Massachusetts Law Makes Way for Pet Trusts

The Massachusetts Pet Trust Bill signed into law early this year by Governor Deval Patrick provides legal means for pet owners to establish a pet trust and set aside funds for their animals, along with specific instructions for care, exercise and diet. The law is now available online at this link. Writes Somerville estate planning attorney Michelle Mulvena,

"In the past, pet owners had little say over how their animals were to be cared for upon their death. Many had chosen to designate money and appoint an individual in their wills for pet care, but there was no real legal obligation to carry out their wishes – until now." 

Mulvena also writes, that "pet owners can [now] designate a caregiver as well as appoint a trustee, who will ensure that all directions are carried out accordingly.  If the terms of the trust are not met the Trustee will be held accountable, possibly even removed and replaced."

Boston Special Needs Attorney Neal Winston Elected President of National Special Needs Alliance

Boston special needs attorney, Neal A. Winston, CELA, has been elected president of the Special Needs Alliance (SNA) for the 2011 term. As president, Winston will continue to advocate for the special needs community by advancing the public policy work of the SNA and by strengthening relationships with partner organizations like the Autism Society of America (ASA), ARC and the National Alliance on Mental Illness (NAMI).

"We have established a membership of some of the best, most well respected special needs attorneys in the country and believe that a great opportunity exists to impart that expertise to the public by collaborating with other special needs support organizations," said Winston.

Winston is a partner in the Massachusetts trust and estate planning law firm Moschella & Winston, LLP, which specializes in estate and disability planning, asset protection, and public benefits eligibility. His passion for advocacy dates back to the early 1970s when, as part of Volunteers in Service to America (now AmeriCorps), he was assigned to a Legal Aid office.

Having practiced public benefits law for over 30 years, Winston is a nationally recognized expert on special needs trusts and needs-based public benefit programs and is active in legislative issues affecting disabled and elder citizens on a state and federal level.

Amendment Would Impose NH Estate Tax

May 7, 2010 — Concord, NH — NH Trusts and Estate Attorney Jan Myskowksi writes on his law firm's web site that a late-filed amendment to NH Senate Bill 450-FN would impose a New Hampshire estate tax of 8 percent on the portion of the decedent's taxable estate that exceeds $2 million. The amendment was approved by the House Ways and Means Committee last week, and by the House Finance Committee on Tuesday of this week, and now needs approval by the Senate and the Governor. For more on this amendment see the article at: NH Estate Tax.

Also, for background see this article: The Estate Tax Is Dead; Long Live the Estate Tax.

New Hampshire Trusts and Estates Update 2009 - News

NH Estate Lawyer Jan Myskowski provides an update of Trusts and Estates Law for New Hampshire on his firm's web site. Dated November 19, 2009, his update includes these 3 articles. Click on the title to read the full piece.

• Deadline Extended to Rollover Unwanted 2009 RMDs
• The Estate Tax Benefits of Roth Conversion
• Anticipated Trap in New Hampshire’s Long-Term Care Partnership

Myskowski is the lead trust and estate attorney at Concord, NH law firm Gallagher, Callahan & Gartrell.

Down Economy Provides Interesting Opportunities in Wealth Transfer Planning

New Hampshire Trusts & Estates Attorney Jan P. Myskowski has published an article describing how following the dramatic changes in the economy, the IRS section 7520 rate is now at an all-time low, creating new opportunities and challenges in the estate planning world.

According to Myskowski, "The Internal Revenue Code section 7520 rate required for valuation of retained interests plummeted from 5.0% in December, 2007, to 3.4% in December, 2008, and has dropped to the dramatic low of 2.0% for February, 2009, a rate never before seen since the enactment of section 7520 in 1989."

The article further states, "Acutely low interest rates make for interesting times in the estate planning world. Rare opportunities arise to shift wealth at reduced transfer tax burdens, but a larger than usual gap opens in the comparative utility of various planning techniques, placing greater emphasis on the importance of analyzing the appropriate technique for any given client. Planning vehicles such as Grantor Retained Annuity Trusts (GRATs) become particularly attractive, while others, such as Qualified Personal Residence Trusts (QPRTs) lose some of their appeal (although plummeting real estate values make this technique viable despite the effect of low rates)."

To read the full article, click on: Wealth transfer planning.