Will my deceased sister’s ex-husband be able to claim her inheritance ( sale of my mom‘s house) from mother ?
ADDITIONAL INFORMATION: My mom passed away with no will and the deed to her house in Massachusetts should be split three ways between my brother my sister and I but my sister passed away in 2016 her husband remarried in 2017 they have one child who is 40. Who will get her portion her ex-husband […]
RMDs Now Required For Death Beneficiaries
If you inherited an IRA after January 1, 2020, you might be in for a surprise. Under proposed rules issued in February 2022, you might have to start withdrawing that money now. The shift comes as a shock for many. When the Secure Act passed in 2019, it required most death beneficiaries to fully withdraw […]
House Passes Secure Act 2.0
The House of Representatives overwhelmingly approved a bill designed to improve retirement savings. The Securing Strong Retirement Act of 2022, also called Secure Act 2.0, was approved with a bipartisan vote of 414-5. Next, the legislation heads to the Senate. However, lawmakers there have a retirement reform package of their own. Analysts say there’s about […]
How To Protect Your Child’s Inheritance From Their Spouse
One concern we hear in the estate planning process is how to protect an adult child’s inheritance from their spouse. Sometimes this stems from a place of animosity or concern over a child’s problem partner. Some people are concerned about divorce-proofing the assets they’ll leave behind for their kids. Still others simply believe that inheritances […]
Making It Easier For Loved Ones To Settle Your Estate
For many people, estate planning is about more than transferring assets after you’re gone. It can be about making life easier on your survivors and smoothing the way for your loved ones at what is sure to be a difficult time. If that’s one of the “gifts” you’d like to leave behind, consider taking the […]
Using Intrafamily Loans In Your Estate Plan
Interest rates are still at historic lows, despite an expected Federal Reserve rate hike. At times like these, families have a unique opportunity to transfer wealth via an intrafamily loan. An intrafamily loan is a way for family members to loan money to each other at a special rate. They might be used to help […]
Know Your Deeds: An Overview of Deed Types in Massachusetts
What Is a Deed? While the ‘title’ to a property is the abstract concept of rightful ownership, a deed is a legal document recognizing an individual’s, individuals’, or legal entity’s ownership of a property. A deed will include a detailed description of the property, including property lines, and name the seller (grantor) and buyer (grantee). […]
The Afterlife of Litigation: What You Need to Know About Inheriting a Lawsuit
What to Do When Probate Meets Civil Litigation Civil litigation and the probate process: both can potentially drag out for months, if not years; both cost those involved dearly in both financial and emotional terms; both can be made less likely, or less painful, by careful planning and consultation with skilled legal representation. Yet, even […]
Manage Your Business’s Unemployment Taxes
As a business owner, you’re required to pay three different types of payroll taxes. FICA (Federal Insurance Contributions Act) is the tax used to fund Social Security and Medicare programs. FUTA (Federal Unemployment Tax Act). Employers pay this federal tax to provide unemployment benefits to laid-off workers. SUTA (State Unemployment Tax Act). State governments also […]
Common Tax Mistakes When Selling a Home
With home sales booming throughout much of the country, you may decide that now’s the right time to put your abode on the market. If you do put your primary residence up for sale, try to steer clear of the following mistakes. Not qualifying for the home sale exclusion. If you’ve owned and used your […]