Massachusetts Estates & Inheritance Advances

If you’re an heir of a probate estate or trust beneficiary based in Massachusetts, you should make sure you are and your attorney are familiar with all the new Massachusetts probate laws. If you do wish to access fast, seamless inheritance advance funding, with low probate advance rates or inheritance advance fees – you want to be sure you choose the right estate advance or inheritance cash advance funding company for you.

Inheritance Cash Advance Funding, What Many Heirs Refer to as “Probate Loans” or “Inheritance Loans”

Many probate estate heirs and beneficiaries of trusts in Massachusetts would prefer to get an advance on inheritance from living parents, than wait around for 12 or 15 months for probate to finally end. But when probate advances or estate advances – inheritance advance funding – from both parents or a surviving parent isn’t at all possible because they have died… heirs of Massachusetts estates often get an advance on inheritance, generally as much advance inheritance cash as possible – in fact what a lot of heirs call a “loan on inheritance” or “borrowing against inheritance” even though it’s not a loan at all but, rather, a straight forward cash advance assignment… what heirs also (incorrectly) call an “estate loan”, an “inheritance loan” or a “probate loan” company. Simply as a matter of convenience… However, an estate advance or inheritance cash advance company that specializes in inheritance advance funding – a probate advance company with a solid reputation – is what most heirs immediately look for once they make a decision to get an advance on inheritance. Most heirs of estates or trust beneficiaries will choose a 48 hour or 72 hour probate cash advance, which is viewed as the best inheritance advance funding option out there – which also means inexpensive probate advance funding as well for most heirs seeking fast inheritance money. In other words, inheritance advance funding from a super fast inheritance advance company, typically found online on Google, with low probate advance rates, or, as heirs often put it, “super low inheritance loan fees”. No one wishes to be over-charged for fast inheritance cash.

Getting a Fast, Low-Cost Massachusetts Inheritance Cash Advance

Everyone acknowledges that the Massachusetts probate process is slow… there are ways to access inheritance money faster than waiting a year for probate to end. Inheritance cash advance funding is typically a quick transaction, and simple – as long as the heir needing a fast probate cash advance has signed with a reliable inheritance advance funding company, with a mature probate advance staff. My Inheritance Cash inheritance cash advance funding generally gets heirs their inheritance money in days. Without up-front costs or hidden fees; without monthly payments or compounding interest; and without a credit report or credit score. So rather than waiting for 12 to 18 months to get access inheritance money, Massachusetts heirs generally wait for their inheritance advance for only 2 or 3 days.

How Do You Get Approved For a Probate Advance; What Heirs Often Refer to as an “Estate Loan”, “Inheritance Loan” or “Probate Loan”?

Moreover, we should add – what heirs incorrectly refer to as an estate loan, inheritance loan or probate loan… At any rate, basic documents and paperwork required to get an advance on inheritance, a probate cash advance, or inheritance cash advance in Massachusetts – is a simple matter, compared to the invasive, extensive paperwork requirements needed for an interest bearing bank loan. In fact, bottom line – My Inheritance Cash provides inheritance cash advance assignments to heirs, not interest bearing loans with monthly payments, with no up-front charges or hidden fees…

Our firm does not impose compounding interest, nor do we impose inconvenient requirements on heirs such as monthly payments for five years… although a great many heirs still refer to inheritance advance assignments as inheritance loans, estate loans or probate loans… incorrectly. However, regardless, getting approved for a Massachusetts probate advance, still remains a simple, easy process. Heirs of estates in probate or trust beneficiaries must produce a valid Photo ID, they must produce documentation showing that they are a valid heir of a Massachusetts estate; plus proof of all inheritance assets to be inherited – as well as the amount of inheritance money being requested, against their upcoming inheritance.

Which Massachusetts Counties Allow Inheritance Funding?

Massachusetts allows inheritance cash advances or, as many heirs refer to as “estate loans”, “inheritance loans” or “probate loans”… in every county in Massachusetts – discounted estate cash advances, probate advances with regular pricing, 48 hour probate advances or 72 hour probate cash advances for heirs or beneficiaries.

How Do You Know If You Qualify for Inheritance Advance Funding?

Determining whether or not you qualify for inheritance advance funding, for a standard inheritance advance, probate advance or an estate advance in Massachusetts, is based on relevant documentation, being at least 18 years old; being an heir to an estate in probate or trust in the United States or Canada; with an inheritance of at least $15,000. Once you qualify, and receive advance inheritance money, you can use probate advance cash for whatever you like. There are no restrictions, where spending probate advance cash is concerned.

Is a Massachusetts Inheritance Advance a Cash Advance Assignment, or is it “Borrowing Against Inheritance” as Many Heirs Define it?

Regardless how much inheritance money you get from an inheritance advance funding company, you are in fact getting an inheritance advance assignment, a cash advance based on your inheritance – not an “estate loan”, an “inheritance loan”, or “probate loan”.

Inheritance cash advance assignments in Louisiana are not interest based, so they are not actually “loans”… therefore there is no possibility of “recourse for non-payment”. The point is, heirs receiving advance inheritance money from inheritance cash advance funding companies are not personally responsible for repayment. Many people will call inheritance cash advance assignments: “inheritance loans”, “inheritance advance loans”, “probate loans”, “estate loans”, or “probate advance loans”; however it is important to note the difference – clients of inheritance advance funding firms do not technically “borrow against inheritance”; and do not actually “get a loan on inheritance.”

Massachusetts Inheritance Law

There is no inheritance tax in the state of Massachusetts, however some people that reside in Massachusetts, as well as non-residents who own property in Massachusetts, discover soon enough that this can be an extremely expensive state for heirs to inherit property in, due to hefty estate tax. Although most of America won’t have to pay this, as millionaires only make up around 1% of the country… this tax is independent of the federal estate tax imposed on all United States residents. This is a complex issue… therefore you might consider hiring on extra advice and guidance when dealing with Massachusetts inheritance law.

Does Massachusetts Have an Inheritance Tax or Estate Tax?

There is no inheritance tax in Massachusetts. Any Massachusetts resident who has an estate valued at more than $1 million between property and adjusted taxable gifts is required to file a Massachusetts estate tax return. The same rule applies to nonresidents who owned property in the state. Massachusetts gives executors nine months to file this. You can get up to a 3-year extension, although most extensions rarely exceed 6-months. There are a few other tax considerations, according to Massachusetts inheritance law:

• Final individual federal and state income tax – each due by tax day of the year following the individual’s death
• Federal estate/trust income tax – due by April 15 of the year following the individual’s death
• Federal estate tax – due nine months after the individual’s death, though an automatic six-month extension is available if requested prior to the conclusion of the nine-month period. This only affects estates that exceed a gross asset and prior taxable gift value of $11,180,000

Dying With a Will in Massachusetts

Similar to what most states require, Massachusetts calls for both the decedent and two witnesses to sign a will before it’s considered testate, a legal term for valid. If your will manages to garner this title, it will dictate exactly how your property is to be inherited.

Presenting clear and concise directions as to who the heirs of your estate will be, and what they’ll receive, is only half the battle. In order to enact these decisions of the decedent, a testate will must also choose an executor. But before this individual can begin transferring property to anyone, he or she has to be sure that any liabilities or debts the decedent left behind have been taken care of and paid off.

Dying Without a Will in Massachusetts

Estates lacking a will at the time of death are Intestate, and will be distributed according to State Intestacy and Succession Laws.

In most cases, an intestate will will be processed in Probate Court, as explained below.

The Probate Process and Inheritance Law in Massachusetts

Massachusetts has three types of Probate: informal, formal, and late/limited formal probate.

Informal Probate is an expedited probate process used if a will cannot be found, or if there is no death certificate, or when other extenuating circumstances have occurred.

Formal probate requires a set of court hearings to determine the terms of a will and manage creditors.

Late/limited probate is used when over three years have passed since the decedent’s death, or to tie up loose ends, such as the confirmation of heirs.

If an Estate is claimed a Small Estate, it can avoid probate altogether, saving heirs both time and money. Estates eligible for this title (1) include no real property (such as a house or land), and (2) total less than $25,000 in personal property. To establish eligibility, a Small Estate affidavit must be filed at least 30 days after the deceased’s death, according to Massachusetts Inheritance and Probate regulations.

Spousal Inheritance in Massachusetts Inheritance Law

In the State of Massachusetts, your surviving spouse is entitled to your entire Intestate Estate under Massachusetts Inheritance Law, if (1) you have neither surviving children nor parents, or (2) all of your children are yours and your current spouse. Should either you or your spouse have children with another person, that person’s share of the Estate decreases to $100,000 (as available) and half of the remaining balance. The remainder will go to your children.

If a married decedent leaves no surviving descendants (children, grandchildren, great-grandchildren), but one/both of his/her parents outlive the decedent, the spouse will receive $200,000 and 3/4 of the Estate balance, with the remainder going to the parents.

Children’s Inheritance in Massachusetts Inheritance Law

If you have children with a partner other than your spouse, they will inherit assets and property from only after the spouse’s first $100,000, and half of any remainder.

Some decedents name their grandchildren as heirs to their Estate. In cases where there is no will, grandchildren are not bequeathed assets or property until/unless their parent (your child) has passed away.

Often, step- and foster children are considered bona fide members of the family. However, they will not hold any rights to an Intestate Estate unless the deceased had formally adopted them. This adoption policy applies to any child, not just foster and stepchildren; e.g., children who were not recognized, placed for adoption, or disinherited, will not be considered in Intestate Succession Law. Children (and relatives) conceived prior to the deceased’s life but born after, are entitled to their legal share of the Estate.

Children born out of wedlock are eligible to inherit from an intestate estate, so long as paternity has been proven either by a genetic test or the parents’ own admission prior to death.

Unmarried Persons With No Children in Massachusetts Inheritance Law

Unlike states with complicated Inheritance Laws, Massachusetts has a straightforward process for Intestate Estates. If the State fails to find any suitable relatives/beneficiaries, all assets and property will escheat to the State, unless the deceased was a Veteran and member of the Soldiers’ Home in Massachusetts or Holyoke, in which case the Estate will go to the organization of which he was a member.

Non-Probate Inheritance Law in Massachusetts

Probate in Massachusetts passes over assets that already have designated beneficiaries, such as life insurance, IRAs, 401(k)s, and jointly-held bank accounts or real estate. The same applies to transfer-on-death accounts, such as investment accounts, bank accounts, and property held within a valid trust.

Extenuating Circumstances in Massachusetts Inheritance Law

US Citizenship is not required for a beneficiary to receive assets and/or property designated in a will. Furthermore, half siblings have the same rights as full siblings, as far as Intestacy is concerned.

Resources

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