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Estate Planning, News

Ashley Evirs, Esq. Receives LLM in Elder Law & Estate Planning

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Congratulations to Dalton & Finegold Partner Ashley Evirs, Esq. for obtaining her LLM in Elder Law and Estate Planning from Western New England Law School in Springfield, MA!

This degree is for attorneys who want to deepen their expertise in elder law, estate planning, social security law, Medicare, Medicaid, and other federal and state laws that affect our most vulnerable population who are aged and disabled.

This program also focuses in estate and fiduciary administration, income and federal wealth transfer taxation, and the use of various entities (particularly trusts and insurance products) in wealth planning and management.

Advancing authority in this discipline will allow Ashley to better serve our range of clients and provide creative and pioneered strategies to accomplish their planning goals and concerns.

Ashley’s ability to juggle work, family and school life is admirable!  Dalton & Finegold is very proud of this huge accomplishment!

If you or anyone you know is in need of Elder Law or Estate Planning services, be sure to connect with Ashley.

Trusts & Estates

Don’t Give Your Children Your House!

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Published By
Andrea Rutherford
Associate, Estate Planning

 

 

It’s a tempting thought – why wait until I am gone?  Why not just deed the family home to my kids now?  In almost every case, this is a mistake.

A little bit of Taxation 101.  Let’s imagine a couple bought a house for $200,000 in 1990.  Now, it’s 2023 and the children are grown, maybe with their own children.  The parents deed the house to a child or children.  Ten years later, in 2033, the parents pass away and the children decide to sell the house – for $350,000.

Under this scenario, the children’s capital gain will be calculated all the way back to when the parents bought the house in 1990.

The gain is $150,000.  If the house isn’t the children’s primary residence, this entire amount is taxable capital gain.  The parents intended to give their children a house – instead, they gave them a house and a large tax bill.

So does this mean that you can’t give your children your house?

Not at all.

A properly drafted trust ensures that your children will get your house.  But by keeping some rights (such as a right to receive income if the property is rented) in the hands of the parents, the trust turns the gift into a gift upon death – a totally different ballgame under the tax laws.

Let’s look at our example under this scenario. The parents buy the house for $200,000 in 1990.  In 2023, instead of deeding the house to their children, they sit down with an attorney and create a Trust naming their children as beneficiaries.  Ten years later, the parents pass away – at that time, the house is worth $350,000.  The children sell the house a year later for $360,000.  The taxable gain is only $10,000.  So the parents have used the Trust to give the house to the kids, but they haven’t passed on the tax obligation.

Don’t be put off by the term “Trust.”  Creating a Trust is probably easier than you think.  Speak with one of our estate planning attorneys today to start creating your estate plan. The first meeting is always free.

News

Dalton & Finegold Expands Law Firm to Serve Growing Client Base with New Partner, Associates, Staff and Office Location

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ANDOVER, MASSACHUSETTS – May 4, 2022 – Dalton & Finegold, LLP, a Massachusetts based law firm specializing in real estate law, estate planning, and litigation, is thrilled to announce our continued expansion with the addition of a partner, two associates, and an Amesbury office with seasoned support staff. Adding the firm of Healey, Deshaies, Gagliardi and Woelfel brings additional experience and expertise to serve our growing client base and provides another convenient office location.

Paul J. Gagliardi joins as a Partner with 45 years of experience in real estate law, estate planning, estate administration, and business law. He began his law career in Amesbury where he was a partner in a highly regarded law firm and an active member of the Amesbury Lions Club and Amesbury Chamber of Commerce. Gagliardi is a member of the Massachusetts Bar Association.

“Looking toward the future it is important for us to be part of a well-respected law firm capable of continuing to represent our clients in Massachusetts and in New Hampshire. Our team is excited to join Dalton & Finegold, a full-service, client focused firm,” said Paul J. Gagliardi.

Two experienced associates, Attorneys Harold O. Beede and Althea B. Volper, and a full support staff are also joining our team. Beede, a member of both the Massachusetts and New Hampshire Bar Association, has been practicing law since 1991 and will focus on litigation. Volper is a member of the Massachusetts Bar Association, has been practicing law since 2007, and joins our growing estate planning team.

“The addition of Gagliardi, Beede, Volper, and their staff is a complimentary fit with our client centered mission and areas of practice. We look forward to a smooth integration and the ability to successfully serve our growing client base,” said Bill Dalton, Co-Founder and Partner of Dalton & Finegold.

“Our mission has always centered on providing our referral partners and clients with exceptional, personalized legal service. This addition brings three highly skilled, well-respected attorneys to our team and will allow us to meet the increasing demand for our services while continuing to deliver the level of service our clients expect,” said Barry Finegold, Co-Founder and Managing Partner of Dalton & Finegold. “With a strong support staff already in place, we are also able to provide our clients an additional service location in Amesbury”.

About Dalton & Finegold, LLP
Dalton & Finegold, LLP specializes in residential and commercial real estate law, estate planning, probate administration, business law, and litigation. Headquartered in Andover, Massachusetts, with offices in Boston, Concord, Marlborough, Manchester, and Nashua, we have been providing exceptional service to our clients for over 20 years. Learn more at dfllp.com.

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CONTACT: Anne Webster, COO | Phone: (978) 470-8400 | Email: awebster@dfllp.com