Is Your Trust Safe in a Divorce? The Implications of Jones v. Jones for Estate Planning in Massachusetts

An important recent case in Massachusetts has planning implications for married couples, especially when there is inherited property. The divorce of Jones v. Jones was filed in 2019. Inherited property and gifted property was a significant issue in the divorce. The wife’s mother had set up an irrevocable trust for the benefit of her daughter and had supported the couple financially throughout the marriage. The judge in the case deemed that the trust should be treated as marital property. The wife disagreed on the grounds that the interest in the trust was too speculative to be defined as such. In September 2023, the Massachusetts Appeals Court decided that the trust could be considered marital property. The wife argued that she had not received any distributions from the trust and she would not receive the trust assets in full until her mother’s death. Yet the appeals court found that the existence

Preparing for the Reduction in the Estate Tax Exemption

Posted by Robert L. Arone In late May of this year, the U.S. Treasury released a publication detailing a number of the proposed tax code changes that the Biden administration would like to usher through Congress in an ambitious effort to modernize the US tax system to meet its citizens’ needs. While reasonable minds may differ strongly on the best way to stimulate the US economy and create wealth and security for the American people, one thing is certain: the need for individuals to engage in careful estate and tax planning to avoid paying more tax than necessary is not going away. The IRS publication,[1] sometimes referred to as the Green Book, outlines a number of key proposals that—if ultimately passed—have the potential to significantly shake up the estate planning world as we know it today by sidelining a number of tried and true estate planning strategies while potentially increasing the

Helping Clients with Anticipated Inheritances

Posted by Robert L. Arone When we think of estate planning, we often think about preparing our clients’ accounts and property to go to their loved ones in a tax-efficient way, protected from probate, disgruntled heirs, beneficiaries’ creditors, divorcing spouses, bankruptcy, and the poor spending habits of beneficiaries. We rarely consider helping our clients prepare for receiving an inheritance. Believe it or not, there are several essential things a client must consider if they anticipate receiving an inheritance. Helping them understand these issues brings value to your professional relationship, ensuring that they return for your advice and counsel for years to come. Understanding the Nature of the Property to Be Inherited The first way to help a client properly prepare to receive an inheritance is to discover what exactly they will be inheriting. Is it real estate, a 401(k), or an individual retirement account (IRA)? Perhaps it is publicly traded

Helping Clients Responsibly Leave Wealth to Grandchildren

Posted by Robert L. Arone Estate planning attorneys frequently hear from their clients, “I’d like to leave something to my grandchildren. What’s the best way to do that?” Naturally, grandparents love their grandchildren and want them to succeed in life. And when grandparents are in the twilight of their lives, their hearts often turn to the younger generation with a desire to give them whatever advantages they can, especially if they were unable to give their own children those same advantages when their children were younger. For most grandparents, the best way to provide for their grandchildren is to leave their accounts and property to the grandchildren’s parents to ensure the financial stability of that family unit, thereby indirectly benefiting the grandchildren. In fact, default inheritance laws in nearly every state reflect this common desire to provide first for children and then for the grandchildren in the event that an

5 Key Questions to Answer When Creating Your Will

By Eric P. Rothenberg, Esq. If you don’t want important decisions to be left up to the state when you’re gone, you need a will. If the idea of creating a will feels like you’re tempting fate, think of it as a road map you’re leaving your family, so they don’t have to stress over making the right decisions on your behalf. First, you need to understand the differences between a living will and a last will and testament, usually referred to as a will. These are two different documents that serve different purposes. A living will allows you to state your wishes in the event you cannot communicate and is only effective if you are alive. This is a legal document which outlines which life support services you approve or disapprove of in certain situations and removes the difficulty of such decisions from your children or other heirs. It

Estate Planning Articles

Is Your Trust Safe in a Divorce? The Implications of Jones v. Jones for Estate Planning in Massachusetts

Preparing for the Reduction in the Estate Tax Exemption

Helping Clients with Anticipated Inheritances

Helping Clients Responsibly Leave Wealth to Grandchildren

5 Key Questions to Answer When Creating Your Will

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© 2024 by Orsi Arone Rothenberg Turner, LLP. All rights reserved.

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Estate Planning Articles

Is Your Trust Safe in a Divorce? The Implications of Jones v. Jones for Estate Planning in Massachusetts

Preparing for the Reduction in the Estate Tax Exemption

Helping Clients with Anticipated Inheritances

Helping Clients Responsibly Leave Wealth to Grandchildren

5 Key Questions to Answer When Creating Your Will

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How Can We Help?

© 2024 by Orsi Arone Rothenberg Turner, LLP. All rights reserved.

Attorney Marketing by Bardorf Legal Marketing

Have A Question?