The Key Benefits of an Estate Plan
Estate planning generally involves putting in place a plan detailing how you want your assets to be handled if you die or become incapacitated. For most people, there are certain circumstances that initiate the estate planning process.
Plan for the smooth transfer of assets at death
If you want to control the distribution of your assets, either to the next generation or others, including friends or charities, then you need to put an estate plan in place. This will ensure that your estate is distributed exactly as you would like, and that the transfers are managed appropriately and efficiently.
Minimize taxes and other expenses to your family
If your gross estate is in excess of $1,000,000, you should be concerned about possible Massachusetts estate tax liability (and Federal estate tax liability for estates in excess of $11,200,000 for individuals in 2018). An estate plan will help you minimize the taxes your family will have to pay.
Protect your assets from a nursing home
If you are concerned that you and/or your spouse may need long-term care, proper estate planning can help make sure that some of your assets are legally sheltered so they are not used for the high expense of a nursing home stay.
Protect yourself if you become incapacitated
If you or your spouse were to become incapacitated due to accident, injury or other reason, you may be concerned about naming someone to take care of you and make decisions regarding your medical care and finances. A sound estate plan puts you in control of these decisions and puts a plan in place if and when you need it.
An estate plan puts you in control of these important decisions. At McHugh Law we can help you assess your needs and put a legally sound estate plan in place.