Comprehensive estate planning

Many Massachusetts residents are surprised to learn that, while their estates are valued lower than the Federal estate tax exemption, currently $11,400,000, their estates could incur Massachusetts estate tax.  The Massachusetts estate tax exemption is capped at $1,000,000.

Even individuals whose assets will not be subject to estate tax can benefit from estate planning.  This is especially true for second marriages, or when a child has difficulty managing money or special needs.

Hilton & Bishop attorneys help clients plan for the disposition of assets, structuring an estate plan to fit each client’s particular needs. This includes advice about current law and legal issues as well as help reducing and even eliminating taxes, and maximizing the value of the estate to be passed on to the client’s family and charitable beneficiaries.

Most estate plans include a will, durable power of attorney, health care proxy, and declaration of wishes (living will).  Some clients will also benefit from a revocable trust or from various types of irrevocable trusts.  And beneficiary designations play an increasingly important role in planning estates.

Hilton & Bishop attorneys work with clients to determine what type of estate plan will best meet their needs, help clients think through the issues, and recommend solutions.

Staying current with the latest tax information, Hilton & Bishop attorneys advise clients how best to achieve their tax planning goals. Hilton & Bishop attorneys help clients arrange their financial affairs and structure transfers of assets to reduce income, estate, and gift taxes – as well as generation-skipping transfer taxes.  Hilton & Bishop attorneys can provide advice on planning, timing, structuring, and carrying out gifts.