The attorneys at Lovernberg & Associates offer professional representation for both businesses and individuals who find themselves in a dispute with the Internal Revenue Service, or state tax offices. Specializing in Estate Tax Planning, we are also pleased to serve those in the Boston area in audits, appeals, and other court proceedings.
What is Estate Planning?
The term “estate planning” refers to the process by which one decides how their assets will be distributed to their beneficiaries. Included in such planning is what will be done in the event that you should become disabled or named legally incapable of making decisions before your death. Our qualified estate planning attorneys at Lovenberg & Associates can help you to navigate the waters as you get older and prepare for the time that you will be gone. Estate planning can help take care of you when you are no longer able to do it for yourself, and make sure that your assets are given to those whom you wish them to be. Here are a few documents which are important for estate planning:
• A revocable trust – This trust manages your assets while you are alive, and can be changed as needed. In times of unexpected crisis, a co-trustee can access the assets listed in a revocable trust so that they are available to meet your needs. Upon your death, a revocable trust ensures that the assets you have left behind will be distributed according to your wishes. Often, a revocable trust helps avoid probate court, ensuring that your beneficiaries do not experience a delay in obtaining their assets.
• A Durable Power of Attorney – This document names the person or persons who will handle your financial issues should you become unable to do so before your death.
• Health Care Proxy – This legal document names the person or persons who you have chosen to make medical decisions on your behalf should you become unable to do so.
• A HIPAA form or Health Information Portability Authorization Act – names people who are allowed to access your medical records. Normally one would choose more than one person for this.
• A living will – clearly explains your wishes if you were to become sick or injured so severely that there is no reasonable hope that you will survive. For example, if you were hooked up to a ventilator and there was no reason to believe that you would ever come back, a living will can speak for you. Although the living will is not a legally binding contract in Massachusetts, it is