Change is inevitable, but preparation is not. If you don’t invest time in estate planning, your family could be caught unawares. With the new year upon us, why not add estate planning to your list of resolutions? Many unforeseen events occur every year, and in case of sudden misfortunes, it’s wise to protect your loved ones and assets. Below are five estate planning resolutions to consider for the new year:
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You want peace of mind knowing that your loved ones are taken care of after your death. While it may be difficult to think about, preparing a will and revisiting former estate plans are the best way to prevent needless mistakes in the future, many of which could cost your family thousands of dollars.
Attorneys that are experienced in this area can help their clients avoid making these six disastrous estate planning mistakes:
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It is common in many industries to use the services of individuals as independent contractors, or “1099 employees,” rather than putting them on payroll as W-2 employees. This is not exactly paying people “under the table,” as their income is reported on 1099 forms at the end of the year, but it is still a risky practice under Massachusetts law, and one which can cost an employer far more than the savings realized by using independent contractors.
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There are some moments in life it’s impossible to prepare for on an emotional level. But when it comes to your finances, it is possible to be proactive. An estate planning lawyer can help.
Estate planning can help you at all times in your adult life, but you will see the greatest benefit the earlier you begin. Here are five key milestones where estate planning is essential:
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Elika Sadeghi drew loads of attention last week for posting an employment contract offered to her by Barstool Sports which asked her to explicitly acknowledge that she would be working in a climate where she might be exposed to “nudity, sexual scenarios, racial epithets, suggestive gestures, profanity and references to stereotypes,” and to “expressly agree and represent” that she did not object to “such speech and conduct” and did not find it objectionable.
In response, Barstool Sports founder Dave Portnoy posted a video in which he raged about Ms. Sadeghi’s actions, saying she was trying to make herself a part of a story that had nothing to do with her, that Barstool did not allow people to “grope” other employees and therefore, “We’re not Harvey Weinstein,” saying to Ms. Sadeghi “Well, f*** you for making us part of this story,” and concluding with “Hey Elika: keep your name off our lips” and “this is friggin’ garbage” as he walked angrily off tape.
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What You Need to Know About Massachusetts Estate Tax
Everyone has an estate. It may not look like a sprawling mansion in the countryside, complete with a butler and a carriage driver, but in the eyes of Massachusetts law, if you have any assets to your name (even just a bank account), you have an estate.
It’s highly likely that your estate makes you richer than you think, and here’s why: your estate is more than just your home and your current bank account balance. It includes life insurance, annuities, business interests, retirement accounts and more.
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Even though it’s not a topic you like to think about on a day-to-day basis, you know you need to prepare for your family’s life after your death.
A will is one of the most common estate planning documents, but surprisingly, this legal document probably doesn’t suffice and won’t guarantee your wishes are carried out. If you’re relying on a will as your sole estate planning document, you could be leaving your family unprotected. While writing a will is a great start, it isn’t comprehensive enough to account for all of the complexities of your finances and your life.
Continue reading “5 Reasons a Will Alone Isn’t Enough”