Massachusetts Tax & Probate Blog

Why You Need A Massachusetts Revocable Living Trust A revocable living trust is a crucial estate planning tool for all Massachusetts residents.  Importantly, a trust, like a last will and testament, is a legal tool to pass on assets to another.  However, unlike a will–which designates others to receive property after death, a living trust is …

Dying Without a Will – State Government to Get $40 Million It goes without saying that it is important for everyone–no matter how much money you have or how old you are–to create a will.  In addition, for many there is significant benefit from having a little more advanced estate planning completed, like the creation …

What is an IRS Levy? The IRS has extensive power to collect the money that it feels it is owed.  Sometimes this means they will issue a “Notice of Levy” against someone they feel is late in making tax payments. Local residents in Cambridge, Danvers, and elsewhere who receive an IRS levy likely had the …

What is a “Notice of Deficiency” from the IRS? Tax season has come and gone, but that does not mean that everyone can ignore tax issues for the next ten months.  That is because some residents may be receiving letters from the IRS informing them of various issues, irregularities, or problems with their tax return.  …

The Estate Tax — Back on Policymakers Agenda? Few issues related to estate planning have garnered more attention in recent years than the estate tax.  Dubbed the “death tax” by  its opponents, this is a tax that often eats up a significant portions of large inheritances.  Policymakers have long disagreed on the level that the …

If you receive an Notice of a levy notification from the IRS in the mail, don’t ignore this correspondence.  Ignoring the issue is probably what required the IRS to start the levy process in the first place.  Money owed to the IRS is a serious matter, and if you ignore phone calls and letters from …

Don’t Invite an IRS Audit With mid-April marking the official sunset for regular tax season, many may be breathing a sigh of relief that the always dreaded chore is over for your family and/or business.  However, a potential audit always hangs over your head.  No one wants to deal with the immense hassle of finding …

April 15th is right around the corner and for those who haven’t gotten their taxes done the clock is ticking.  For those who have gotten their taxes filed you’d like to think you can relax at least for another year. So what happens when you receive a formal letter from the IRS called an IRS …

Family Disputes When Dividing Assets in Last Will & Testament Many families have been torn apart by inheritance disputes.  Few issues can divide even the strongest families quicker than disagreements about finances or fairness in the passing on of assets. For example, the Washington Post published a story last week that highlights one very common way …

Ed Koch Estate – Example of Need for Living Trust When most people think about estate planning, a single document comes to mind: a last will and testament.  However, it is far too limiting to assume that a will is the only (or best) way to ensure that your long-term wishes are handled.  In fact, …