tag:blogger.com,1999:blog-43641876122691721712024-02-06T23:14:59.153-05:00Massachusetts Estate Planning BlogThoughts and strategies from a Massachusetts Estate Planning Attorney regarding estate planning, elder law, asset protection, trust and probate administration, and business planning. Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.comBlogger39125tag:blogger.com,1999:blog-4364187612269172171.post-6583074586280756582017-01-16T14:33:00.001-05:002017-01-16T14:33:39.101-05:00Swap (Substitution) Powers in Trusts Can Reduce Income TaxesSwap powers are an important but often overlooked opportunity in estate planning. Understanding what allowances swap powers provide can result in significant tax liability reductions. Attorneys working with clients to preserve assets should be aware of the potential benefits of swap powers and work them into estate planning strategies.
What are swap powers?
Swap powers grantJustin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-12207775107564178272017-01-09T15:35:00.003-05:002017-01-09T15:35:52.788-05:00The Purpose of a Gun or Firearm Trust
Americans as a whole passionately believe in gun ownership. We express our Second Amendment right with approximately 233 million guns in private hands across the country. It’s part of our ethos, along with self-reliance. But with any right comes a duty to be accountable and responsible it seems to me. It is widely known that 7 of 10 Americans have no estate plans at all.&Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-23527452011470283662016-10-18T11:42:00.000-04:002016-10-18T11:42:03.374-04:00Top Reasons Everyone Needs a Comprehensive Power of Attorney
The benefits of a
highly detailed, comprehensive power of attorney are numerous. Unfortunately,
many powers of attorney are more general in nature and can actually cause more
problems than they solve, especially for our senior population. Here we highlight the benefits
of a comprehensive, detailed power of attorney, including some of the
provisions that should be included. A proper Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-30292215826373696742015-09-13T17:03:00.002-04:002015-09-13T17:03:26.298-04:00Proper LLC Formation and Governance: Sweating the Details
Setting up an
LLC can, of course, offer many advantages. Chief among those advantages is
an LLC’s flexibility. With less stringent requirements for compliance and less
necessary paperwork than S-Corps and C-Corps, LLCs are easier to form and
easier to keep in good legal standing.
The flexibility of an LLC, however, is not permission to be informal in its
creation or operation. Consider Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-79783512733998453822014-10-21T11:20:00.001-04:002014-10-21T11:21:48.497-04:00Benefits of Proper Estate Planning
What is Estate Planning?
Believe it or not, you have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own— your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, everyone has an estate and something in common—you can’t take it with you when you die.
Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-70665441942268677862014-06-28T08:15:00.001-04:002014-06-28T08:17:35.032-04:004 Reasons Why a Living Trust is Preferred over a Will
Posted on: June 26th, 2014
Many consumers and professionals now prefer an estate plan that uses a revocable living trust over a will as the primary estate planning document. Here are four reasons why:
A properly prepared and funded revocable living trust plan avoids probate at death, including multiple probates if you own property in other states. A will must go through probate to Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-53145526582148927762014-03-31T11:46:00.001-04:002014-03-31T11:46:35.817-04:00Trust Based Estate Plans vs. Will Based PlansMany people now choose a revocable living trust instead of relying on a will or joint ownership in their estate planning. A living trust that has been properly prepared and funded with your assets can provide many benefits for you and your loved ones.How many of these benefits of a revocable living trust are you familiar with?
Avoids the time and expense of probate when you die.
Avoids Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-5187771458506017022013-12-23T16:14:00.001-05:002013-12-23T16:14:46.651-05:00Should I Name My Trust beneficiary of my IRA?
I often say that your estate plan is only as good as your beneficiary designations. So why then for some what is their biggest asset, and IRA or a qualified plan, would they not list their Trust as beneficiary? ANSWER- Either their trust has not been drafted to accommodate this or they were unaware of its benefit or misinformed about the consequences.Trust are often my favorite tool in the tool Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-78930912579244104722013-06-12T16:50:00.000-04:002013-06-12T16:50:16.660-04:00
Business Owners: Have You Planned Your Exit?
You've worked hard building your business, but have you thought about what
will happen when you are no longer there running the show?
According to one study (Small Business Review, Summer 2001), only
30% of all family-owned businesses survive to the next generation; only 12% make
it to the third generation; and a meager 3% are functioning Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-53237825514422608982013-06-12T15:45:00.000-04:002013-06-12T15:47:19.908-04:00
When Is It Time to Service Your Estate Plan
If you own a car, then you know it requires regular servicing in order to
perform well and be reliable. More than likely, your car came with a recommended
schedule for service, based on how many miles it has been driven; after a
certain number of miles, you need to change the oil, replace the brake pads,
rotate the tires, and so on.
If you Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-42341469663992944052013-05-10T10:56:00.000-04:002013-06-12T15:47:49.285-04:00
Should You Disinherit a Child?
Most parents choose to leave their estates equally
to their children. But sometimes, parents intentionally choose to not leave
anything to one or more of their children. There may be what the parents
consider to be legitimate reasons, such as if one child has been more
financially successful than the others, or not wanting a special needs child to
lose Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-7174017679370661402013-04-03T10:26:00.000-04:002013-04-03T10:27:02.717-04:00
The Best Estate Plan is No Match for Unprepared Heirs
Over the course of my career, I have encountered many families who were
unprepared for the inevitable aging and loss of parents. These families
experienced unexpected rivalries that threatened to cripple or destroy the very
family unity and wealth that the parents and their estate planning attorney
hoped to protect. Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-35561777862665469122013-03-13T14:42:00.000-04:002013-03-13T14:45:30.536-04:00
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Six Biggest IRA Beneficiary Form Mistakes
Americans hold nearly $15 Trillion in IRA’s
and other qualified plans. If you have a retirement plan you have made a series
of very wise decisions. Now you must take steps to protect and preserve what
you have worked so hard for.
Do you want your heirs to have to chase
after the IRA money? Better Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-90719271614265049662013-03-13T12:48:00.001-04:002013-03-13T14:46:50.219-04:00
How to Leave Assets to Adult Children
When considering how to leave assets to your adult children, first decide how
much you want each one to receive. Most parents want to treat their children
fairly, but this doesn’t necessarily mean they should receive equal shares of
your estate. For example, you may want to give more to a child who is a teacher
than to one who has a successful Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-47896853805438494772013-02-27T15:57:00.004-05:002013-02-27T16:00:40.192-05:00An Estate Plan For Cinderella's Parents
I saw Cinderella for the first time with my daughter recently, and though I (and
likely you) were familiar with the outline of the story, we often forget the
backstory. It starts with the disaster, specifically, an estate planning
disaster in a world that does not need to worry about the estate tax or probate,
or even lawyers.
You see, Cinderella’s mother died when she was a Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-40631837983433225292013-02-13T15:39:00.000-05:002013-02-27T15:15:31.951-05:00
How to Leave Assets to Minor Children
Every parent wants to make sure their children are
provided for in the event something happens to them while the children are still
minors. Grandparents, aunts, uncles and other relatives often want to leave some
of their assets to young children, too. But good intentions and poor planning
often have unintended results.For example, many parents Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-319760593812918732013-01-30T11:35:00.001-05:002013-01-30T11:36:54.406-05:00
Here is a great article from EstatePlanning.com
Letter to an Ex
By Martha J. Hartney,
Esq.
Below is a fictional letter I drafted to a former partner because I know only
too well what can happen when estate planning is not done properly—after
divorce. I hope you enjoy this outreach to an ex-spouse or partner and consider
taking steps to do everything this letter suggests for you.Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-47693759490904233792013-01-09T16:23:00.000-05:002013-01-09T16:24:27.356-05:00Picking the Best Way to Hold Title to Your Home
One of the last things most home buyers think about is
how to take title to their new house.
It's best to consult an estate
attorney before deciding but, unfortunately, most homeowners don't do
that.
To help with the decision, here are
the pros and cons of the five most common ways to hold title to your
home:
1. Sole ownership
If you are single, Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-14648338360648693812012-12-28T10:19:00.000-05:002012-12-28T11:05:44.360-05:00
Asset Protection Considerations for Business Owners
Many business owners devote much time
and energy “working in” their business to improve business operations and
profitability; however, they often neglect to “work on” their business by
not addressing certain asset protection issues. Business owners, particularly
those owning their business in corporate form, should consider theJustin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-86450696687414618812012-12-12T16:52:00.002-05:002013-01-02T22:42:00.867-05:00
Yes, Time IS Running Out to Save Unprecedented Amounts in Taxes
For the rest of 2012, every American can transfer up to $5.12 million free of federal gift, estate, and generation-skipping transfer tax. In the estate planning community this is a big deal, and estate planners are doing everything they can to motivate you to act before year end so you can take advantage of this unprecedented Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-24728215284256590802012-11-28T16:35:00.002-05:002012-11-28T16:36:23.912-05:00
Estate Planning for Young Families
Many young families put off estate planning. If asked, they may say they are too
young, healthy or can’t afford it. Some have trouble just thinking about what
could happen if they should die while their minor children and spouse are
depending on them. But even a healthy, young adult can be taken suddenly by an
accident or illness, and those with young Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-89638350949533082932012-11-14T09:08:00.000-05:002012-11-14T12:08:10.632-05:0010 Things To Do Before the End of This Year
10 Things To Do Before the End of This Year
The end of the year will be here before we know it. But there is still time to get some major estate planning goals accomplished. Here are ten things to do before the end of 2012.
1. Have your estate planning done. Set the end of the year as your deadline to finally get this completed. Figure out why you have been procrastinating and conquer your Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-42131973360799536212012-10-24T16:39:00.001-04:002012-10-24T16:39:48.606-04:00
When Is It Time to Service Your Estate Plan?
If you own a car, then you know
it requires regular servicing in order to perform well and be reliable. More
than likely, your car came with a recommended schedule for service, based on how
many miles it has been driven. After a certain number of miles, you need to
change the oil, replace the brake pads, rotate the tires, and so
on.
If you Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-13621160912301069972012-10-24T12:03:00.002-04:002012-10-24T12:04:17.946-04:00
VA Benefits For Long-Term Care of Veterans and Their Surviving Spouses
By Valerie L.
Peterson, Executive Director, ElderCounsel, LLC
Many wartime veterans and their surviving spouses are currently receiving
long-term care or will need some type of long-term care in the near future. The
Veterans Administration has funds that are available to help pay for this care.
Unfortunately, many Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0tag:blogger.com,1999:blog-4364187612269172171.post-69924818902517540182012-10-11T10:55:00.001-04:002012-10-11T10:55:24.573-04:00National Estate Planning Awareness Week
National Estate Planning Awareness Week
Congress
has designated the third week in October as National Estate Planning Awareness
Week (October 15-21, 2012). Estate planning is one of the most
overlooked areas of personal financial management. It is estimated that 70% of
American’s do not have an estate plan, many mistakenly believe that this process
is for the wealthy or the retired. Justin L. Peltier, Estate Planning Attorneyhttp://www.blogger.com/profile/05593077387034124395noreply@blogger.com0