When people hear the phrase, “estate planning,” they generally think it means writing a Will. Although writing a Will is one aspect of estate planning, there is far more to it. During your lifetime, there are strategies to preserve and manage your assets while providing you tax benefits.
Other estate planning vehicles can be used to transfer assets to your heirs when you die. Some may reduce or eliminate potential tax burden your heirs may face.
An experienced Massachusetts estate planning attorney can help you decide what works best for you. The attorney can draft the relevant documents for protecting and transferring your assets. An overview of some of the documents that you may need include:
- Will: Your Will dictates exactly how your assets will be distributed upon your death. It also designates who will serve as your Personal Representative during the administration process.
- Trusts: Trusts can be used for many different purposes. Some are used to protect assets while you are alive. Others can also be used to transfer assets to your heirs upon your death.
- Durable Power of Attorney: You designate someone to make financial decisions for you when you are unable to make them for yourself.
- Health Care Proxy: You name someone you trust to make health care decisions for you when you are unable to make them for yourself.
There are other areas you may need help with to preserve your ability to receive government benefits. Other areas in which our law office may be able to assist you include:
- Medicare and MassHealth Planning.
- Estate Gift Tax Planning.
- Guardianships & Conservatorships.
- Special Needs & Charitable Planning.
- Business Successor Planning.
- Probate Administration and Mitigation.
How The Law Offices of Murphy & Murphy, P.C. can help with your estate
At the Law Offices of Murphy & Murphy, P.C., we will discuss your financial situation with you and help you decide which estate planning tools will best for you. Call us today at (774) 257-5732.
