What is the right way to leave your individual retirement account (IRA), 401(k), 403(b) or other qualified plan? Many people choose the wrong way. Do not be one of them. Instead, with help from a Cape Cod estate planning attorney, name an IRA Inheritance Trust™ as your IRA’s beneficiary.

If you’ll keep reading, you will learn about the advantages that an IRA Inheritance Trust™ provides.

Neglecting to name the right beneficiary for your individual retirement account can be a quite costly mistake. When you don’t designate a beneficiary, your retirement plan goes directly to your personal (probate) estate at the time of your death, and this can create a sizable tax burden.

You shouldn’t transfer your individual retirement account into a trust while you are still alive, but you can designate an IRA Inheritance Trust™ as the beneficiary of your IRA to provide asset protection for the retirement plan and allow for the longest stretch-out allowed by law.

How Does an IRA Inheritance Trust™ Work?

Trusts are excellent estate planning tools for protecting and preserving personal wealth and passing that wealth to the next generation. Qualified retirement accounts (IRAs, 401(k)s, 403(b), and Roth IRAs) allow you to save for retirement while allowing your savings to grow income tax deferred (or income tax free in a Roth). If you don’t use all of the savings in your qualified retirement plan you may eventually transfer those assets to heirs as beneficiaries.

When you designate a trust as the beneficiary of a qualified retirement account, like an individual retirement account (IRA), the trust inherits that IRA at the time of your death. Then the IRA is maintained as a separate account (an inherited IRA) that is an asset of the trust. This can be done for any qualified retirement plan, like Roth IRAs, 401(k)s and 403(b)s.

The IRA Inheritance Trust™ has been reviewed and accepted by the IRS as complying with all its regulatory requirements, as a tool for protecting inherited qualified retirement account funds. An IRA Inheritance Trust™ protects your beneficiaries from divorces, creditors, lawsuits, and estate taxes at the death of the beneficiaries.

Additionally, an IRA Inheritance Trust™ “stretches out” the required minimum distributions (RMDs) over the maximum term allowed for each separate beneficiary (typically this is ten years, but may be longer).

How Does an IRA Inheritance Trust™ Help You Avoid Risks?

If your beneficiary directly inherits your retirement account, there are potential disadvantages and risks. Instead of leaving your IRA, 401(k), or 403(b) retirement account funds directly to your children, create an IRA Inheritance Trust™ and make that trust the beneficiary.

You will need the guidance and insights of a Massachusetts estate planning attorney who is familiar with inherited IRAs.

What are the risks when beneficiaries directly inherit retirement account funds? Retirement accounts are protected from your creditors, but when the funds transfer to an individual beneficiary, that protection ceases. A direct inheritance from an IRA has no protection from divorces, lawsuits, creditors, or bankruptcy experienced by the beneficiary.

In fact, those threats could erode most if not all of the wealth you’ve labored to earn and leave to your loved ones, but by preparing an IRA Inheritance Trust™ with help from a Massachusetts IRA Inheritance TrustTM attorney, your beneficiaries may access their funds without those risks.

What Other Advantages Does an IRA Inheritance Trust™ Provide?

Because an inherited qualified retirement account that names an IRA Inheritance Trust™ as beneficiary is not considered an asset belonging to your beneficiary, it is protected from divorces, lawsuits, creditors, or a bankruptcy of that beneficiary.

Additionally, by naming a trust that allows for the longest deferral allowed by law, your individual retirement account funds will continue to grow tax-deferred and to compound over time.

Someone who inherits an individual retirement account has a right to larger distributions and may even withdraw the entire balance of the IRA as soon as it is inherited. On the other hand, when an IRA Inheritance Trust™ is the beneficiary, it is designed to encourage, but not force, a beneficiary of the trust to defer distributions.

What Can You Include in Your IRA Inheritance Trust™?

You may include provisions for special needs beneficiaries (for example, for someone receiving needs based government benefits, like SSI or Medicaid). Your Successor Trustee will decide when and how funds in your individual retirement account will be distributed. This lets you protect your beneficiaries and maximize their “stretch-out” benefits.

How Will an Estate Planning Attorney Help?

Anyone with retirement accounts currently worth at or above $150,000 should learn more about an IRA Inheritance Trust™. Especially if you are concerned about what may happen to your wealth after you’re gone, schedule a consultation with a Cape Cod estate planning attorney to learn more about establishing an IRA Inheritance Trust™ – or to begin the process.

Once your IRA Inheritance Trust™ has been prepared, you should review it with your attorney at least every three years. You may also need to update your trust immediately if you divorce, remarry, have a child, sustain a long-term or permanent disability, or suffer a death in the family.

Here’s another reason why your trust needs to be regularly updated. The laws that govern trusts are frequently changed. There were changes in 2019 and more changes are imminent. Changes in the law can affect the provisions of your trust, so those changes cannot be ignored or overlooked.

Have You Prepared Your Estate Plan?

An IRA Inheritance Trust™ is only one part of a comprehensive estate plan. If you do not already have a comprehensive estate plan in place, now is the time to begin the estate planning process. It can’t be done in haste, and you will need an attorney’s guidance and advice.

If you have a family, own a business, own significant assets, or if others count on you, your estate plan assures that your finances and assets will be handled properly after your death.

Without the right estate plan, there is no way to guarantee that your instructions will be followed after your death or that your assets will be distributed according to your wishes. Your estate plan also leaves instructions for your loved ones if you become incapacitated while you are still alive.

When Should You Schedule a Consultation?

After reviewing your assets, properties, liabilities, and your current financial situation, a Cape Cod estate planning lawyer can recommend a specific, comprehensive estate plan that will protect your assets – and more importantly, protect your loved ones – for many years to come.

A good estate planning lawyer will ensure that your estate plan is easy to understand, that nothing has been overlooked, and that you have the time and information you need to consider and review your estate planning options and make informed estate planning decisions.

Whether you need to prepare an IRA Inheritance Trust™, begin the estate planning process, update your estate plan, or if you simply need to learn more, make the call – right away – and schedule a consultation with a Massachusetts estate planning lawyer.

Massachusetts levies an estate tax on estates worth more than $1 million. Who must pay the Massachusetts estate tax? Can that tax be reduced or avoided with proper estate planning and sound advice from a Cape Cod estate planning attorney? Keep reading for the answers.

Here’s how the Massachusetts estate tax works. The estate tax exemption is $1 million. If your estate is under $1 million at the time of your death, no state estate tax is owed. If your estate is over $1 million, an estate tax must be paid before your assets can be distributed to your heirs.

However, the Massachusetts estate tax applies to the entire estate and not just to the amount exceeding the exemption figure. Thus, if your estate is valued at $1.5 million, the tax applies to the entire $1.5 million and not just to the $500,000 over the exemption figure.

Will Your Estate Have to Pay the Massachusetts Estate Tax?

The federal estate tax exemption (for 2022) is $12,060,000, but with a state estate tax exemption of only $1 million, many people who own homes in Massachusetts should consult an estate planning attorney about reducing their estate tax burden or avoiding the state estate tax entirely.

The median price of a single-family home in the Boston area rose to $811,000 in 2021, making the exemption “a middle-class tax burden if you own real estate in the Commonwealth,” Eileen McAnneny of the Massachusetts Taxpayers Foundation told the Boston Globe.

If your estate’s value is close to or over the $1 million exemption figure, an inadequate estate plan could leave your estate with a devastating tax burden. A Cape Cod estate planning lawyer may be able to help you keep your estate’s value below the $1 million exemption figure.

How Is the Massachusetts Estate Tax Paid?

If the estate of a Massachusetts resident is worth over $1 million at the time of that person’s death, or if an out-of-state resident owns real estate or personal property located in the Commonwealth of Massachusetts with a total estate size, regardless of where it is located, of more than $1 million, the executor of the estate must file a Massachusetts estate tax return.

Your taxable estate in Massachusetts includes your real estate holdings, the vehicles you own, business interests, proceeds from any life insurance policies you own, your bank, investment, and retirement accounts, and any property you hold in a revocable living trust.

Typically, if you and your spouse co-own property or assets in Massachusetts, only your share is included in your taxable estate. If you co-own your residence in Massachusetts with your spouse, for instance, only half of the value of the residence is counted as part of your taxable estate. But if you there is a non-spouse co-owner then the entire value of the co-owned asset will be included in the estate of the estate of each co-owner at death.

If you’ve been named as the executor of an estate, you may need professional help to prepare the Massachusetts estate tax return. Don’t hesitate to contact a Massachusetts estate planning lawyer for help with the estate tax return or any other matter regarding the administration of an estate.

Are You an Out-of-State Resident With a Home in Massachusetts?

Unless you take the right steps, if you own any real estate or tangible property in Massachusetts, you may have to pay the state’s estate tax, even if you are an out-of-state resident. However, with the right estate planning, out-of-state residents may be able to avoid the Massachusetts estate tax.

You can avoid the estate tax in Massachusetts if you do not own any tangible property in the state in your own name. However, as mentioned above, transferring a property in Massachusetts into a revocable living trust does not remove that property from your taxable estate.

A living trust offers considerable benefits and allows you to avoid probate, but property that you move into a living trust remains subject to the Massachusetts estate tax. Nevertheless, out-of-state residents may have options for reducing or eliminating their Massachusetts estate taxes.

Consider a Joint Trust for Reducing or Eliminating the State Estate Tax

A joint trust is one option. A couple may choose to establish a joint trust to shield real estate in Massachusetts from the state’s estate tax. By setting up a joint or “A/B/C” trust, a couple can avoid or reduce the Massachusetts estate taxes that would be due upon the second spouse’s death.

Merging your trusts has the added benefit of giving the trustee of your new joint trust additional investment options because your trustee will be managing and investing a larger sum of capital.

Some trusts give a trustee the authority to consolidate or merge the trust, or a trust may spell out a somewhat restrictive provision regarding mergers. In either case, let a Massachusetts estate planning lawyer advise you and handle the merger of your separate trusts into a single joint trust.

What Are the Other Options for Reducing or Eliminating the State Estate Tax?

Establishing an irrevocable trust is a second option. While a revocable trust does not shield your properties in this state from the Massachusetts estate tax, an irrevocable trust does. Prepared properly, an irrevocable trust can provide you and your family with substantial estate tax savings.

A third option for out-of-state residents who seek to avoid the Massachusetts estate tax is starting up a limited liability company (LLC) and transferring ownership of your Massachusetts property to the LLC. Legally, LLC shares are intangible property not subject to the state’s estate tax.

A number of types of trusts – and several other estate planning strategies – may allow out-of-state residents with Massachusetts properties to reduce or avoid entirely the state estate tax. A Cape Cod estate planning attorney can review your options and help you make the best choices.

When Should You Start Planning Your Estate?

The future can’t be predicted, but when it comes to protecting your estate and your loved ones, you need to be prepared for whatever the future may bring. Now is the time to start planning your estate, but good estate planning can’t be done in haste or under pressure.

A Cape Cod estate planning lawyer can prepare a last will and testament, set up a limited liability company, or create the revocable or irrevocable trust that works best for you. Helping you prepare effectively and adequately for the future is your estate planning lawyer’s job and goal.

Your attorney will ensure that your estate planning documents are easy to understand, that nothing has been overlooked, and that your plan is updated as your needs and circumstances – and as the laws governing estates and taxes – change in the future.

When it comes to estate planning, it is wise to have a good understanding of the main types of taxes your estate may be exposed to, and how to best plan to minimize your estate’s tax liability. The same strategy applies to those who expect to receive a large share of a loved one’s inheritance at some point in the future. Dealing with taxation matters when someone passes away can be stressful and overwhelming, so it is best to do your homework early so you can be prepared. Our estate planning law firm helps countless clients by customizing their estate planning strategies to reduce or avoid certain types of taxes — here are a few essential tips for anyone looking to do the same.

What is the Estate Tax ?

The IRS defines the estate tax as a “tax on your right to transfer property at your death”, and it consists of an “accounting of everything you own or have certain interests in at the date of death.” For 2021, the highest estate tax rate is 40%, but only estates valued at or above $11.70 million are required to pay federal estate taxes. It is important to point out that taxes are assessed only on the value of the estate that exceeds the 11.70 million threshold, meaning most estates in this country are unlikely to have to pay federal estate taxes. However, many states have their own estate taxation structure, so check the laws in your state residence, as well as each state in which you own real estate or personal property to see if you are required to pay state estate taxes.

Many of our clients must plan around Massachusetts estate taxes, even the clients who are residents of other states, like Florida. The estate of a Massachusetts resident is subject to the state estate tax if the total of the assets owned at death exceeds $1,000,000. While the tax rate is graduated, a quick rule of thumb to estimate the amount of estate tax liability is:

(Estimated estate value – $1,000,000) x 10% = estimated MA estate tax

Although the above equation is not precise it gives a reasonable estimate. For example, lets look at a single person who passes with an estate of $2,000,000. The decedent has an exemption of $1,000,000, leaving $1,000,000 subject to the tax. At 10% the tax would be estimated at $100,000. The actual tax is $99,600.

Residents of states other than Massachusetts may still face Massachusetts estate tax if they own Massachusetts real estate or own personal property located in Massachusetts. For example, a Florida resident who owns a summer home on Cape Cod will be subject to the Massachusetts estate tax. Let’s assume the Florida resident has an estate of $1,500,000 with Massachusetts real estate valued at $750,000. To estimate the tax of an out of state resident we need to calculate the following:

Step 1:
(Total Estate Size – $1,000,000)
x 10%
__________________________________ (equals)
MA Estate Tax on a MA Resident

Step 2:
MA Estate Tax on a MA Resident
x ((MA Real Estate Value + MA Personal Property Value)/Total Estate Size)
__________________________________ (equals)
MA Estate Tax on Out of State Resident

So for the example of the Florida resident with an estate size of $1,500,000 and MA Real estate worth $750,000 the tax estimate is as follows:

Step 1:
($1,500,000 – $1,000,000) x 10% = $50,000

Step 2:
$50,000 x ($750,000/$1,500,000) = $25,000

So we can see that the estimated MA estate tax for our Florida resident is $25,000. In actuality, the MA Estate Tax on the estate of a Florida resident in this example would be $32,200.

It is important to recognize that every person with assets located in states other than their state of residence must be sure that his or her estate plan considers the tax requirements not only of his/her state of residence, but also the tax laws of any state in which assets are owned – it doesn’t matter whether the asset owned is a second home, a time share or property co-owned with a friend or a sibling.

What is the Gift Tax?

The gift tax is defined as a tax on the transfer of property from one individual to another. This transfer results in the donor receiving nothing in return, or receiving a return that is less than the full value of what was transferred. Many property transfers may be counted as gifts, including money, assets, use of income generated by a property, and even a low-interest or interest-free loan. Many people are aware that there is an annual gift tax exclusion of $15,000. In other words, each person may give up to $15,000 to any other person. As of 2021, any person may make many gifts of up to $15,000, as long as no more than $15,000 is given to the same person. Any gift in excess of the annual exclusion will reduce the lifetime exemption. The IRS requires every taxpayer to file a tax return (Form 709) by April 15 of the following year to report gifts in excess of $15,000.

The code allows each person an amount they may give during one’s lifetime without having to pay a transfer tax. As of 2021 the lifetime gift tax exemption is $11.70 million – the same amount as the estate tax exemption. This means an individual can make gifts during their lifetime of up to 11.70 million without being subject to the gift tax. Anytime that a taxpayer makes a reportable gift (ie. over $15,000) the lifetime exemption is reduced as is the estate tax exemption.

How does the ordinary income tax and capital gains tax apply to my estate or my trust?

Certain assets in an estate may be subject to income tax. For example, if a decedent owned assets that generated income, such as rental properties, CDs, stocks, bonds, mutual funds, or savings accounts, and those assets generated more than $600 in income, then it will be necessary to file an estate income tax return. Similarly, if the decedent created a revocable trust, once the person who created the trust has passed away, the trust becomes irrevocable and it, too, will need to file an annual income tax return. Once these assets are transferred to an heir, that person will not need to pay income tax on the amount received, but any subsequent earnings generated by the inherited assets will be subject to income tax and must be included in that person’s yearly tax return.

Likewise, heirs may need to pay capital gains tax if selling any inherited property that may have appreciated in value. The capital gains tax is a tax that applies to the growth in value of investments at the time those assets are sold. For example, if someone inherits a house worth $200,000.00 and later sells it for $250,000.00, that person will need to pay capital gains tax on the $50,000.00 difference.

How does the Generation-Skipping Transfer tax work?

The Generation-Skipping Transfer Tax (or GSST) is a tax applicable to transfers of property (through gift or by inheritance) to a beneficiary who is at least 37 ½ years younger than the donor. It was designed as a way to stop donors from transferring large sums to their grandchildren without paying any taxes. The GSST has the same exemption threshold as the Estate and Gift taxes – 11.70 million. Any transfers above that threshold will likely be subject to the flat GSST rate of 40%, which leaves the vast majority of the estates in the country exempt from paying GSST.

Are there other taxes I need to keep in mind for my estate plans?

Yes, there are four other types of taxes you may want to know about. Not every estate will be subject to all of these taxes, but it is important to have an understanding of what they are and whether they may apply to your estate.

• Net Investment Income Tax: a 3.8% surtax applicable to income earned from investments. Only the income that lies above the thresholds outlined by the IRS will be required to pay net investment income tax. Estates and most trusts are subject to this tax if the income of the estate or trust exceeds a very low threshold (as of 2021 the threshold is only $13,100). With proper planning this tax may often be eliminated.
• State and Local taxes: As of 2021, 13 states in the U.S. levy estate taxes. When planning your estate, check if your state and local government require payment of any estate or inheritance taxes. Additionally, estates and trusts are subject to state income taxes – and sometimes there may be income tax liability in multiple states.
• Business Income tax: if an estate includes assets (such as rental properties or a family business), it may be required to pay business income tax.
• Payroll tax: in the case of a decedent that was employed and receiving paychecks, the final paycheck may or may not be subject to payroll taxes depending on whether it is issued in the same year or the following year following the death. Sometimes the estate or trust may have to pay payroll taxes too. For example, if the client has employed caretakers or home health workers, then payroll taxes will need to be paid.

As you can see, taxation rules pertaining to estates can be quite confusing. At Boyd & Boyd, P.C. our attorneys can help you understand these complexities and give you advice so you can employ the best strategies to reduce the amount of tax to which your estate may be subject. Contact us today for a free strategy session.

In Massachusetts, the wisest estate planning takes place when a Cape Cod estate & trust administration attorney guides you through the process of creating the legal documents that will make your wishes and instructions regarding your estate unmistakably clear after your death.

Determining how your assets and your property will be divided and distributed when the time comes is the most essential part of estate planning for most people. But if you have no obvious heirs, what should you do with your estate? What are your options and alternatives?

People who have the right to inherit are known as “heirs,” but you may have no spouse, children, or other heirs. Estate planning attorneys often work with unmarried and childless clients who have no idea what they should do with the assets and property that will be left behind.

What Does “Dying Intestate” Mean?

In Massachusetts, if you do not leave behind a will or an estate plan – in other words, if you die “intestate” – your estate will go through the probate process and will then be divided and distributed under the terms of the state’s intestacy laws.

When someone dies intestate, the spouse is the first person legally eligible to inherit. However, there are many instances where a surviving spouse will receive less than the entire estate, as most married couples would want. In fact, in many situations, the surviving spouse will inherit a little more than 50% of the estate. The balance will go to other relatives, based upon who survives the decedent.

To make matters worse, children of the decedent may receive almost 50% of the estate and if any of the children are minors there are additional complications and expenses. If there are no children of the decedent the remainder goes to other relatives in the order specified by Massachusetts law.

If there is no living spouse, the children inherit, and if there are no living children, the grandchildren inherit. If the decedent never had a spouse or children, the parents may become heirs, and then siblings, nieces, nephews, and cousins, etc.

Additionally, if you die intestate, whoever your heirs may be, they may have to pay inheritance taxes that could have been avoided with the right estate plan. A well written estate plan usually includes a trust that can minimize the taxes your loved ones may have to pay.

What Can Happen if You Have No Heirs?

If you have no living relatives, no will, and no estate plan, you will not have any control or say about what will happen to your property and assets after you’ve passed away. A court may even designate someone that you don’t know to administer your estate.

If you leave no will or estate plan behind, and if you have no living relatives, your property will eventually go to the state, but this seldom actually happens. If you have no obvious heirs, the law transfers your property to any living relative who can be found.

What is Probate?

Probate is a court proceeding. As a court proceeding, what goes through probate is generally a matter of public record – meaning the decedent’s personal, financial matters can be seen by anyone who asks. In Massachusetts, a probate court proceeding cannot be closed until at least one year after the date of death has passed.

However, most probates typically last about a year and a half. Because probate is a court proceeding, most families need the assistance of at least one attorney (and in some cases each family member may need his or her own separate attorney), and consequently probate can end up being expensive, with the costs associated with probate totaling to be around 5% of the estate size.

In the probate process, the decedent’s assets and property, which are owned individually, are identified, evaluated and appraised, remaining debts and estate taxes are paid, and what remains is distributed according to the decedent’s will (if a will was left) or according to Massachusetts intestacy laws. Probate can and should be avoided.

It ties up assets and property, often for months. During the probate process the assets going through probate are generally not available for the heirs to use. It can greatly reduce the value of your estate. Creating a living trust with the help of a Massachusetts estate planning attorney, so that your assets and property are owned by the trust and no longer probatable, is one way to avoid probate.

If you don’t have a spouse or children, it is still better to create an estate plan and name an heir than to let a Massachusetts court divide and distribute your estate. Faced with the question of what to do with their estates, people without heirs often name a charity to inherit an estate.

If you choose charitable giving, that may create some options that your estate planning attorney will need to explain to you in detail. Rather than naming a charity as a direct heir of your estate, you may instead want to consider creating a private foundation or a charitable remainder trust.

How Do Private Foundations Work?

Private foundations offer grants to charities. Usually, private foundations are created with a tax-deductible donation. The foundation is managed by directors or trustees. These directors or trustees are usually paid, and they oversee the foundation’s assets and properties.

How Do Charitable Remainder Trusts Work?

If you choose to give through a charitable remainder trust, an estate planning attorney will help guide you through the process. The Trustee you have named will then be in control of the trust. Your attorney will:

1. Confirm that the organization you designate has IRS approval.
2. Move into the charitable remainder trust the assets you’re donating to the trust.
3. The Trustee will manage the trust during your lifetime, making distributions (typically to you and/or your spouse) of the specified amount for a fixed period of years or for the rest of the beneficiary’s lifetime.
4. Designate the charity as the remainder beneficiary, to receive whatever may be left in the trust at the end of the term of years or after the death of the income or annuity beneficiary.

Whether you name a charity or some other party as your heir, you should review the estate plan after no more than five years – or sooner if changes have happened in your life or in your relationship with the party you’ve named as your heir.

Whether or not you have a spouse or children, no one can know what tomorrow will bring, so start the estate planning process promptly. Good estate planning requires work, time, and care, but the proper estate plan will give you control of what is yours – even after you’ve passed away.

What Else Should Be Part of Your Estate Plan?

Whether you name a charity or some other party as your heir, you should review the estate plan after no more than five years – or sooner if changes have happened in your life or in your relationship with the party you’ve named as your heir.

Whether or not you have a spouse or children, no one can know what tomorrow will bring, so start the estate planning process promptly. Good estate planning requires work, time, and care, but the proper estate plan will give you control of what is yours – even after you’ve passed away.

What Else Should Be Part of Your Estate Plan?

For those who have no spouse or other relatives, your estate plan also needs to designate someone to make decisions for you if you should become incapacitated. A Cape Cod estate planning lawyer will help you create one or more of these key legal documents:

1. A Health Care Proxy (sometimes called a durable power of attorney for healthcare in other states) authorizes someone to make healthcare decisions for you if you cannot make those decisions by yourself. In some states a medical power of attorney is not recognized. In those states a living will is used to specify which life-prolonging treatments you will and will not receive if you are unable to articulate those preferences. A good estate plan will include both a Health Care Proxy and Living Will, even though Living Wills are not yet recognized by statute in Massachusetts.
2. Similarly, a durable power of attorney for finances authorizes someone to handle your financial and legal affairs if you cannot manage those affairs by yourself.
3. Revocable Trusts are often a better way to handle management of assets upon an incapacity because most financial institutions are very comfortable with trusts. Trusts allow you to retain control of your financial affairs until you are no longer able to manage things by yourself but may also be designed to allow you to continue to have a say in the management of your own financial affairs, even after you start to experience incapacity issues by using a co-trustee. Additionally, revocable trusts may help to keep your personal financial affairs private.

Take Control – With the Right Attorney’s Help

Probate and inheritance laws are difficult and often confusing. Nevertheless, the right Cape Cod estate planning attorney can provide reliable, sound guidance that lowers estate taxes, makes sure your instructions are honored when the time comes, and fully complies with Massachusetts law.

The estate planning process gives you control you otherwise do not have. The right Massachusetts estate planning lawyer can make that process easier. And once again – it can’t be stressed strongly enough – no one knows the future, so the time to plan your estate is now.