This is the second post of a three part series on the choice of business entity. I previously posted on the asset protection advantages of different entity types. This post will focus on the tax advantages and disadvantages of those entities. The final post will address some their intangible qualities. We can divide the tax
With the myriad of sophisticated and complex estate planning solutions available nowadays, it is easy for attorneys and clients overlook the importance of Durable Powers of Attorney and Health Care Proxies. A durable power of attorney is a simple document in which an individual grants someone else the authority to handle their financial affairs. The person
As a Massachusetts Estate Planning Attorney, one of my primary objectives is to reduce my clients’ estate tax liability. Currently, Uncle Sam lets individuals pass $5 million at their death, free of estate taxes. This number is somewhat fluid: in 2009 it was $3.5 million, in 2013 it could go down to $1 million (although
There are few topics less romantic than prenuptial agreements. That being said, for certain Massachusetts couples a carefully designed prenup can provide an otherwise unattainable peace of mind. In order to examine who should have a prenuptial agreement, let’s dispel some common prenup misconceptions. Misconception #1: Prenups are only for the rich. While high-net-worth individuals
For a variety of reasons, Massachusetts residents are often unable to make decisions regarding their own care. For this reason, many people execute Health Care Proxies, which nominate someone, usually a spouse or other close family member, to make decisions on their behalf. Unfortunately, not everyone has this foresight. If an individual lacks the capacity
When someone is starting a new business (or reviewing the structure of their ongoing business), they often ask a lawyer for advice on what type of business entity they should form. The most common entity types are sole proprietorships, partnerships, corporations, and limited liability companies (LLCs), and they each have their own advantages and disadvantages.
Frequently, people tell me that getting a will is on their long-term to-do list. It’s usually been on the list for a while. One of the reasons that so many people procrastinate their estate planning is that they don’t understand how a will works. This lack of understanding leads to intimidation, which leads to avoidance.
A rather specific question was posed to me in the comments of another post, so I’ll address it here. The question posed was: “If a 62 year old widow remarries, and designates his emancipated children as beneficiaries of his 401(k), does he need his new wife’s endorsement to make the beneficiary designations stick? Also, are
Clients routinely tell their attorneys, “I need a will.” While a few decades ago a simple will may have been appropriate, today’s complicated legal environment requires attorneys to parse through their client’s statement, and determine their true goals. When I hear that familiar sentence, I interpret the meaning as, “I need help.” More specifically, “I
Hello everyone. This is the first post to my new blog: Musings of a Massachusetts Estate Attorney. I’m excited about the opportunity to muse in writing, and I’m excited that you’re reading this. Of course the majority of posts to this blog will be about estate planning, probate, corporate law, guardianship, conservatorship, prenuptial agreements, and