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Get Back to Your Estate Plan!

If you are like me and like many friends and colleagues you’ve been all geared up and getting ready to get back to school. Whether you have your own children in school or grandchildren or nieces and nephews or you are sending kids off to college, it feels like September is really the time when the year begins. This serves as a reminder that summer ends all too quickly and it feels like another year has gone by and things can change quickly and life just happens. Preparing for change is a big part of what we do and planning for life’s unexpected events that just happen. We could spend our days worrying about what’s in store for us around the corner or we can take time to plan in the event of a health issue or an unexpected passing of a family member so that our wishes are followed

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Estate Planning Lessons for Family Businesses and Holdings from the Boston Celtics Sale

Not long after winning their 18th championship, the Boston Celtics made a major announcement that rocked the basketball world. The team announced that the majority owners were selling their stake. Co-governor Wyc Grousbeck emphasized that the decision was rooted in the importance of family and revolved around family planning and estate planning considerations. “It’s not my majority stake,“ Grousbeck said. “The control of the team is owned by my family.” “It’s a family that I belong to and then I have the Celtics family that I also belong to.” “The family has been involved for 22 years.” The Celtics’ payroll is projected to surpass $200 million next year, and will be subject to a substantial luxury tax bill. Franchise valuations have soared, with the Celtics being the most significant team to enter the market in recent times. Important considerations in family estate planning and succession planning include minimizing tax liabilities,

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Important Estate Planning Considerations When It Comes to Transferring or Selling Your Vacation Home

Thinking About Transferring or Selling Your Vacation Home: Here are some important things to consider as you decide what’s best for you and your family. As the summer season is in full swing, many of us find joy in spending time at our vacation or second homes. These properties are often sources of cherished memories, especially for families who have spent countless summers together. However, maintaining a vacation home can be a significant responsibility, leading many owners to ponder whether it’s better to keep the property or pass it down to heirs. Deciding between selling the home or transferring it can be challenging, especially when considering family dynamics and the current real estate market. When deciding whether to sell or keep your vacation home, it’s essential to assess your family’s needs and desires. Ask yourself do all parties involved want to keep or use the property equally or if some

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The Best Gift for Mom is Taking Care of Your Estate Plan

Are you struggling to find the right gift for Mom that is both practical and loving? Well look no further than making sure your estate plan is in the best shape possible. Have you been putting off creating an estate plan or making important updates to your plan? Has your Mom been doing the same but you know there are things that need to be done? Taking care of yourself is the best gift you can give to your Mom. Statistics and research shows it can also be a good example to parents and a conversation-starter about estate planning. According to recent research, only 32% of Americans have an estate plan, and the percentage of older adults who have an estate plan is in decline. Younger generations have become more proactive about making estate plans, according to recent research. Millennials started estate planning earlier than Gen X or Boomers. Gen

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Estate Planning Documents for College Age Children

Has your child received their college acceptance letter? Here is the first thing that you should do once they know where they are going to school. Make Sure They Are Safe and Protected Did you know that if they face a serious injury or illness and they are over the age of 18, then you may have significant trouble making health care decisions on their behalf while they are away at school? Every child over 18 should have certain key estate planning documents in place in case of illness, accident or emergency. Even if your child is still in high school they are legally an adult at the age of 18, so it’s important to sit down with them before they reach this age and discuss next steps. What Estate Planning Documents Does Your Child Need? At minimum, every child needs a health care proxy, power of attorney, and a

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