Quincy Legal Issues Blog

Massachusetts is one of the most popular states in the U.S. for higher education. There are many schools and universities that attract people from inside and outside the state. With that, there will be various considerations that these students should think about for the present and future.

One that is frequently perceived as a topic to worry about later is an estate plan. While this is generally viewed as imperative when a person has a family, owns a business, has significant assets or is older, there are important reasons for a college student to move forward with estate planning with help from an experienced law firm.

When families are gathered around the living room spending time with an elderly loved one, the topic of estate planning may sometimes arise. However, it is most often discussed involving the distribution of assets and family heirlooms. Many families fail to consider estate planning when it pertains to matters such as retirement, Social Security, and Medicare. These issues matter greatly, often having much more impact than expected on an estate once a loved one passes away.

All of the above mentioned matters should be explained and incorporated into an estate plan by an attorney who thoroughly understands the possible repercussions of a wrong move. A widowed spouse will want to draw Social Security income from a deceased spouse's benefits, when available. The same goes for retirement. Making sure a proper beneficiary is named on such accounts is of utmost importance to ensure that person is able to collect after the account owner's death.

The main purpose of a Chapter 13 bankruptcy is to consolidate debt and stop foreclosure or repossession. It extends payments over a longer length of time to allow a debtor to pay an amount he or she can afford monthly. Creditors may not pursue collection actions or asset seizure while a debt is in an active bankruptcy. Payments are calculated on either a three or five year plan. The goal is for all accounts to be current and in good standing at the completion of the Chapter 13 plan.

Once a Chapter 13 bankruptcy petition is completed and filed, a bankruptcy trustee will be assigned to the case. It is the Trustee's job to analyze all listed debts to determine status, type of debt, and validity. The debts will be separated by type. First in line for payment are priority debts. These include items such as tax debt or child support. Next in line are the secured creditors. These will include items such as mortgages or car notes. In other words, a secured creditor is one who holds a debt that is secured by some form of collateral. Debtors may also choose to surrender collateral, such as a vehicle, in satisfaction of a secured debt. If that creditor then chooses to file a claim for a deficiency balance, it becomes an unsecured debt.

Many couples in Massachusetts will have to contend with divorce one day. It is especially pertinent in the town of North Adams, which has the highest divorce rate in the state where 1,973 divorcees live in a total population of 13,211. 

The couple will need to figure out how to equitably divide assets, but this becomes complicated when one or both spouses work as an artist. Many painters and singers live in Massachusetts, and although a spouse may have created a certain work years ago, it may still generate revenue. It is important to consider all items, material and immaterial, when going through a divorce to ensure you leave nothing on the table.