Wills, Trusts and Estate Planning

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 100 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.

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.