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Estate planning in Massachusetts
So goal one of being FIREd is achieved and I'm all set while I'm alive. But now I'm thinking of inheritances and how to organize my estate which is a few million (still less than $5M) with the biggest single asset being a $1M mortgage free home. I live in MA, I'm divorced in my mid 50s and have no children so haven't really worried much about this stuff.
I have named my nieces, and a couple of charities as beneficiaries on all my retirement accounts and have a DIY will that distributes the rest of the estate and a list of all my assets that my executors know about. But I think it's probably best to put the house in trust to avoid probate.
So does anyone have any advice about this. Can I DIY the trust and transfer deed in MA? Right now I'm below the federal inheritance tax limits but above the MA inheritance tax threshold. Do you have recommendations for estate planning professionals in MA?
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“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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