2017 Year In Review

Posted on January 11, 2018

Dear Clients and Friends, Wishing you a happy and prosperous New Year!
In case you missed it last year, here are some of KCL’s 2017 highlights. Notable KCL Wins Board of Medicine Reverses Itself, Grants Andrew Hyams’ Client a Full Medical License | Attorneys: Andrew...

UPDATE: The Stars Align (With a Wobble) – US and Massachusetts Tax Return Due Dates

Posted on February 9, 2016

Usually, the due date for filing US individual income tax returns is April 15th. This time it’s different. The IRS, and also the Massachusetts Department of Revenue (DOR), have announced that the due date for Massachusetts residents filing individual income tax returns, and also for Massachusetts estates and trusts whose tax years...

The Innovators’ Counsel: Power of Attorney & Valid Trust Creation Under The MUTC

Posted on October 15, 2015

The Massachusetts Uniform Trust Code (the “MUTC”), codified at Mass. Gen. Laws c. 203E, became effective as of July 8, 2012. The enacting legislation provides that, except as otherwise provided, the MUTC applies to all trusts created before, on, or after the July 8, 2012 effective date. The before...

Earthquake Hits Many Massachusetts Trusts

Posted on September 3, 2013

Massachusetts’ highest court has held that if an irrevocable and unamendable trust gives the trustee the right, in its sole judgment, to pay any amount directly to one or more beneficiaries or to use any amount to indirectly benefit one or more beneficiaries (for example, paying a beneficiary’s rent), then that allows...

What Does a “Do Not Resuscitate” Notice in a Person’s Home Mean?

Posted on August 15, 2013

Occasionally, I see a Massachusetts “DNR Notice” in someone’s home (usually the home of an elderly person). The notice is formally named a “Comfort Care-Do Not Resuscitate” notice – “CC/DNR” for short. Recently, I noticed a CC/DNR in an elderly client’s home. The client said that she didn’t know much about the...

New Taxes for 2013

Posted on January 5, 2013

The package of US health care reform laws imposes new taxes starting in 2013. These are not part of the so-called “fiscal cliff”. A solution to the “fiscal cliff” will probably not affect the taxes discussed in this article. Part 1 – 3.8% Surtax On Certain Amounts and Kinds...

When can a Donor Rely upon the Charity’s Statement that Donations are Tax Deductible?

Posted on July 9, 2011

Donations to many tax exempt organizations (for example, charities to help the poor, schools, hospitals, museums, and youth organizations) are usually thought of as being deductible on the donor’s US income tax return. (If the taxpayer is an individual or married couple, the taxpayer must itemize deductions in order to claim...

What about the Puppies?

Posted on June 14, 2011

All too often, the family pet is not taken into consideration when estate planning is addressed. Now that the Massachusetts legislature has enacted a “Pet Trust” statute (Mass Gen Laws Chapter 203, Section 3C), it seems an appropriate opportunity to write on the subject. An estate plan should address not...

Serious Advice from the Experts

Posted on June 2, 2011

The recent devastating tornadoes in central Massachusetts should give everyone pause, as no one is immune to natural disasters. Even if tornadoes don’t return to Massachusetts this Summer, there are obviously other kinds of natural calamities that can jeopardize life, limb or property. In the wake of the central Mass....

New Massachusetts Homestead Law

Posted on May 30, 2011

Homesteads are an affordable way for many of our clients to obtain significant protection from certain creditors. On December 16, 2010, the governor of Massachusetts signed into law the most extensive changes to our homestead law in more than a generation. The effective date of the new law was March 16, 2011. This bulletin...

Foreign Account Reporting Redux

Posted on March 23, 2011

The US Treasury requires certain individuals and entities to report the existence of certain foreign financial accounts and entities (the “foreign reporting rules”). Since the foreign reporting rules became an area of focus for Treasury, there has been uncertainty regarding specifically who is obligated to file. Given that the penalties for non-compliance...

2011 Offshore Voluntary Disclosure Initiative – There’s a New (FBAR) Game in Town

Posted on March 9, 2011

CAUTION: This Update is only a superficial summary and may not be relied upon for guidance as to any particular, real life situation. We have included links to information on the IRS web site about the 2011 IRS “Voluntary Disclosure” program discussed in this Update. Nevertheless, we think it is imperative to seek...