Frequently Asked Questions

  • The IRS defines the estate tax as a tax on your right to transfer your property at your death. More bluntly, it is a tax on the total value of your net worth.

  • Probate is the court-supervised process of transferring assets after someone has passed away. Most people prefer to avoid probate due to the delays, expenses, and privacy intrusion involved. Probate can be avoided with comprehensive estate planning; a Will alone is not enough to avoid probate.

  • Old Colony Law’s estate planning process is efficient and effective. Our process typically involves a consultation, review meeting, signing ceremony, and asset titling assistance.

  • Old Colony Law’s estate plans are crafted to be durable enough to withstand changes in the law and life. However, major changes in your life circumstances, such as the loss of a spouse, birth of a child, or substantial changes in assets, may require revisiting your estate plan to ensure that it addresses your current concerns.

General Estate Planning

Asset Protection & Consequences of Inaction

  • Asset Protection is the process of using the law to reduce the risk of loss due to lawsuits, creditor claims, bankruptcies, accidents, and disasters. Asset Protection may be bolstered in the estate planning process with proper trust planning.

  • Without an estate plan, your assets may be subject to probate, which can be time-consuming, expensive, and expose your estate to creditors. Additionally, the government will determine how your assets are distributed upon your death, and if you become incapacitated, a court may appoint someone unfamiliar to oversee your financial and medical affairs. Failing to plan increases the likelihood of disputes among heirs and may result in asset distribution that doesn’t align with your wishes, potentially diminishing the legacy you intend to leave behind.

  • Estate planning provides an excellent opportunity to build a lasting legacy. By leaving assets to charity, you can continue to support the organizations that you value most, even after your death. Old Colony Law assists clients with understanding their charitable giving options both locally and nationwide.

  • If you fail to create an appropriate plan, such as establishing a special needs trust, your child may be at risk of losing eligibility for essential government benefits like Supplemental Security Income (SSI) and Medicaid. Without proper planning, a direct inheritance could disqualify your child from these programs, which could compromise their long-term care and financial stability. By setting up a special needs trust, you can ensure that their inheritance is managed in a way that preserves their eligibility for benefits while providing for their additional needs.

Common Misconceptions

  • For most individuals, an online will is not sufficient to protect their assets from probate and estate taxes, nor are they effective in protecting a child’s inheritance. Online wills often contain outdated terminology and vague language. A properly drafted estate plan requires more than just filling in the blanks. Old Colony Law offers comprehensive and customized estate plans with a personal approach.

  • Yes. Even those without children generally prefer to avoid probate, taxes, and privacy intrusions. Those without children may still be concerned about protecting an inheritance for a spouse or other loved one or making charitable donations.

  • Estate planning is essential for everyone, regardless of wealth. It ensures that your wishes are honored and your loved ones are taken care of.

Business Considerations & Estate Planning

  • Proper estate planning can protect your business from probate and reduce potential estate taxes. We help business owners integrate their business assets into their overall estate plan, ensuring seamless management and transfer of ownership.

  • When a business owner dies, what happens to the business depends on the owner’s estate plan and whether there is a business succession plan. A business could simply terminate upon death, be owned by the owner’s estate, be passed on to family members, or, in the case of businesses with multiple owners, pass to other business owners.

  • Yes, we can assist in business succession planning to ensure a smooth transition of ownership or leadership. Whether passing it on to family members or preparing for sale, we create a plan tailored to your goals.

  • The timeline can vary based on your individual circumstances and needs, but we strive to provide you with a comprehensive plan in a timely manner, usually within a few weeks of our initial consultation.

  • The cost of estate planning varies depending on the complexity of your needs. We offer customized solutions and packages that align with your unique situation. Please contact us for a personalized quote.

  • Old Colony Law’s estate planning process is efficient and effective. Our process typically involves a consultation, review meeting, signing ceremony, and asset titling assistance.

  • At Old Colony Law, we create a wide range of estate planning documents to meet your needs. We start with essential documents such as Wills, Revocable Trusts, Powers of Attorney, Health Care Proxies, and Digital Asset Releases. For more complex situations, we also prepare specialized documents, including:

    • Insurance Trusts

    • Estate Tax Reduction Trusts

    • Education Trusts

    • Grantor Retained Annuity Trusts

    • Charitable Trusts

    Our goal is to ensure that your estate plan reflects your unique circumstances and provides comprehensive protection for your legacy.

  • We provide various resources on our website, including articles, guides, and webinars. Visit our resource page for more information.

Working with Old Colony Law

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Ready to Take the Next Step?

We understand that estate planning can feel overwhelming, but you don’t have to navigate it alone. At Old Colony Law, our dedicated team is here to guide you through every step of the process, ensuring that your unique needs and wishes are met. If you have more questions or are ready to start crafting your estate plan, contact us today to schedule a consultation. Let us help you safeguard your legacy and provide peace of mind for you and your loved ones.