Articles Archives

Non-Probate Transfers: TODS, PODS, and Beneficiary Designations

What are non-probate transfers? Non-probate transfers are transfers of ownership that occur upon the death of the owner without needing to go through the probate. These are codified by statute in the Uniform TOD Security Registration Act. Transfer on death designations (“TODs”), sometimes called pay on death designations (“PODs”) and beneficiary designations, are the most […]

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When do you Pay a Gift Tax?

Articles / Tim Erasmi

Introduction The federal gift tax (Form 706) is one of the most misunderstood sections of the tax code for nonlawyers. While many are aware of the annual exclusion ($16,000 for 2022), they often mistakenly believe that any amount gifted exceeding the annual exclusion will result in a gift tax being due. However, taxable gifts are

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Who Should I Pick to be the Trustee of my Trust?

Articles / Tim Erasmi

What is a Trustee Who should I pick to be the executor or trustee of my trust? It’s the most crucial decision of any estate plan. This person will be in charge of administering your trust after your death. This includes paying debts, expenses, taxes, and making distributions to heirs. Typically, married spouses pick each

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Planning for Medicaid with an Irrevocable Trust

Articles / Tim Erasmi

Medicaid and Masshealth Planning to shelter your assets from Medicaid and Masshealth is a frequent concern of clients. I often receive questions from individuals regarding long term care costs such as nursing homes or assisted living facilities. They almost always end up involving a discussion about an Irrevocable Trust to protect assets from recovery by

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Why Estate Planning is Important for Blended Families

Articles / Tim Erasmi

What is a Blended Family? An estate plan is an important asset for any family, but even more so when the spouses involved have children from previous relationships, we call these “blended” families. Decedents from blended families have a different set of intestate rules apply to them. Typically, a blended family doesn’t realize that their

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The Invisible Inflation Tax

Articles / Tim Erasmi

What is the inflation tax? The inflation tax is a method by which the government indirectly finance’s it’s spending. It is impossible to quantify or calculate. Furthermore, it affects individuals based on the type of assets that they hold instead of their income or wealth. Most importantly, it doesn’t involve the taxpayer ever sending money

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