The Law offices of mark t. russell, Esq.
Our Practice
Estate Planning
Estate planning is best described in three parts. First, and most importantly, proper estate planning begins with a discussion about substitute decision-making. Who is to make those decisions impacting you and your finances if you're unable to make those decisions yourself? What follows is a weighing of familial and financial circumstances. Second, estate planning establishes a structure as simple as a Will or as complex as Trust planning based upon those factors that impact your family and finances – beyond who inherits and what they receive, proper planning considers the differing needs of family members, charitable planning, disability planning, and tax planning, among other factors. Finally, estate planning creates those instruments that will implement your wishes after your passing for the prompt administration of your estate and distribution of your assets. No one plan serves all clients. We engage in a dialogue with our clients and their family, as desired, to reach a plan achieving each client's purpose.
Elder Planning
Elder Planning is not just for the elderly. Elder Planning incorporates consideration of how aging impacts the client’s independence, finances, and estate plan. Elder Planning involves the preservation of assets for a surviving spouse, security for a disabled child, the practicality of long-term care insurance, the financial consequences of aging in the community and those public and private services available to enable aging in the community, and how to utilize your resources and those resources available from governmental benefits when confronting the cost of long-term care. Further, Elder Planning offers counsel in anticipation of the need for long-term care, how to understand the various applicable criteria governing eligibility for MassHealth long-term care benefits, and the preparation of the application for MassHealth benefits. Often, Elder Planning also requires the pursuit of Guardianship and/or Conservatorship in order to establish substitute decision-making for an individual no longer able to manage their affairs. Elder Planning often entails coordinating the knowledge and services of legal, medical, insurance, and financial planning professionals.
Probate and Estate Administration
Probate encompasses those laws and requirements governing the administration of an individual’s assets upon his or her passing. It includes identifying those assets subject to the jurisdiction of the Probate Court, administering the terms of the Will together with the Personal Representative (formerly known as an “Executor/Executrix”), and filing all necessary documents to establish the legal transition of assets upon an individual’s passing. More broadly, Estate Administration entails assistance and counsel with all those matters falling outside the jurisdiction of the Probate Court. These include assistance with identifying beneficiary designations and the transfer of retirement accounts, annuities, or life insurance. Where trusts are involved, it includes interpreting the language of the Trust and assisting in the prompt and efficient distribution of those assets to the beneficiaries identified and preparing all documents in order to transfer title and remove liability from the Trustee upon termination of the Trust. Finally, it includes counsel as to taxing authorities whether it is the final income tax return of the decedent or the applicability of the Massachusetts or federal estate tax which can lead to the complex preparation of the estate tax returns in order to preserve those assets for the decedent’s family and beneficiaries.
Business Planning
Business Planning is not merely establishing a corporation or limited liability company (LLC). Yes, counsel on limiting liability to clients is routine. However, just as common is the planning that is required among family or entrepreneurs who enter into business together. Business Planning includes governance issues and the consequences of a business partner’s death, divorce, disability, or desire to retire or sell. Planning for these circumstances is essential to avoid conflict and the undoing of financial success. Also important is succession planning in a family-owned business or a business where one or more key employees may take over the business. These exit strategies are essential for the retiring business owner to secure their monetary return on years of time and stress invested. We bring the same dedication to dialogue among all interested parties in identifying those issues important to the business owner's goals. We counsel longstanding businesses on how to secure their equity as well as prospective and new business owner’s to assure future success so that they too may enjoy a return on their investment.
