What Comprises an Estate and What Is Estate Planning?
Estates are comprised of all property owned by a person prior to distribution via a trust or will. Simple estates possess property including cars, a home, household items, publicly traded stocks, bonds, IRAs, and bank accounts. Larger estates may hold multiple real estate investments; one or several family businesses; and collectibles like art, gold, gold bullion, and numismatics. Naturally, larger estates with more complex holdings require additional strategy.
Estate planning is the process by which an individual or family prepares for the transfer of assets in anticipation of a person’s death. While ultimately determined by those bequeathing the estate, estate planning typically aims to preserve as much wealth as possible for beneficiaries while maintaining flexibility for the person or persons prior to death. When estate planners strategize with an individual or family about an estate plan, some major concerns are the control of assets and the impact of federal and state taxes on the estate. Quality estate planning includes a comprehensive approach that brings together core elements of estate management, tax planning, risk planning, and trust services to formulate plans that fit your goals.
MA Estate Planning Attorney Services with Erskine
In addition to planning for the transfer of your assets after your passing, estate planning creates a plan for while you are alive. The Erskine Company’s attorneys discuss and develop your estate plans to meet your goals and objectives, including powers of attorney, healthcare proxies, and trust administration. They make sure your wishes are not only fulfilled while you are competent, but also safeguarded in the event that you become incapacitated and require outside management.
For over 130 years, the attorneys/estate planners at The Erskine Company have been providing strategic estate planning services to families in Massachusetts. Going beyond the basics of a typical estate plan, an Erskine Company attorney meets with you to evaluate the options available for the family. Erskine attorneys are adept at dealing with families who have complex assets including family businesses, real estate holdings, and valuable collectables. The Erskine Company has the experience and tools to protect family assets and wealth for future generations. Bringing together core elements of estate planning, estate management, tax planning, risk planning, and trust services, The Erskine Company formulates plans that fit your objectives and instill you with the confidence and peace of mind to pursue your goals.
Family Business Succession Planning in MA
About 30% of family businesses survive into their second generation. Only 12% make it to their third generation. While the odds of family businesses surviving multiple generations are clearly pretty dismal, the results do not have to be that way. The most common reason for the failure of family businesses is a lack of succession planning, which is easily avoidable. Proper succession planning maximizes opportunities and facilitates the creation of a multigenerational business embodying the founder’s goals or the current leader’s missions and values long after they are gone.
Lead by a fourth-generation trust-and-estates attorney, The Erskine Company has experience with multiple generations of Massachusetts family businesses working together or fighting each other over the family enterprise. Experience enables the attorneys at The Erskine Company to anticipate future consequences of today’s actions and provide clients with a better roadmap to the future. To read more, please view these articles:
- Risk Assessment of Succession Planning to Ensure Successful Multi-Generational Transfer of Family-Businesses Control
- How Do Family Businesses Create Lasting Success
Estate Planning for Art, Collectables, and Numismatics
Art, collectibles, gemstones, precious metals, numismatics, and similar items also know as nontraditional assets may create significant hurdles for your estate plan. At The Erskine Company, estate planning for estates with nontraditional assets is a core competency. The highly experienced trust and estates attorneys at The Erskine Company will help your family avoid taxes and maintain control of your family wealth, especially highly valued collections and art.
Managing and protecting the assets and interests of collectors requires specialized knowledge of tax statutes and legal guidelines. To read more about how The Erskine Company assists owners of valuable collections in Massachusetts and across the nation to safely and wisely preserve their collections, please view these articles:
Do You Have a Plan? Protect Your Assets.
Need Estate Help?
Founded by William T. Forbes in 1876, The Erskine Company has assisted generation after generation of many distinguished families – both here in New England and around the world – to gain certainty and peace-of-mind with respect to their financial health and personal legacies.
A fourth-generation owner and operator, Matthew F. Erskine carries on the legacy of those before him. Providing the peace-of-mind and security made possible only through high-quality service, Matt’s focus is ultimately the comfort and happiness of those he serves.
With more than a century of estate planning experience, The Erskine Company has developed an effective approach to forming successful partnerships. Focusing on your priorities, The Erskine Company can map your course to a more effective succession plan.