Your Massachusetts Wills, Trusts, & Estates Explained Simply: Important Information You Need to Know for Massachusetts Residents

Your Massachusetts Wills, Trusts, & Estates Explained Simply: Important Information You Need to Know for Massachusetts Residents

by Atlantic Publishing Company

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Overview

Your Massachusetts Wills, Trusts, & Estates Explained Simply: Important Information You Need to Know for Massachusetts Residents by Atlantic Publishing Company

Few people want to think about what would happen to their families if they become disabled or die; however, planning for these occurrences in advance will reduce potential stress on your family later in life. This new book will take the guesswork out of planning your estate and help you finally understand the complex processes.

The right plan can protect the value of your estate and spare your loved ones unnecessary hassles and legal conflicts. Your Massachusetts Wills, Trusts, & Estates Explained Simply will help you glide through this complicated process. This new book has been adapted to offer Massachusetts residents state-specific advice for estate planning. Author Linda C. Ashar, attorney at law, has crafted estate-planning primer that allows Massachusetts residents to become more informed and more involved during the process.

Your Massachusetts Wills, Trusts, & Estates Explained Simply will provide all the information you need to choose, set up, and execute a will, trust, or estate. You will learn the legal terminology, including beneficiary, probate, trustor, trustee, assets, guardianship, and executor. You will also learn about trust agreements, trust property, settlement costs, life insurance, durable powers of attorney, marital deductions, gift splitting, survivorship deeds, gift tax issues, generation skipping transfer tax, tax deferred accounts, and advance directives.

Product Details

ISBN-13: 9781601384232
Publisher: Atlantic Publishing Company FL
Publication date: 09/30/2011
Pages: 288
Product dimensions: 5.80(w) x 8.90(h) x 0.60(d)

Table of Contents

Introduction: Estate Planning: What is It? 9

Chapter 1 Getting Started 11

Estate Planning Simplified 12

Everyone Dies: A Simple Statement with Complicated Implications 13

Money Talk 15

I Do What with All This? 16

Here and Now 20

What This Work Can Do 25

What Exactly is Involved 26

Chapter 2 Estate Planning Basics 31

Debunking Myths 33

Your Estate 36

People 38

Who Will Carry Out Your Wishes in Your Place? 47

People of Influence 54

Chapter 3 Components of an Effective Estate Plan 59

Legally Speaking 60

Defining Your Estate 64

Pass the Parchment 64

Chapter 4 Taxes 79

Federal First 80

Now for the State 85

When, Not If, You Pay 87

Chapter 5 Wills 99

Will Basics 100

Wills Defined 101

People Speaking for You 112

Change and Your Will 114

Chapter 6 Trusts 117

What is a Trust? 118

Types of Trusts 123

Pros and Cons of Forming a Trust 128

Chapter 7 Insurance 131

Insurance for Here and Now 133

Insurance for After You Are Gone 142

Varying Beneficiaries 144

Chapter 8 Retirement Accounts 147

Your Nest Egg 148

IRAs and Then Some 152

Your Government Nest Egg 154

Protecting Your Eggs 156

Retirement/Estate-Planning Strategy 158

Chapter 9 Setting Priorities 163

Your Own Who's Who 164

Memory Lane 169

Your "People" 172

Must-Do 174

Chapter 10 Choosing Who, What, How, When, and Why 177

Who and When: The Matching Game 178

When: Today, Tomorrow, or Later? 181

How: The Professionals 183

Chapter 11 Planning Your Estate: Last Will and Testament in Massachusetts 191

Elements of a Valid Massachusetts Will 192

Beneficiaries, Debts, and Entitlements 194

Intestate in Massachusetts 197

Death Taxes 197

How Your Will Might be Challenged 198

A Different Type of Will - Your Living Will in Massachusetts 199

Chapter 12 Keeping it Current 203

What Changes? 204

What Does "Maintenance" Look Like? 206

What to Go Over 210

Your Desk 211

One Last Motivator: Probate and You 213

Conclusion 221

Appendix A: Estate-Planning Worksheets 223

Your Estate in Black and White 223

Prioritization 226

Who, What, How, and When 227

Essential Documents and Accounts Inventory 228

Party Planning with an Unusual Twist 247

Estate Plan Summary Sheet 249

Annual To-Do List 251

Appendix B Glossary of Terms 253

Bibliography 279

Index 281

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