Massachusetts Estate Planning: What Can It Do For You?
Why You Need Estate PlanningMany individuals are uncertain about the necessity and scope of estate planning, often assuming it's only for the wealthy. However, it's crucial to recognize that everyone can benefit from having an estate plan. Whether you're a married couple or a single individual, estate planning serves various purposes beyond asset management.
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What Goals Can You Accomplish With Estate Planning?
The objectives of your estate planning efforts will naturally align with your family's unique needs and your personal wishes. Below, we outline various goals that you can accomplish through a well-crafted estate plan:
- Guardianship for Minor Children: Designate a guardian for your minor children, typically specified in your will.
- Asset Distribution: Ensure that your assets are distributed to your chosen beneficiaries, a task achievable through your will and/or trust.
- Asset Management for Minor or Young Adult Beneficiaries: Appoint a trusted adult to oversee and manage assets when your children inherit, providing guidance to their legal guardians. This is often achieved through one or more trusts.
- Lifetime Support for a Surviving Spouse: Provide for your surviving spouse while preserving assets for eventual transfer to your children or other family members. This goal is typically accomplished through a combination of wills and trusts.
- Estate Tax Planning: Minimize or avoid liability for federal or Massachusetts estate taxes, an essential aspect of comprehensive estate planning.
- Medical Decision-Making: Appoint an individual to make medical decisions on your behalf if you become unable to do so, using a health care proxy.
- Financial and Legal Decision-Making: Designate a trusted agent to make financial or legal decisions when you are unable to through a durable power of attorney.
- Probate Avoidance: Minimize the need to hire lawyers for probate court proceedings by utilizing a combination of wills and trusts, often including a living trust.
- Special Needs Planning: Provide for a child with special needs without jeopardizing government benefit eligibility by establishing a Special Needs Trust.
- Asset Protection from Assisted Living Costs: Protect real property and other assets from the expenses of assisted living through a Medicaid or Irrevocable Trust.
- Post-Divorce Protection: Ensure the continued safeguarding of yourself and your assets after a divorce.
- Blended Family Planning: Address the distinct estate planning requirements that arise in blended families.
- Business Succession: Plan for the smooth transition of your business in the event of your death or disability.
- Pet Care: Guarantee the proper care and support of your beloved animals after your passing.
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
We understand how personal this decision is. We also understand that individuals and families all have unique needs and wishes- we are not here to judge those wishes, but simply to help make sure they come to pass. You can use the button below to schedule a free information call, or give us a call at (781) 784-2322.
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