Attorney at Law - MA
The law office of Attorney Fred Pellegrini is primarily engaged in estate planning. We handle fundamental estate planning, such as the preparation of wills, powers of attorney, health care proxies and trusts. In addition, we are also involved in sophisticated planning techniques such as family limited partnerships, charitable planning, limited liability companies.
A portion of the practice involves planning for small and medium size businesses. The work in this area includes preparing corporations limited liability companies, representing individuals buying and selling businesses, commercial leases, business succession.
Our firm is somewhat distinguishable from other firms for the following reasons:
1. First, we spend a great deal of time counseling in that we have three client meetings, which run several hours each.
2. We work together with the client’s financial advisor and accountant using the team approach to better serve the client.
3. Furthermore, we periodically review and update the client’s estate plan so as to maintain a current effective plan.
4. Our law office is one of the few firms who “fund” or transfer clients assets into their trust. Unless this process is done, the trust plan will not work effectively.
Our hours are very flexible to accomodate your work schedules and busy lives. Call to arrange a meeting today.
Frequently Asked Questions
Q: How can I avoid the Massachusetts Estate Tax?
A: For a married couple the best approach is to create two separate trusts if your assets are sufficient enough and fund them to the extent of the Massachusetts Estate Tax exemption, which is $1 million dollars therefore a married couple with two trusts can transfer $2 million dollars free of the Massachusetts estate tax to their children or other beneficiaries. This technique will only work if the assets are titled into the trust. We are one of the few law firms that retitltes and transfers assets into our clients trust. Many trusts are not funded. This results in loss of the million dollar exemption and substantial additional legal fees and probate costs.
Q: What is Probate and how can it be avoided?
A: Probate is a process whereby property whether personal or real estate is transferred to a decedent’s heirs through their local Probate Court. If an asset it titled in an individual’s name it is subject to the probate process when they die. Assets that typically go through Probate include cash, investments, real estate, shares of stock, mutual funds and valuable personal property such as jewelry, paintings and other collectibles. If an asset is held jointly by husband and wife and one of them dies the asset typically is vested in the survivor of the two. However, if both of the joint owners die the property would be subject to Probate.
Probate can be readily avoided by retitling all of your assets in Trust name. This process is called funding. A very high percentage of Attorneys do not engage in funding. Consequently many trust plans fail. We are one of the few law firms that retitle assets in every one of our client’s trusts. It is the only way to avoid probate and to protect property if you become ill during life.
