complex civil litigation matters. She previously worked for the United States Department of Justice, and received an "Excellence in Justice" award in 2017. Sharleen has helped many clients with planning for their legacies and their future, and navigating the probate process in Massachusetts after the death of a loved one.
How We Can Help
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. You can use the button below to schedule a free information call, or simply give us a call at 781-784-2322.