estate planning

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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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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When to Choose an Intentionally Defective Grantor Trust (IDGT)

An Intentionally Defective Grantor Trust (IDGT) is a useful tool for families and individuals who have appreciating assets, such as a family business or real estate. It allows the grantor to transfer appreciating assets, while minimizing tax exposure. By establishing an IDGT, the grantor pays income taxes on trust assets, allowing them to grow tax-free for the benefit of future generations. The unique structure significantly reduces the size of the grantor’s estate while shifting valuable assets out of it, avoiding substantial estate taxes down the line. An intentionally defective grantor trust is drafted using language that contains “intentional defects.” These are provisions that make the trust meet the definition of a revocable trust for income tax purposes, while also being considered an irrevocable trust for estate tax purposes. For a revocable trust, income is usually taxed to the grantor of the trust who is treated as the owner for tax

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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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