Currently there would be no federal estate tax on any estate with a net taxable estate of less than $3,500,000.  However, Massachusetts starts taxing you at $1,000,000.

 You can save $100,240 by having husband and wife trusts in order for each to take advantage of his and her $1,000,000 exemptions from Massachusetts estate taxes.  If one spouse dies and leaves all the assets to the surviving spouse, he or she will have to pay $100,240 to the Commonwealth on the $2 million.

 Would you spend several thousand dollars for a good estate plan that creates a savings of $100,000?  For $300 I will meet with you to explain the options available to you   If you decide to go forward that will be your choice, but if you do not wish to do so, that’s fine also.

 If you have minor children, you need to think about appointing guardians to avoid a fight among family members as to who will take care of them if both mother and father die.

 A good Durable Power of Attorney can help you avoid the appointment of a guardian or conservator.

 A good Durable Power of Attorney for Health Care can help you avoid stonewalling by doctors, hospitals, and health care providers if you need information to make end of life decisions.

What Happens If You Die Without A Will Or Become Incapacitated Without a Durable Power of Attorney or Durable Power of Attorney For Health Care?

Who Can Make Decisions For You If You Are Unable To Do So Yourself?

Probate Court is the place you will have to go if you don’t have a Will or need a Guardian or Conservator appointed.  You will often have to wait several months for action by the Probate Court.  In many cases, you don’t have that much time for decisions to be made – see the Stock Market crash of the late Fall of 2008 and early 2009.  Time is money when you need fast action.

Then, for couples with children under the age of 18, you need to deal with the reality of life and death.  If both parents die, who is to be appointed for a minor child or children to manage their growing up and business affairs until they get to be of age?  Is 18, the age of majority, a time when you would want your children to inherit everything you have left in the way of worldly goods?

Would you spend $750 – $2,000 to avoid the need for Probate Court petitions that would probably start at the higher figure, in terms of cost to you?

Would you spend $2,000 to save $100,000?  For people with estates over one million dollars ($1 million) in Massachusetts, you can easily spend significant amounts of money for Mass. estate taxes.  Proper estate planning for a married couple can reduce or avoid any estate taxes up to $2 million.