Author Archives: Jay Butchko
Probate In Massachusetts: What To Know About Creditor Notification Requirements
When a person passes away in Massachusetts, their estate must be administered wherein creditors claims are satisfied, taxes (if any) and expenses paid, and then remaining assets distributed. The estate administration process, which may involve filing the decedent’s Last Will and Testament for probate, has many steps. In this article, our Norwood probate lawyers… Read More »
Estate Planning In Massachusetts: Five Things You Might Not Know About Beneficiary Designations
An estate plan should be comprehensive. Beneficiary designations are an important part of an estate plan. Investopedia explains that a designated beneficiary is simply “a person who has been named to inherit an asset.” Proper use of beneficiary designation can simplify the estate planning process and put you and your family in the best… Read More »
How Should Parents Talk To Their Children About Estate Planning?
Estate planning is about preparing yourself, your family, and your assets for the future. A proper estate plan should be legally compliant—that is to say that you need all of the right documents in place. At the same time, effective estate planning is also about more than what is down on paper. Communication is… Read More »
Estate Planning In Massachusetts: Should I Appoint A Health Care Proxy?
What goes into an estate plan? A good estate plan should be comprehensive and customized to meet a person’s unique needs and goals. Health care planning is an important aspect of an estate plan. You may benefit from putting a health care proxy in place. Within this article, our Boston estate planning attorney discusses… Read More »
Probate In Massachusetts: What Is A Voluntary Administration?
When a person passes away in Massachusetts, their estate must be settled before their property and assets can be passed down to their beneficiaries. An estate is resolved through the probate process. If you have heard anything about probate, you are probably aware that its reputation is that it can be a time-consuming, complicated,… Read More »
Why Communication Is A Key Part Of Estate Planning
Setting up an estate plan is one of the most important things that you can do to protect your future. Despite the importance of having a tailored and comprehensive estate plan, , the AARP estimates that 60 percent of individuals living in the United States lack these essential documents. Many people believe that it… Read More »
Estate Planning In Massachusetts: Can You Leave Money Directly To A Minor?
Did you know that many people lack an estate plan? According to data in a survey cited by the AARP, 60 percent of American adults do not have an estate plan in place. If you have an estate plan, you are ahead of most people. That being said, an improperly designed or outdated estate… Read More »
Does An Irrevocable Life Insurance Trust (ILIT) Make Sense For My Estate Plan?
Life insurance can be part of estate planning. As simply explained by the National Association of Insurance Commissioners (NAIC), “life insurance provides financial protection for loved ones should the policyholder die.” There are some circumstances in which it may be advisable to put a life insurance policy into a type of trust called an… Read More »
Should Your Spouse Always Be Your Power Of Attorney (POA) In Massachusetts?
Every adult needs an estate plan that includes, at least, a Last Will and Testament, Durable Power of Attorney (a DPOA or POA), Health Care Proxy, HIPAA Authorization and an Advanced Directive or Living Will. A well-designed estate plan should plan for various contingencies, such as an individual named in the Will not being… Read More »
How A Comprehensive Estate Plan Can Help You Cover Future Long-Term Care Costs
Massachusetts is one of the most expensive states for long-term care in the entire country. According to data from Senior Living, the average monthly cost of a private room in a nursing home is now $13,535. It is an astounding figure. A few years (or even months) of long-term care needs could quickly eat… Read More »