Blog

20
Apr

What’s Probate and How Can You Minimize the Cost?

Posted by | · · · · · · · · · · · · · · · | Estate Planning

Probate is the legal process that occurs after your death in order to settle your estate. The process can vary depending on your situation. For example, in Massachusetts there are four types of probate: (1) Voluntary Administration, (2) Informal Proceedings, (3) Formal Proceedings,  and (4) Supervised Administration.   While the exact steps vary depending on […]

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10
Apr

Understanding the Anti-Lapse Statute

Posted by | · · · · · | Estate Planning

The Anti-Lapse statute is a law that aims to correct the lack of contingency planning in a Will. Prior to the enactment of this statute, a gift to someone in your Will would fail completely if that person predeceased you unless you specifically provided otherwise. Therefore, the Anti-Lapse statute creates an automatic exception to the […]

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10
Apr

3 Ways to Avoid the MA Estate Tax

Posted by | · · · · · · · | Estate Planning

Thanks to the new tax bill, very few will be susceptible to the Federal Estate Tax as the Federal exemption amount now sits at $11.2 million (effectively $22.4 million for married couples).   Unfortunately, for those of you domiciled in Massachusetts, there’s another tax you have to worry about – the state’s Estate Tax – […]

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09
Apr

How Frequently Should You Review Your Estate Plan?

Posted by | · · | Estate Planning

Estate planners often say you should review your estate plan every few years (with just a hint of bias). However, in practice I have found that this answer varies between two extremes: 3 years to 15 years. The reason being that most families only need to review their estate plan when a triggering event occurs, […]

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02
Oct

3 Steps to Becoming Wealthy

Posted by | · | financial planning

#1 Set Goals Your direction determines your destination. If you haven’t sat down and asked yourself “where do I want to be 1 month, 1 year, or 1 decade from now” then you should start doing it right now. Seriously, open a word document or get a pen and paper out and write down your […]

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29
Sep

Should You Be Worried About Low Wage Growth?

Posted by | · | economics · financial planning

There’s no question that we have a healthy economy right now. At the time of this writing, the unemployment rate is at 4.4% and there are millions of job openings across the country. However, there’s one thing that isn’t pointing in the right direction, and that is the average hourly earnings of the American workers. […]

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22
Sep

What’s A Qualified Charitable Deduction?

Posted by | · · · | financial planning · investing

A Qualified Charitable Deduction is a great way to turn your excess RMD (required minimum distribution) into a tax-saving opportunity because it counts towards your required minimum, but doesn’t get taxed. In other words, if you have a traditional IRA, are over age 70 ½, and already plan on making a certain amount of charitable […]

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22
Sep

What’s the ‘Retirement Spending Smile’?

Posted by | · | financial planning

$275,000 – that’s how much Fidelity says today’s average 65 year old retiree should expect to pay in healthcare costs. A 6% increase over last year’s estimate.   While such a large number may come as shock to many, the fact that it’s spread out over about 20 years makes it seem a little less […]

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20
Sep

What’s A Spousal IRA?

Posted by | · · | financial planning · investing

You’re probably heard of an IRA (individual retirement account), but may not be as familiar with the concept of a spousal IRA. In this article we will briefly explain what a Spousal IRA is and how it works.   Spousal IRAs are actually just Traditional or Roth IRA’s that are funded by a person’s spouse […]

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19
Sep

Do You Have The Courage To Rebalance Your Portfolio?

Posted by | · · · · | investing

Rebalancing is the act of re-allocating your investments to match your target asset allocation. For example, a new retiree may have an asset allocation of 50% stocks 50% bonds meanwhile a young investor may have a more aggressive asset allocation of 90% stocks 10% bonds. However, over time, depending on how your investments perform, this […]

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