Per Massachusetts law, “an estate must be probated within three years.” Many factors can delay the probate process. As a Massachusetts probate lawyer, I can help work to avoid the delays and ensure that any complications that occur are resolved quickly.May 25, 2021
$25,000The estate must be valued at or below $25,000 with no real estate and excluding the value of an automobile.
Under Massachusetts law, general (unsecured) creditors have one (1) year from the date of death to file a claim against an estate. An example of a general creditor is a collection agency attempting to obtain payment on outstanding credit card debt.Sep 23, 2020
All beneficiaries named in a will are entitled to receive a copy of it so they can understand what they'll be receiving from the estate and when they'll be receiving it. 4 If any beneficiary is a minor, his natural or legal guardian should be given a copy of the will on his behalf.
Inheritance Laws in Massachusetts. Massachusetts doesn't have an inheritance tax, but some residents of Massachusetts and nonresidents with property in the state will find it can be an expensive state for your heirs to inherit your property, as it employs its own estate tax.Mar 1, 2022
Inheritance Tax in Massachusetts Massachusetts does not impose an inheritance tax. There is a state estate tax in Massachusetts, however. Estates valued at over $1 million must pay an estate tax. The beneficiaries will inherit the remainder of the estate.Apr 3, 2020
What debt is forgiven when you die? Most debts have to be paid through your estate in the event of death. However, federal student loan debts and some private student loan debts may be forgiven if the primary borrower dies.Aug 7, 2021
When someone dies, debts they leave are paid out of their 'estate' (money and property they leave behind). You're only responsible for their debts if you had a joint loan or agreement or provided a loan guarantee - you aren't automatically responsible for a husband's, wife's or civil partner's debts.
Credit card debt doesn't follow you to the grave. It lives on and is either paid off through estate assets or becomes the joint account holder's or co-signer's responsibility.Mar 31, 2022
On average, you should expect the Probate process to take nine months from the date of death through to completion. Typically, we see cases taking between 6 months and a year, depending on the complexity and size of the Estate Probate is being applied to.
One of the foremost fiduciary duties required of an Executor is to put the estate's beneficiaries' interests first. This means you must notify them that they are a beneficiary. As Executor, you should notify beneficiaries of the estate within three months after the Will has been filed in Probate Court.Sep 3, 2019
Some times beneficiaries want to see more detailed documents such as a Deceased's bank statement or pension documentation. Strictly speaking a beneficiary has no entitlement as of right to such documentation and it is your discretion as Executor whether or not to disclose it. The nature of the beneficiary's interest.
It is important to have a real estate attorney involved in negotiating contract deadlines and add terms in the agreement that are favorable to your interests. The purchase and sale agreement is a very important contract that deals directly with the rights and responsibilities of the Buyer and the Seller. A Massachusetts real estate attorney can ...
Title insurance will protect you against defects in the title or disputes that may arise after you close the transaction. It insures for past problems or errors in the chain of title to the property, for undiscovered liens or encumbrances and reimburses you for your loss and attorney's fees up to the face amount of the policy. The loss might include missing or forged signatures, missing discharges, an heir claiming title or other problems. The real estate attorney can also advise you on how to hold title for tax and estate planning purposes.
A will is meant to speak for you when you are no longer able to do so; if the will is written incorrectly, your plans may not be executed as they should.
Here are some helpful things to keep in mind when writing a will. Do seek out advice from a qualified attorney with experience in estate planning. An attorney’s advice can be helpful in making sure your will expresses what you need it to, no matter how simple or complex.
Nicole Ortiz, Contributor. Nicole Ortiz is the community editor at Adweek and the former managing editor at Best Lawyers. She is a seasoned writer and editor with over eight years of experience and has bylines with Greatist, xoJane, and HelloGiggles, among others.
Do make a plan for emergency and end-of-life care, also known as a living will. This will offer instruction about the type of medical care you’d like to receive. A living will provides doctors with instructions for how to treat you should you fall terminally ill or unconscious.
While most attorneys advise that anyone with children have a will, only 36 percent of people with children under age 18 replied in the survey that they had one in place. While courts aim to place children with appropriate care in the event of their parents’ death, the best way to control where that may be is through a will.
It’s that time of year again. The time of year when I curse and gnash my teeth at the self-employment tax. Remember in the 90s when there was a lot of talk about granting the president a line-item veto? I think each taxpayer should have the ability to cross out one line of their tax return.
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From organizing company collateral to automating the ‘closing book,’ this software can make a lawyer’s life easier throughout an entire matter.
Another way to value the medical practice is to detail the physical assets, the good will of the business, existing business relationships, existing patient list, intellectual property, liabilities, and many other factors such as what patients need to be told about the sale.
Assets sales, as mentioned, are used to sell the customer accounts, medical equipment, buildings if owned by the corporation, and other assets. There are tax considerations which both the seller and buyer need to consider for all types of sales especially corporate sales.
There are two essential parts of any business – the assets and the liabilities. Sellers usually want to sell both parts. Buyers normally prefer to purchase just the assets and avoid the liabilities. What parts (assets and liabilities or just some of the assets are sold) depends, in part, on the business structure.
The Medical Practice Act, Business and Professions Code section 2052, which provides that the unauthorized practice of medicine is illegal. The California Business and Professions Code section 2400 which prohibits corporations and “other artificial entities: from having “professional rights, privileges, or powers.”.