Grant Gray, PC believes in the importance of sitting down with you to understand your needs, then creating a plan that will help fit your family’s unique circumstances. With decades of experience and a passion for helping families navigate the difficulties of estate planning and trust and estate administration, Megan and Nick are here to help.
Estate Planning
Simply put, estate planning is the process of setting up a plan that ensures your intentions regarding the management of your assets, the care of your family, and your health care decisions are honored during your life and after your death. A “basic” comprehensive estate plan typically consists of a Will, Durable Power of Attorney, Health Care Proxy and Living Will, and a HIPAA Release. If desirable, some families also create Revocable Trusts as another asset management and tax planning vehicle in their estate plans. Whether an estate plan is simple or complex is entirely decided by the specific needs and objectives of each client.
Each of these documents helps to create clarity for your family, especially after your death, by providing detailed instructions as to how you want your property managed and distributed. Estate planning is much more than just deciding “who gets what” – it also encompasses choosing guardians for your children, charitable giving, disability planning, inheritance protection, insurance planning, and probate and tax planning.
Estate Administration
Generally, estate administration is the process by which a person’s assets are collected, managed, and distributed after his or her death. It involves following the set of written instructions detailed in your estate plan that dictates who will receive the assets in your estate after you die, what they will receive, and the timing of the distribution. While each estate presents its own unique set of circumstances and required tasks, the estate settlement process broadly includes the following major steps:
The filing with the probate court of a petition for the appointment of a personal representative for the estate, including asking for the formal allowance of any Will left by the decedent;
Identifying, collecting, and appraising the decedent’s assets;
Identifying and paying the decedent’s debts and the expenses of administering the estate;
Preparing and filing any required income and estate tax returns;
Making final distribution of the remaining assets of the estate in accordance with the terms of the estate plan; and
Preparing and filing any required Account with the beneficiaries of the estate and with the probate court.
We will work with your family to ensure the smoothest and most efficient settlement of the estate possible.
Serving as Professional Trustee
Nick has served as a Professional Trustee for clients for over fifteen years. As a Trustee, it is Nick’s job, along with any other Trustees in office, to manage the property in the Trust in accordance with the terms of the Trust instrument for the benefit of the persons named in that instrument. Nick will coordinate with independent investment advisors to ensure that the Trust property is effectively invested so that it can be used to carry out the terms of the Trust to accomplish your objectives.
Legal Representation of Personal Representatives, Executors, and Trustees
Nick and Megan are pleased to provide legal advice to fiduciaries – personal representatives, executors, trustees, attorneys-in-fact – concerning their rights and the obligations incumbent upon them in the carrying out of their duties. We also provide legal advice to beneficiaries of estates and trusts as to their interests under the terms of a Will or a Trust and relevant law to ensure that their rights are protected.
Tax Preparation
Under the tax code, each estate and trust is generally considered a separate taxpayer for income tax purposes. In a similar manner to individuals, a trust or estate must file a federal and state fiduciary income tax return each year. At Grant Gray, we can take care of the preparation and filing of these returns as well as consult with clients on the most efficient strategies for reducing the overall income tax burden for the family.
The federal government and the Commonwealth of Massachusetts each impose a tax upon the transfer of a decedent’s property at death for estates above a certain size. The federal government also imposes a tax upon gifts made by a person during his or lifetime above a certain threshold each year. We can assist you with:
determining whether a gift and estate tax return needs to be filed;
the preparation and filing of any necessary return;
clearly explaining each element to you so that you can fully understand your return.
Guardianship and Conservatorship Appointments
Generally, guardianships and conservatorships are protective legal measures involving a Probate and Family Court. A guardian is a person authorized by the Court to care for an incapacitated person, and a conservator is a person authorized by the Court to safeguard an incapacitated person’s property.
If a person has been diagnosed with a condition that prevents him or her from making or communicating decisions affecting his or her health, safety, or general self-care, he or she is a legally incapacitated person. A guardian is a person authorized to make health and welfare related decisions on behalf of an incapacitated person. Guardianship is the process by which a guardian’s authority is granted to act in such capacity. A minor child is also considered to be legally incapacitated. Guardianship of a minor is the process that grants the guardian authority to care for and to make decisions on behalf of a child.
In a Conservatorship, the Court appoints a person to act as conservator to manage and administer the property of someone who has lost the ability to manage his or her own affairs. The conservator is responsible for taking charge of the protected person’s financial interests, and to use that property for the benefit of the protected person to ensure that the financial wellbeing of that person is properly managed.