Estate Planning Articles

personal representative of an estate in Massachusetts

Have You Been Named Personal Representative of an Estate in Massachusetts? A Guide to Your Responsibilities

Being named the personal representative, also known as the executor, of an estate is an important but often overwhelming responsibility. If you have been appointed to oversee the probate of a loved one’s will, you may be unsure where to begin. Executors must navigate complex Massachusetts probate laws, manage estate assets, settle debts, and ensure beneficiaries receive their inheritances. This article provides a step-by-step guide to help executors understand their responsibilities and when to seek legal assistance. What is a Personal Representative? A personal representative, commonly referred to as the executor, is the person designated in a will to handle the estate of a deceased individual. The executor is legally responsible for managing the estate’s affairs, ensuring that the deceased’s debts are paid, and distributing assets according to the will’s instructions. Executors have a fiduciary duty, meaning they must act in the best interests of the estate and its beneficiaries. Steps to Take as

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Social Security Fairness Act – Could Your Family See a Benefit?

As one of his final acts in office, President Biden signed the Social Security Fairness Act into law on January 5th 2025. This law repeals two provisions that have reduced social security benefits for certain non-Social Security covered employees by up to 50%. Your family or someone you know could be affected if they are receiving pensions from employment that is not covered by Social Security, which includes teachers, police officers, firefighters and other public servants. The change is expected to increase social security benefits for approximately 2.5 million retirees. The two provisions that have been repealed are the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). People who earned a pension from non-Social Security employment had their Social Security reduced by up to half, while in the case of the GPO, it reduced benefits by two thirds of their pension for those who qualified for spousal or

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The Importance of Updating Your Will

Creating a last will and testament is a vital step in safeguarding your assets and ensuring your wishes are honored after your passing. Despite the fact that many people procrastinate on this important task, the mere act of having a will puts you ahead of the majority. According to the 2024 Wills and Estate Planning Study by Caring.com, only one-third of Americans have prepared a will. This statistic underscores the necessity of not only drafting a will but also keeping it current.  Updating your will is crucial during various life changes. Major life events, such as marriage, divorce, or the birth of a child, often necessitate a review of your estate planning documents. These changes can significantly impact how your assets should be distributed and who should be responsible for executing your wishes. Additionally, if a beneficiary experiences a major life change—like a marriage, divorce, or the birth of a

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Estate Planning Awareness Week October 21-27: A Reminder to Make a Plan for The Future

National Estate Planning Awareness Week is observed from October 21st-27th 2024. It’s an annual reminder that everyone – regardless of age or financial status – should have a plan for the future. A solid plan allows you to protect your assets, provide for your loved ones, and create a legacy. Estate planning is about more than just safeguarding your assets; it’s about ensuring your loved ones are taken care of and that your legacy reflects your values and wishes. Estate planning is for everyone, even college kids who have just turned 18. If you have college age kids who have started college this year, talk to them about making a plan that includes an advanced medical directive that allows you to make medical decisions for your child should they become incapacitated. They may also need financial power of attorney, and a Financial Educational Rights and Privacy Act (FERPA) waiver. A

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What are the Benefits of a Grantor Retained Annuity Trust (GRAT)?

A Grantor Retained Annuity Trust (GRAT) is an excellent option for individuals looking to transfer wealth to heirs while minimizing gift and estate tax liabilities. By establishing a GRAT, the grantor transfers assets into the trust and retains the right to receive fixed annuity payments over a set term, typically two to ten years. If the assets appreciate at a rate greater than the IRS’s assumed rate, the excess value passes to beneficiaries tax-free, providing significant savings. This strategy is particularly effective in low-interest environments or when high-growth assets are expected to appreciate substantially. One thing to be aware of however, is that if the grantor passes away during the trust term, any assets remaining in the trust might be included in their estate, which might erase some of the benefits of the GRAT. Careful planning is required to ensure that the full tax advantages apply to your estate. A

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