Northborough, Massachusetts Elder Law Blog
When a Gift May Not Be a Gift
It is better to give than to receive. But if you give a gift above a certain amount, you might end up owing money to the Internal Revenue Service (IRS). The federal tax code has very specific rules about how much you are allowed to transfer to others each year—and...
No Contribution Is Too Small
Most American strive to earn a decent-sized paycheck to support themselves and their families when they go to work. Stay-at-home parents, however, work to provide valuable nonfinancial contributions to their families everyday. They make sure that the home runs...
Estate Planning Considerations for Couples with an Age Gap
With couples of similar ages, planning for the future is naturally a joint effort. However, if you are married to someone who is significantly older or younger than you, the future can look different and mean different things to each of you. To protect yourself, your...
Electronic Wills
What Is an Electronic Will? It was not very long ago that all legal documents were printed on paper and signed with a pen. But in today’s world, where we sign commercial contracts, form and run businesses, and buy everything from groceries to cars online, it seems...
If I Give My Home to My Child in My Will, Can They Take My Home While I Am Still Alive?
The short answer to this question is no. Naming your child as the recipient of your home in your Will does not give them any right to your home while you are still living. However, understanding why that is the correct answer requires a little more explanation. Title...
How to Protect Your Great Ideas or Works for Your Family
Your money, home, and vehicles are not the only things you should include in your estate plan. Your intellectual property and any income it generates should also be addressed. You do not have to be a famous author, painter, or inventor to have valuable intellectual...
Bankruptcy’s Effects on Estate Planning
Bankruptcy may be one of the last things on your mind when you are creating an estate plan. Fortunately, the number of bankruptcy filings has declined over the past several years, but there were still a whopping 544,463 bankruptcy filings in 2020.[1] What happens to...
Springing Financial Powers of Attorney
Estate planning is about more than preparing for the inevitable. A good estate plan should also consider the unexpected. Your plan may have detailed instructions for what happens when you are no longer around, but what if something goes wrong while you are alive? If...
Spring Cleaning: Time to Clean Up Your Estate Planning
Your estate plan, like your home, periodically needs a thorough polishing. Your life circumstances are constantly changing, and an estate plan that perfectly met your needs a few years ago may now be cluttered with outdated provisions or documents. With spring fast...
Which Distribution Method Is Best? Showing Your Children the Love
If you are a parent, you probably love to do good things for your children—and leaving them an inheritance is one of the most tangible ways you can show your love once you are gone. What you may not know is that there are a variety of ways that you can leave money and...