What is a Legacy?

Legacy Protection in Massachusetts: Why Estate Planning Matters

When considering estate planning in Massachusetts, it's often viewed as a necessary task rather than a desired one. Many individuals tend to prioritize it as a "should do" rather than a "want to do" activity.

Some have already taken the proactive step of creating an estate plan, while others may be reading this for someone else. For most, estate planning tends to linger at the bottom of the to-do list until a life event makes it imperative. The thought of planning for one's own end can be understandably disheartening.

However, a shift in perspective can make a significant difference. Instead of viewing it solely as planning for your demise, consider it as planning your legacy—an opportunity to maximize the positive impact your life can have on your loved ones. This legacy may encompass how your assets benefit your heirs or provide them with a clear roadmap for your estate, preventing unnecessary conflicts and confusion.

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The Impact of Safeguarding Your Legacy

In Massachusetts, real property alone can hold substantial value, potentially reaching hundreds of thousands of dollars or more. Even if your primary asset for inheritance is your home, you could offer your heirs a significant advantage in achieving their life goals. Your adult children may be able to make down payments on their first homes or contribute to their grandchildren's college education.

For those with assets they wish to keep within the family, such as a farm, family home, or business, careful planning can ensure that estate taxes are minimized or avoided, allowing your heirs to preserve these priceless assets as intended.

Consider the possibilities if you have substantial assets to leave behind. Your children and grandchildren could use this legacy to start their own businesses, support causes they are passionate about, or make investments that grow your legacy into one for future generations.

Not all legacies are material. Some involve the values and connections you fostered within your family. In such cases, planning remains relevant. Imagine your family having clarity on your wishes, the ability to swiftly handle necessary matters without probate court involvement, and the capacity to move forward during challenging times without disputes.

How to Safeguard Your Legacy

Maximize Asset Protection: The more you shield your assets from taxes and long-term care expenses, the greater the impact on your surviving family members. An effective estate plan can help minimize or eliminate Massachusetts estate taxes, increasing the value passed down to your heirs. Protection from state Medicaid liens can also be crucial in case you or your spouse require long-term care assistance.
Minimize Probate Court Involvement: A simple will doesn't guarantee that your family won't need probate court. A well-crafted estate plan can ensure immediate access to some assets through trusts. Establishing jointly held bank accounts with your personal representative can create a financial safety net for final and ongoing expenses.
Protect Assets from Creditors: If there are assets you want to keep within your family, such as a family home or business, a will alone cannot prevent them from becoming vulnerable to creditors. It's essential to create a trust tailored to your specific needs and wishes, ensuring that your legacy remains intact through life changes experienced by your heirs.

In conclusion, understanding the significance of estate planning in Massachusetts as a way to protect and enhance your legacy can motivate you to prioritize this essential task for the benefit of your loved ones.

Need Help Understanding What You Need to Protect Your Legacy?

Schedule a free informational callback from a member of our team to learn more about how we can help you customize your estate plan to secure your assets and your legacy.

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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. 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.