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By Jason Carrozza

Hi Everyone, Happy 2015!!! It’s a New Year and it’s a new FLP. We are starting this year off right with new office space!!!! FLP headquarters is now located at 2 Masters Drive in Franklin. The new space is conveniently located off of Beaver Street and is easily accessible from Routes 140 and 495. We are very excited about our latest expansion and will remain operating out of both the Franklin and the Medway locations to provide the greatest access. Pictures and updates coming soon! Stay tuned! Like with any move, this has required a lot of organization and teamwork. In the spirit of such, I’m posing three very important estate planning questions: 1. How well does your spouse know our financial advisor?: If the answer is “not at all,” you have some homework. This quarter, contact your advisor, request your annual review, and bring your spouse along. In the event of incapacity or tragedy the surviving spouse will need to rely on that advisor to determine their next move. The last thing your spouse will find comforting is depending on a stranger. Be sure to establish a trusting relationship before there is a sense of urgency. 2. Does my spouse know how to access all of my accounts if case of emergency?: There are many unexpected expenses during an emergency. Money is usually needed immediately to pay medical bills, incidentals, or burial costs. It’s important that your spouse knows where all of your accounts are located. Consider creating the following for your spouse:

  • A list of all of your accounts and where they are located
  • A password list for all online accounts
  • Providing your pin number
  • A list of your estate planning documents and their location
  • Contact information for your attorney, accountant, financial advisor, and anybody else how has helped you create an estate plan.

All of our clients are encouraged to put this information in their estate planning portfolio. This is ensures proper trust funding. If you’re concerned about security consider using an online company that will save your passwords. This way, you only need to remember and distribute one password and your loved ones will be able to gain access to your digital and financial life if needed. 3. Are your Will/Trust and beneficiary designations up to date?: Life events such as births, marriage, divorce, or job change will typically cause you to have to update your beneficiary designation. A life change with those whom you’ve nominated can also create the need to change beneficiaries. This year, be sure that what you have goes to who you want in the way you want, and that you have the proper people fulfilling various roles in your estate plan.

Consider updating:

  • Retirement/401(K)/IRAs
  • Life Insurance
  • Annuities
  • Taxable Investment Accounts
  • Distribution ages for your beneficiaries
  • Trustees

Yes, personal housekeeping can be tedious. However, if you quickly review what you have in place now, your family won’t be faced with regrets or surprises later.

Until next time,

About the Author
Jason M. Carrozza is a partner and founder of Family Legal Partners, P.C., previously owning Carrozza Law Office, P.C., which focused on estate planning, probate administration, and business formation. He was recognized as a Massachusetts Rising Star by New England Super Lawyers and Boston Magazine in 2014, 2015, and 2016, an honor given to no more than 5% of attorneys in the state. Graduating magna cum laude from New England Law and ranked 3rd in his class, Jason completed his undergraduate degree at the University of Tampa. He gained experience in civil litigation, divorce, corporate, and insurance defense law firms before opening his practice in 2004. Jason is admitted to practice before the Massachusetts Courts, is a trained family law mediator, and a member of the Massachusetts Council on Family Mediation. He has volunteered for pro bono panels with Senior Partners For Justice, South Middlesex Legal Services, and the New Center for Legal Advocacy. Dedicated to his community, he has served in various leadership roles including vice president of the Bellingham Business Association and Master of Excelsior Lodge of Massachusetts Freemasons. He teaches Estate Planning Basics at the Tri County Continuing Adult Education program and speaks at estate planning seminars throughout the year. An avid baseball fan and history enthusiast, Jason enjoys outdoor activities and spending time with his family. He lives in Massachusetts with his wife, Katrina, and their children, Zachary and Madelyn.