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Estate Planning Advice on Disinheriting a Child

When considering your estate plan, one of the things you will have to think about is who your beneficiaries will be. If you have a significant estate, this decision is made even more complex.  How will you divvy up your assets, who will receive an inheritance and are there those who you will deliberately exclude?

The decision to leave close family members out of your estate plan is one wrought with difficulty, and it is without doubt an emotional experience. It is surely not a decision made lightly, and it brings with it a lot to think about from a personal and legal standpoint. For the sake of this discussion, we will refer to disinheriting a child, but the advice is also applicable to other close family members. Read more.

An Introduction to High-Net Worth Estate Planning

Estate planning is an important concern for anyone who desires their affairs be handled according to their wishes after their death.  Planning for high-net worth individuals and families is complex and dependent upon the particular desires of the family.

High-net worth estate planning should be handled carefully, so that your estate, which you’ve worked hard to build, is properly handled and the future of your legacy is secure. Read more.

Estate Planning is for Everyone

A common planning misconception is that only those with vast assets need an estate plan. But, it is important to emphasize that estate planning is not just for the wealthy. For many, the word “estate” conjures up a Downton Abbey-like property and an overwhelming amount of zeros on your bank account balance, but estate planning is a must, regardless of your tax bracket. Read more.

Bitcoin and Estate Planning: Bequeathing Cryptocurrency

With the prevalence of Bitcoin as a form of digital currency, new considerations must be made when it comes to a variety of legal concerns. We recently looked at the repercussions of Bitcoin on divorce, but that is only the tip of the iceberg when it comes to the ways that Bitcoin is influencing how we must think about currency and transferring assets. Read more.

Learn about Bitcoin, Cryptocurrency and Divorce:
“Bitcoin Bitterness Starts to Make Messy Divorces Even Worse,” Hannah George, Bloomberg News (2018) (Jonathan Fields quoted) 
Cryptocurrency and Divorce: A Primer
IRS Notice 2014-21: Virtual Currency Guidance

Celebrity Estate Planning Mistakes to Avoid

In an interesting article, Fox Business delved into the “Monumental Estate Planning Blunders of 5 Celebrities.”  The piece looks at estate planning mistakes made from some well-known, now-deceased stars who’s estate ended up out of their hands.

Leona Helmsley, widow of real estate tycoon Harry Helmsely, famously left a $12 million dollar trust to her dog, Trouble.  Ultimately, this only served to cause trouble for her estate, since she simultaneously added the pup to her estate plan while nixing two of her own grandchildren.  Because of the oddity of these actions, a judge awarded $6 million to each of the disinherited relatives and reduced Trouble’s trust to a measly $2 million. Read more.

Estate Planning Faux Pas

Estate planning is important. If you haven’t already considered an estate plan, there is no time like the present.  When considering how to start this process, you should consider professional advice.  Fields and Dennis has years of experience under its belt and can help you produce an estate plan that is secure, cares for all your loved ones and leaves few uncertainties for family members.  After all, it’s your legacy and it should be carried out as you intended.  Estate planning can be complex, but with the right professional assistance, it doesn’t have to be.

People often make a variety of mistakes when planning their estate.  One of the biggest mistakes is failing to get professional advice.  While the cost of hiring an estate planner can seem unnecessary, it will often save much trouble later.  While you may not be around to deal with the repercussions, a faulty estate plan will cause your loved ones quite the headache.  There can be a lot involved in the estate planning process.  From your basic will, to trusts, life insurance, setting up a health-care proxy, gifts and tax exclusions.  Attorneys can provide much needed guidance when it comes to legal documents and making sure that you have properly covered all of your bases.  Read more.

Estate Planning Lessons from Downton Abbey

A recent article from The Wall Street Journal offered “Money Lessons from Downton Abbey.”  The popular British drama that takes place in the early 20th century recently ended its third season, but more important than providing entertainment, it can apparently offer valuable estate planning advice.  While it is a period drama and work of fiction, its themes of familial relationships and financial debacles make the PBS program a cautionary tale for families planning their own estate.  Read more here.

Study Says Stories are Most Valued Inheritance

In a 2012 survey by the Allianz Life Insurance Company of North America, it was determined that family stories are more important to many than material inheritance.

The American Legacies Pulse Study surveyed baby boomers (age 47-66) and elders (72+) and concluded that 86% of baby boomers and 74% of elders surveyed deemed their family’s stories the most important facet of their legacy. Read more here.

Disinheriting Someone Isn't Always Easy

The desire to disinherit someone from a will isn’t always as negative as it sounds. While most times individuals are disinherited out of anger or pride, it isn’t unheard of to desire one person to receive more or less of an estate due to financial and personal need. However, there are certain rules and guidelines to take into consideration when distributing or withholding assets.  Read more here.

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    The Boston metro family law, divorce and estate planning attorneys at the law firm of Fields and Dennis LLP are based in the Newton Wellesley area and serve the city of Newton: Auburndale, Chestnut Hill, Newton Centre, Newton Corner, Newton Upper Falls, Newton Lower Falls, Nonantum, Oak Hill, Waban and West Newton and town of Wellesley: Babson Park, Wellesley Hills, Wellesley Square Fields and Dennis also serves many clients in the Greater Boston and Massachusetts region including Ashland, Dover, Holliston, Medfield, Needham, Sherborn, Westwood, and all of Massachusetts. Attorney Jonathan Fields is a recognized authority on bitcoin and divorce

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