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Estate Planning Terms

No one likes to think about one’s own death.  However, planning ahead can help your family avoid unnecessary complications, delay and expense.  This may be done through wills, trusts, joint ownership, and life insurance.  In addition, modern estate planning also includes “life” planning through powers of attorney and health care proxies.  These enable someone else to act for you in the event of your incapacity.  Understanding the following terms is the first step toward planning your estate.  However, no estate

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Tax Update – Fiscal Cliff

Congress passed legislation, which President Obama indicated he would sign, to avoid the fiscal cliff.  The legislation would allow tax rates to rise on the nation’s highest earners while also extending dozens of tax cuts for individuals and businesses. Specifically, the bill: Raises the top tax rate to 39.6% for married couples earning $450,000; single taxpayers earning $400,000.  These amounts will be indexed for inflation. Raises long-term capital gains and qualifying dividends tax rate to 20% (from 15%) for taxpayers in

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LEGAL UPDATE: New Massachusetts Homestead Legislation Signed Into Law

On December 16, 2010 Governor Patrick signed into law “An Act Relative to the Estate of Homestead”, a comprehensive revision of the Massachusetts declaration of homestead law. Under prior law, a declaration of homestead protected up to $500,000 of equity in your primary residence.  This protection was available only if the homeowner actually filed a declaration of homestead at the registry of deeds.  Prior law contained several confusing provisions that sometimes disadvantaged homeowners. The new Homestead Legislation goes into effect on

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Tax Update – 2010 Tax Relief Act

Congress approved and President Obama signed into law on December 17, 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This letter is intended to inform clients about changes made by this far-reaching tax law and impress upon them the many ways in which the new law will impact their personal and business tax situations. Re: 2010 Tax Relief Act: General Information After weeks of intense negotiations between the White House and Congressional leaders, Congress passed,

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Legal Update – Massachusetts Adopts Additional Foreclosure Requirements

The Massachusetts legislature recently enacted emergency legislation which requires lenders to comply with new rules before foreclosing on a residential property.  The new law essentially (i) expands existing pre-foreclosure notice requirements and (ii) creates a new statutory chapter granting additional protections to tenants impacted by foreclosures. Pre-Foreclosure Notice Requirements. The new bill, S 2407, (Chapter 258 of the Acts of 2010) temporarily revises G.L. c. 244, §35A (the revisions expire on December 31, 2015).  The law now requires that lenders

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