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Of Counsel |
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Estate Planning
and Probate
Disability
Planning When they think of estate planning, many people think first of wills. Planning for disability or incapacity as well as death is an important component of a comprehensive estate plan. By naming a health care agent, you designate an individual who will make health care decisions for you if you cannot communicate your wishes. Many people, aware of how important it is to inform loved ones of what they would want to happen in an extreme situation, decide to have a living will. A durable power of attorney permits another individual to act for you and in your stead. Having a durable power in place may well prevent a court from having to appoint a guardian or conservator to handle your affairs. Trusts are flexible planning documents with important attributes that ease management of assets for disabled individuals. For disabled persons dependant on public assistance, special needs trusts can be invaluable. A disabled person's quality of life may depend on the existence of a trust of which he or she is the beneficiary. The creation of disability planning documents is a key component of Karen Ann Hunold's practice. She welcomes clients whose needs include the creation of these documents. If you believe you might be benefited by disability planning, please contact Karen Ann Hunold directly by phone or by e-mail at hunold@lawyer.com. Estate planning, which encompasses planning for disability and for death, is important for anyone with family or loved ones they want to provide for or protect. Even if you believe you don't have enough assets to worry about or if your life expectancy is several decades, by putting a comprehensive estate plan into place you may save your loved ones untold anguish and thousands of dollars. And if you do have substantial assets or are near death, estate planning should be on your list of must-do actions. A crucial component of estate planning is the creation of documents that determine the distribution of assets after you die. If you do not create your own plan, the state will impose one on your estate; the outcome of the state's rules often is at odds with your own preferences. Estate planning is the major focus of Karen Ann Hunold's practice. She has created many such plans, each one tailored to the individual client's needs, and welcomes clients who seek estate planning services. If you are interested in estate planning services, please contact Karen Ann Hunold directly by phone or by e-mail at hunold@lawyer.com. Estate Probate and Administration Probate refers a Court's oversight of the distribution of an individual's personal assets after death, either according to the provisions of the individual's will or according to the provisions of the laws which govern if no will exists. The last thing a grieving person wants to do is deal with legal papers. An attorney's assistance in probate can be invaluable in helping a bereaved individual cope with the demands of the probate process. Karen Ann Hunold accepts a few probate cases per year. Many people want to avoid probate because they have heard it is exorbitantly expensive. Most abuses of this sort arise in states that permit an attorney to charge a percentage of the value of an estate as a fee for services. In Massachusetts, these percent-of-estate fees are prohibited. An attorney's fee must reflect services provided. While there may be good reasons for you to avoid probate, the fear of fee gouging need not be one. If you believe you might be benefited by the assistance of an attorney in the probate of a loved one's estate, please contact Karen Ann Hunold directly by phone or by e-mail at hunold@lawyer.com. Estate Tax and Post-Mortem Tax Planning Many people are shocked to learn that their estates are subject to federal or state estate taxes. The primary reason for this shock is that they underestimate the value of their estate. Not only personal assets such as checking accounts, brokerage accounts, and real estate interests but also assets such as life insurance death benefits, retirement assets, a decedent's share of jointly held property, and so on, contribute to the total of an individual's gross estate for estate tax purposes. Tax planning is essential for residents of Massachusetts, given the existence of a state estate tax with personal exemption amounts much lower than those on the federal level. In the Boston metropolitan area, real estate values are so high that your home alone may make your estate subject to this tax. By careful planning, you may save your family thousands of dollars. Karen Ann Hunold has had clients whose tax savings ran to hundreds of thousands of dollars. If you believe you might be benefited by estate tax or post-mortem tax planning, please contact Karen Ann Hunold directly by phone or by e-mail at hunold@lawyer.com. Charitable gifts can be an important component of your estate planning. Many individuals have a deep desire to give something back to their communities and are pleasantly surprised that there are ways to incorporate their charitable goals with their goals of providing for loved ones. For example, charitable trusts may provide important lifetime income, reduce the size of a taxable estate, generate income tax deductions, all while providing support for a charitable, educational, religious, or philanthropic organization. Karen's clients have given gifts to a wide range of non-profit organizations. Whether you are interested in supporting medical research, funding no-kill animal shelters, establishing scholarships, supporting the arts, or any other charitable purpose, Karen can help you accomplish your charitable goals. If you believe you might be interested in charitable giving, please contact Karen Ann Hunold directly by phone or by e-mail at hunold@lawyer.com. A will is the most common estate planning document. No matter how simple or complex your situation, creating a will is a cornerstone of your estate plan. A will is a legally binding document that outlines how your personal assets will be distributed at your death, and it is fully amendable and revocable until your death. Many individuals revise or revoke prior wills so that they may plan for important changes in their life circumstances. For individuals with minor children, a will provides you with an opportunity to name guardians and conservators. Trusts are flexible planning documents with applications which range from protecting family members, providing easy management of assets, minimizing estate taxes, avoiding probate, and arranging for disposition of assets after your death, to virtually any purpose you can conceive (which does not violate public policy) that exhibits the four crucial components of a trust: a person who contributes the assets (known as the Donor, the Settlor, or the Grantor, among others); a person who controls the assets (known as the Trustee); trust assets (or the property you put into the trust); and beneficiaries (the person, persons, or organizations you intend to benefit from the trust). Karen Ann Hunold has created numerous wills and trusts in her estate planning practice, each one tailored to the individual's specific circumstances. If you need a will or believe you might be benefited by a trust, please contact Karen Ann Hunold directly by phone or by e-mail at hunold@lawyer.com. Engel & Schultz, LLP ©
2006 Engel & Schultz, LLP |
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