Estate Planning and Administration

Overview

Estate planning is a very large part of our practice. In fact, we are engaged in significant daily activity in creating estate plans (including all ancillary documents) for our clients. We do these creatively, cost-effectively, competently, and within a short time period. Often our turnaround time is less than two weeks.

Wills and Trusts

We expertly draft last wills and testaments for our clients, whether the estate is modest or large. Our level of review and our careful attention to detail has served many clients. Often we recommend an estate plan for married people with young children involving a "pour-over" trust. Under this plan, a trust for the benefit of children is created so that if both parents die prior to the children becoming competent adults, trustees (usually family members) can handle the inherited funds (including life insurance and retirement assets) on the childrens' behalf.

Credit Shelter Estate Plans

We also plan, prepare, and draft estate-tax sensitive estate plans for our clients with large estates (in excess of $3 million). This permits the spouses to use the Federal and Massachusetts credit shelters at the time of the first spouse to die.

Property Ownership and Titles

We work with clients on their estate plan by helping them choose the appropriate form of property ownership (of real estate and other property). The differences between title in an individual's sole name, joint tenancy, tenancy by the entirety, and tenancy in common are carefully analyzed and explained. The ramifications of choosing one form over the other is discussed. Due to our arrangement with Heather Hoffman, Esq., our of-counsel title attorney, real estate titles can be checked to see if there are any problems, and sophisticated title questions can be answered.

Beneficiary Designations

One of our most important jobs in creating estate plans involves beneficiary designations. It is of the utmost importance that they are checked, and that they correspond with the desired estate plan. We carefully review beneficiary designations on our clients' life insurance and retirement assets so that they are consistent with the estate plan and so that there are no surprises upon death (e.g., life insurance to ex-spouses). Often the estate plans involve updating the beneficiary designations, and adding contingent beneficiaries, which in certain circumstances is the pour-over trust.

Ancillary Documents

We also advise clients on and draft the ancillary documents (i.e., powers of attorneys, living wills, health care proxies, HIPAA releases, directives as to remains, and other necessary documents) so that our clients can have peace of mind for the future. We analyze joint holdings of clients, to make sure that a specific account is a "convenience account" rather than an intention to give a gift. Our aim is to make sure that there are no problems and pitfalls (and no litigation) once a death occurs — whether suddenly and unexpectedly, or in old age.