Who will be your pet's guardian when you are not there? Providing loving care to your pet is a lifelong commitment. In light of recent legislation that allows use of pet trusts in Massachusetts, I have been drafting estate plans in which clients have provided for their pets.
The History of Estate Planning and Pets
• The concept is based on English common law, and was not introduced into the American legal system until the last century. In 1923, the Kentucky Supreme Court considered this issue and held that a bequest to a trust for a pet was valid, under a law that allowed gifts for humane purposes.
• Most states have now adopted pet trust statutes.
• In Massachusetts, M.G.L c.430 is An Act Relative to Trusts for the Care of Animals. It was enacted January 7, 2011, and covers trusts set up for the care of your pets after your death.
Taxes and Pet Planning
• The IRS does not yet recognize a trust whose beneficiary is an animal, but still requires that such entities are taxed under Section 641, as a trust!
• Presently, we cannot enjoy any income tax or estate tax deduction for gifts to a charitable trust when the non-charitable trust distributions are solely for the benefit of an animal.
Plan now: All too often, animal shelters and animal rescue organizations find that the incapacity or death of an owner results in abandonment, surrender or the inability to care for a pet. Here at Denise Kent Law Group, we respect your wishes and recognize the importance of pets as family members.
We look forward to helping you take care of your dependents.
Showing posts with label probate. Show all posts
Showing posts with label probate. Show all posts
Wednesday, October 12, 2011
Thursday, September 29, 2011
Denise Kent Law Group joins ElderCounsel & WealthCounsel
PRESS RELEASE:
Denise Kent of the Denise Kent Law Group is pleased to announce her affiliation with WealthCounsel LLC – a nationwide collaboration of trusts and estate attorneys and other legal, tax and business professionals, and also with
ElderCounsel LLC, a collaboration of Elder Law attorneys. As a member, Kent contributes to and draws on
the knowledge and expertise of thousands of her colleagues.
Attorney Kent said that she joined WealthCounsel in order to offer clients the most up-to-date estate planning strategies, and joined ElderCounsel in order to provide the most sophisticated solutions to issues facing the elderly and disabled. Using their resources, clients are assisted with cutting-edge planning techniques executed in documents that are comprehensive, flexible and easy-to-read.
WealthCounsel and ElderCounsel members contribute to the ongoing development of practice systems through web-based discussion groups, study groups and continuing education courses. This year's curriculum offering include such topics as, "Power of the Lifetime QTIP", "Using LLC
to Protect Family Assets", "Trustee Selection for Irrevocable Trusts" and “Medicaid Immersion”.
WealthCounsel systems were recently praised during the 45th annual Philip E. Heckerling Institute on Estate Planning hosted by the University of Miami School of Law.
Kent is pleased to bring such quality to her practice, and
looks forward to utilizing colleagues and resources to deliver technically up-to-date peer-reviewed documents, advice and counsel for clients.
Denise Kent founded the Denise Kent Law Group in 2008, and practices together with her associate, attorney Suzanne Benfield. Their practice areas include Estate Planning, Probate & Estate Administration, and Elder Law, as well as certain Family Law services, such as Divorce Mediation. Key services include Medicaid Planning
and Special Needs Trusts.
Kent is a graduate of Gordon College and Mass School of Law and is licensed to practice in Massachusetts and the U.S. District Courts of Massachusetts. In additon, she earned a Certificate in Trust and Estate Planning, from The Foundation for Continuing Legal Education, Inc., Wenham, MA
To learn more about the firm, visit www.denisekentlaw.com
SOURCE Denise Kent Law Group
Denise Kent of the Denise Kent Law Group is pleased to announce her affiliation with WealthCounsel LLC – a nationwide collaboration of trusts and estate attorneys and other legal, tax and business professionals, and also with
ElderCounsel LLC, a collaboration of Elder Law attorneys. As a member, Kent contributes to and draws on
the knowledge and expertise of thousands of her colleagues.
Attorney Kent said that she joined WealthCounsel in order to offer clients the most up-to-date estate planning strategies, and joined ElderCounsel in order to provide the most sophisticated solutions to issues facing the elderly and disabled. Using their resources, clients are assisted with cutting-edge planning techniques executed in documents that are comprehensive, flexible and easy-to-read.
WealthCounsel and ElderCounsel members contribute to the ongoing development of practice systems through web-based discussion groups, study groups and continuing education courses. This year's curriculum offering include such topics as, "Power of the Lifetime QTIP", "Using LLC
to Protect Family Assets", "Trustee Selection for Irrevocable Trusts" and “Medicaid Immersion”.
WealthCounsel systems were recently praised during the 45th annual Philip E. Heckerling Institute on Estate Planning hosted by the University of Miami School of Law.
Kent is pleased to bring such quality to her practice, and
looks forward to utilizing colleagues and resources to deliver technically up-to-date peer-reviewed documents, advice and counsel for clients.
Denise Kent founded the Denise Kent Law Group in 2008, and practices together with her associate, attorney Suzanne Benfield. Their practice areas include Estate Planning, Probate & Estate Administration, and Elder Law, as well as certain Family Law services, such as Divorce Mediation. Key services include Medicaid Planning
and Special Needs Trusts.
Kent is a graduate of Gordon College and Mass School of Law and is licensed to practice in Massachusetts and the U.S. District Courts of Massachusetts. In additon, she earned a Certificate in Trust and Estate Planning, from The Foundation for Continuing Legal Education, Inc., Wenham, MA
To learn more about the firm, visit www.denisekentlaw.com
SOURCE Denise Kent Law Group
Wednesday, August 3, 2011
The 2011 Budget Control Act and How it Affects My Clients
What follows is a VERY brief summary of the key issues that concern me and my clients, and ultimately, all of us.
The 2011 Budget Control Act established an agreed-upon deficit-reduction amount, but largely leaves specifics out. It is therefore difficult to know for certain what changes we will be looking at, but we do know that the Act puts major tax changes under consideration, and possibly social programs as well.
Personal income tax deductions/credits, and business deductions are back on the table for review by the special joint committee. Also, certain health programs (long-term care insurance & disability) that were slated to begin in 2012 may be abolished, if the committee follows the recommendations proposed by the "gang of six." Results: once again, such safety-nets as LTC and disability insurance will remain largely unaffordable for most Americans.
Additionally, the existing federal estate tax exemption, together with associated tax cuts that were enacted in December, 2010, are still slated to sunset on December 31, 2012, returning to exemption levels of $1 million, and a tax rate of 55%. Pair that with the proposed elimination of state tax credits, and you get a potentially horrific estate tax burden. Results: Many unsuspecting Massachusetts residents could be subject to both the Massachusetts (16-20%) AND Federal Estate Tax (55%) burdens, which could confiscate over 70% of gross estate, if they have not done proper estate planning!
I'll be watching carefully, because any changes in tax laws or health care reform programs need to be taken into consideration for estate planning, long-term care planning, and business entity formation/asset protection planning.
The 2011 Budget Control Act established an agreed-upon deficit-reduction amount, but largely leaves specifics out. It is therefore difficult to know for certain what changes we will be looking at, but we do know that the Act puts major tax changes under consideration, and possibly social programs as well.
Personal income tax deductions/credits, and business deductions are back on the table for review by the special joint committee. Also, certain health programs (long-term care insurance & disability) that were slated to begin in 2012 may be abolished, if the committee follows the recommendations proposed by the "gang of six." Results: once again, such safety-nets as LTC and disability insurance will remain largely unaffordable for most Americans.
Additionally, the existing federal estate tax exemption, together with associated tax cuts that were enacted in December, 2010, are still slated to sunset on December 31, 2012, returning to exemption levels of $1 million, and a tax rate of 55%. Pair that with the proposed elimination of state tax credits, and you get a potentially horrific estate tax burden. Results: Many unsuspecting Massachusetts residents could be subject to both the Massachusetts (16-20%) AND Federal Estate Tax (55%) burdens, which could confiscate over 70% of gross estate, if they have not done proper estate planning!
I'll be watching carefully, because any changes in tax laws or health care reform programs need to be taken into consideration for estate planning, long-term care planning, and business entity formation/asset protection planning.
Monday, August 10, 2009
Probating an Estate- what does it entail?
What does it mean to "probate an estate"? In the Commonwealth of Massachusetts, the Probate and Family Court oversees the settlement of estates for deceased residents. Whether or not you die having left a will, your estate will be probated through this court system, provided you have left assets in your own name, and provided those assets exceed $15,000, excluding the value of your automobile.
An attorney experienced in probate practice will assist family members to:
- collect asset and debt information
- file timely tax returns (perhaps referring the preparation to appropriate tax professionals)
- file appropriate court documents
- obtain a license to sell real estate, if necessary or deemed prudent
- deal with creditors and insolvency
- obtain releases of the estate tax lien, where necessary
- prepare inventories of assets and file accounts with the court as necessary
- assist with proper distribution of the estate among beneficiaries
Probating an estate is often a lengthy process, by necessity, because the estate must usually remain "open" until at least a year has passed, to give creditors time to file liens for debts owed, and also to ensure that any state or federal tax obligations are satisfied.
An experienced probate attorney can make this lengthy process less stressful, particularly for family members who may already be carrying a heavy burden of grief.
* this information is accurate as to statutes and probate procedures in effect in the Commonwealth of Massachusetts as of August 10, 2009, the date of this publication, but is not legal advice, nor intended to be legal advice, and does not constitute an attorney-client relationship *
An attorney experienced in probate practice will assist family members to:
- collect asset and debt information
- file timely tax returns (perhaps referring the preparation to appropriate tax professionals)
- file appropriate court documents
- obtain a license to sell real estate, if necessary or deemed prudent
- deal with creditors and insolvency
- obtain releases of the estate tax lien, where necessary
- prepare inventories of assets and file accounts with the court as necessary
- assist with proper distribution of the estate among beneficiaries
Probating an estate is often a lengthy process, by necessity, because the estate must usually remain "open" until at least a year has passed, to give creditors time to file liens for debts owed, and also to ensure that any state or federal tax obligations are satisfied.
An experienced probate attorney can make this lengthy process less stressful, particularly for family members who may already be carrying a heavy burden of grief.
* this information is accurate as to statutes and probate procedures in effect in the Commonwealth of Massachusetts as of August 10, 2009, the date of this publication, but is not legal advice, nor intended to be legal advice, and does not constitute an attorney-client relationship *
Wednesday, April 29, 2009
Why YOU need a will:
•Regardless of whether you want to avoid probate, you should have a will.
•A will directs who receives your estate when you die, and it appoints a personal representative, the executor, to make certain your wishes are carried out. If you have minor children, a will enables you to appoint a guardian for their care.
•In conjunction with a Will, Health Care Proxy and Durable Power of Attorney, (and a Living Will/Advance Directive and HIPAA just to be extra cautious), you can create a solid estate plan that will serve to avoid a full probate proceeding and provide for the event of your disability as well.
•Probate is the judicial process by which a will (or, in the case of intestacy, the estate of the decedent) is reviewed by the court, debts of the estate are paid, and final distributions are made to the heirs.
•The probate process is public; anyone can go into the probate court and view your will and all of the related probate filings, which is a reason why many people use pour-over wills in conjunction with living trusts, in order to avoid probate and keep their wishes private.
•Your estate, whether you leave a will or not, consists of all of the assets that were in YOUR NAME ALONE when you died; therefor, if you think that you can avoid probate of your estate by simply refraining from writing a will, you couldn't be more wrong!
•A will directs who receives your estate when you die, and it appoints a personal representative, the executor, to make certain your wishes are carried out. If you have minor children, a will enables you to appoint a guardian for their care.
•In conjunction with a Will, Health Care Proxy and Durable Power of Attorney, (and a Living Will/Advance Directive and HIPAA just to be extra cautious), you can create a solid estate plan that will serve to avoid a full probate proceeding and provide for the event of your disability as well.
•Probate is the judicial process by which a will (or, in the case of intestacy, the estate of the decedent) is reviewed by the court, debts of the estate are paid, and final distributions are made to the heirs.
•The probate process is public; anyone can go into the probate court and view your will and all of the related probate filings, which is a reason why many people use pour-over wills in conjunction with living trusts, in order to avoid probate and keep their wishes private.
•Your estate, whether you leave a will or not, consists of all of the assets that were in YOUR NAME ALONE when you died; therefor, if you think that you can avoid probate of your estate by simply refraining from writing a will, you couldn't be more wrong!
Friday, April 17, 2009
The next in my Seminar Series
FREE SEMINAR
DATE: SATURDAY, MAY 2, 2009
TIME: 10:30 AM
PLACE: LAW OFFICE OF DENISE M. KENT
254 BAY RD
HAMILTON MA
(ON ROUTE 1A, DIRECTLY ACROSS FROM THE HAMILTON PUBLIC SAFETY BUILDING)
You've Been Widowed... Now What?
What should one do after facing the initial shock of being widowed? There are many legal and financial considerations that need to be addressed. We will discuss how to navigate the confusing maze of probate, taxes, government benefits and more.
Learn what to do in order to best secure your financial future and to ensure that your family is protected from the consequences of failing to plan for your own estate. This Seminar is free and is intended to help answer common questions and issues faced by the newly widowed. If you or someone you know could benefit from this informal discussion, please join us.
Space is limited, RSVP: (978) 468-9000
DATE: SATURDAY, MAY 2, 2009
TIME: 10:30 AM
PLACE: LAW OFFICE OF DENISE M. KENT
254 BAY RD
HAMILTON MA
(ON ROUTE 1A, DIRECTLY ACROSS FROM THE HAMILTON PUBLIC SAFETY BUILDING)
You've Been Widowed... Now What?
What should one do after facing the initial shock of being widowed? There are many legal and financial considerations that need to be addressed. We will discuss how to navigate the confusing maze of probate, taxes, government benefits and more.
Learn what to do in order to best secure your financial future and to ensure that your family is protected from the consequences of failing to plan for your own estate. This Seminar is free and is intended to help answer common questions and issues faced by the newly widowed. If you or someone you know could benefit from this informal discussion, please join us.
Space is limited, RSVP: (978) 468-9000
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