The danger in adding your child to your bank account

How do you know what really is the right thing to do in order to protect your assets or attempt to avoid probate?

One of the relatively simple, often used, and inexpensive techniques is to merely add your child’s name to a bank account. This involves going to the bank and completing a signature card. With this common, joint account the funds are then subject to withdrawal by either or the survivor. An alternative would be to have the account in the client’s name with a beneficiary. This is normally called an in-trust for or payable on death account.   [...]

Hyman Darling, Participating Attorney
Bacon Wilson, P.C., Springfield, MA

No Happy Mothers Day: Kobe Bryant Disputes Mother In Lawsuit

Kobe Bryant, long-time Los Angeles Laker and future Hall-of-Famer, is in a bitter feud with his own mother over ownership of memorabilia worth more than $1.5 million. He’s locked in a he-said, she-said dispute about whether he gave the items to his mother or not.  [...]

Danielle & Andy Mayoras, Participating Attorneys, Co-authors of Trial & Heirs: Famous Fortune Fights!

Massachusetts medical orders for life-sustaining treatment

Medical Orders for Life-Sustaining Treatment (MOLST) is a standardized, voluntary form that allows a seriously ill patient to provide preferences for certain medically appropriate life-sustaining treatments into valid medical orders that may be honored by all health care professionals.   [...]

Todd Ratner, Participating Attorney
Bacon Wilson, P.C., Springfield, MA

Legacy Lost: The Dwindling Family Inheritance

Ninety percent of family inheritance is often lost within just three generations, according to the Wall Street Journal (Lost Inheritance). By the end of the second generation — to be clear, that’s after your children have passed away — you can expect 70% to be gone. 

This bodes particularly ill for the massive wealth transfer of the baby boomers, who are set to inherit $7.6 trillion — equivalent to the GDP of China — over their lifetimes, mostly in their later years.   [...]

Randy Fisher, Contributing Attorney
Fisher Law Office, Annapolis, Maryland

Should I hire a professional tax preparer?

As the clock keeps ticking and the April 15 filing deadlinefor filing the 2012 income tax returns, (or the April 16 filing deadline for your Massachusetts return,) keeps getting closer, one decision many taxpayers grapple with is whether or not to hire someone to help them prepare their returns. As with many such decisions, the best answer really is “it depends.”   [...]

Bruce Fogel, Participating Attorney
Bacon Wilson, P.C., Springfield, MA

Estate Planning Remains a Moving Target Under the New Tax Law
Paul Sullivan - nytimes.com (4/28/13)

Don’t bet your farm: An estate plan can help preserve assets
Hembree Brandon - deltafarmpress.com (4/29/13)

N.Y. State Could Get $40 Million From Man Who Died Without A Will
Deborah Jacobs - forbes.com (4/29/13)

Duck Estate-Planning Fiascos Before It's Too Late
Sheyna Steiner - bankrate.com (5/13/2013)