Estate planning is planning for passing on one's wealth when you die. It may seem as though this is fairly common or fairly obvious, but many people ignore the need to properly plan. As a result, they may create serious problems for themselves and their heirs.

There are state succession laws but these laws can be inadequate to address the myriad issues that can occur without a will in order to provide for orderly disposition of assets or an appropriate trust to protect those assets from taxes and other claims.

When you do estate planning you don't just do a will, but a comprehensive plan for that eventual day when you are gone. There are many reasons to plan. Some considerations are:

• The disposition of your estate is a decision you and not the state should make.
• There may be a special bequest or gift that you want to make.
• In 2003, the Massachusetts the estate tax began at $700,000 and with house prices so high that isn't a lot of money, so a little planning can go a long way toward saving on estate taxes.
• There are a number of options available for setting up debt disposition, either personal or business debts.
• Protect a surviving spouse with a marital trust to shelter at least two million dollars of assets from federal and Massachusetts estate taxes.
• Planning for succession in a family business can avoid costly and bitter family disputes.
• Protecting your assets in the event you require nursing home car.

These are only a few of the issues that good estate planning addresses. The complexity and sophistication of estate planning is dependent on the amount of assets as well as personal needs, goals and desires.

Estate planning is also for the living. Many people who come to us when there is an emergency, could have qualified for health care and avoided or minimized estate taxes saved hundreds of thousands of dollars, if they had planned properly. Long term care insurance or a trust are important components of estate planning. It is essential to avoid the costs associated with circumstances where an illness or accident requires long term care. Long term care planning can protect assets from economic devastation if you require permanent housing in a nursing facility.

It is also important to protect your interests with unanticipated problems, an all too common occurrence in this fast-paced world in which we live. You want and need competent legal protection, an understanding of your rights, and the expert legal help from a Massachusetts or New Hampshire attorney who understands estate law and will help protect estates that can represents a lifetime of effort for many families.

LaFortune & LaFortune is a Massachusetts and New Hampshire law firm located in Andover, Massachusetts, 25 miles north of Boston. We have the knowhow and experience.

Business Succession

Business succession planning is an important component of estate planning. Anybody who has a business must consider:

• Who is going to run the business if you die or become disabled? There can be strong feelings when lacking a clear plan of succession in a family-run business. Litigation over family disputes about business is unfortunately quite common. Have you considered business continuity planning as part of your strategic business planning?
• Who is going to pay the estate taxes related to your interest in your business upon your death and from where would the money come? Have you taken the necessary steps to minimize estate taxes?
• If there are multiple partners, who runs the business after death or divorce?
• Do you understand a spouse of a deceased partner may become a co-owner with you if proper estate planning is not done beforehand?
• What happens if one of the partners is getting old and wants to sellout?
• In a partnership when one of the business partners die, how should the deceased partners spouse and children receive financial security?
• What type of insurance can prepare partners for an amicable disposition upon the disability or a partners' death?

These are just a few questions that should be considered when planning business succession. It seems like common sense, but even very successful businesses ignore the risks and neglect business planning or family business succession. This occurs because they are focused on running the business, not planning for these types of problems that can and do occur frequently with business of every size.

If you have an ownership interest in a business, you owe it to yourself, your spouse and your children to address these issues before they occur. With proper legal guidance, many of these problems can be addressed to your satisfaction before any of these problems arise

Estate planning is most important at a personal level. Executives who have stock and are employed by large firms need estate planning, setting up wills and trusts set up for tax reasons. They may require special disposition to a charity or a special bequest that requires significant oversight. From a personal point of view it is important for senior executives to make sure that those shares that belong to heirs are taxed at the lowest rate possible.

We live in a world of uncertainty, with limited control. However, it is possible to protect your interests, to anticipated contingencies, and protect your loved ones. You want and need confident, capable legal protection, an understanding of your opportunities for contingency planning, and the expert legal help from a Law firm serving Massachusetts and New Hampshire who understands and can help protect estates that can represents a lifetime of effort.

LaFortune & LaFortune is a Massachusetts and New Hampshire law firm located in Andover, Massachusetts, 25 miles north of Boston. We have the knowhow and experience.