Wills, Trusts and Estate Planning
A Dependable Estate Plan For The Future Brings Peace Of Mind Today
No one wants to think about what must be done if the unimaginable happens. But the reality is that preparation, even for the worst situations, can give you peace of mind.
Without an estate plan in place, settling your affairs after you go or if you become incapacitated could have a long-lasting—and costly—impact on your loved ones.
As scary as it is to think about your death, or what could happen if you are not able to care for yourself, it really is best to have a plan. For help with estate planning or for probate issues, call Egan, Flanagan & Cohen
For the past 90 years, Egan, Flanagan & Cohen has maintained an active probate practice in the four western counties of Massachusetts. Our attorneys work to demystify the often-complex world of probate law and estate and gift taxation.
Why Do I Need An Estate Plan?
Your estate is the sum of the value of all your property, including your debts. Estate planning can be complicated. It is important to understand the nuances and experienced legal counsel can help protect your family assets.
You need an estate plan for a variety of reasons, including:
- An estate plan allows you to decide who can make decisions for you and hold your assets while you are alive but unable to make those decisions
Distribution of wealth. You will have to name an executor or a personal representative. It can also set a plan for your minor children and any relatives who need care
- Plan for the care of your minor children. You need to address what will occur if the unimaginable happens–both parents die. You can name a guardian and an alternate guardian for your children. You may want to set up a trust provision to help provide money to the children over time. You will need to name a trustee, and that should be someone you trust to look out for your minor children.
- Minimize estate and inheritance taxes. Even the best-drafted Will has little value if health care-related costs deplete your assets. Without a plan, health care and long-term care costs may dramatically reduce the value of your estate and, subsequently, what your beneficiaries may inherit.
- Protecting your wealth. If you have substantial assets, you want them to go to your loved ones. Methods to ensure that include: asset protection trusts, irrevocable trusts, limited liability entities, asset ownership and insurance
- Preparing for your family’s future. If you want to ensure that future generations share your wealth, there are estate planning strategies that can preserve your financial legacy
In addition to helping you prepare common estate planning documents such as a will, Egan, Flanagan & Cohen’s estate planning attorneys can assist with a wide range of more specific estate planning matters including:
- Declaration of Guardian
- Directive to Physician/ Health Care Proxy
- HIPAA Release
- Power of Attorney
Our attorneys provide straightforward estate planning for individuals and families as well and counsel business owners and high-net-worth individuals in estate planning, emphasizing strategic tax planning.
As necessary, the Firm coordinates with other professionals, such as accountants and investment advisors, to ensure that each client has a full range of services available.
When disputes arise in the administration of a trust or a probate estate, Egan, Flanagan & Cohen probate and litigation departments work jointly to represent their clients’ interests and a long track record of successfully resolving these disputes using informal means, saving clients valuable time and money and enabling them to avoid unwanted attention. When litigation proves unavoidable, our experienced litigation attorneys have successfully prosecuted and defended our clients’ interests in court.
If you have questions around estate planning, or would like to set up a will, or to simply revisit your existing will to see if it still reflects your final wishes, contact Egan, Flanagan & Cohen today to discuss your estate planning and probate needs.
The best representation for nearly a century.
As we look toward our second century of working for our clients in Western Massachusetts, we’re proud to provide individuals and businesses the accessibility, integrity, and dedication you expect in a great law firm.