Author Archives: Tracy Craig

About Tracy Craig

Tracy is a partner and chair of the firm's Trusts and Estates Group. She focuses her practice in estate planning, estate administration, prenuptial agreements, tax-exempt organizations, guardianships and conservatorships and elder law. Before joining Mirick O'Connell, she was counsel at Testa, Hurwitz & Thibeault LLP, in Boston.

Podcast: Attorney Emily Crim discusses estate planning for same-sex couples

Click here to listen to Emily Crim’s recent podcast on estate planning for same-sex couples, as part of Mirick O’Connell’s On Air with Mirick O’Connell podcast series.

Posted in COVID-19, Elder Law, Estate Planning

Highlights of the New Tax Bill

On December 22, 2017, the President signed into law a new tax bill that has dramatic effects on the current tax system.  Here are highlights affecting most individuals: Increase in the standard deduction to $12,000 for individuals filing single and … Continue reading

Posted in Estate Taxes, Income Taxes

Should You Leave Money to Your Pets?

Pets are part of the family. They eat special food, require daily care and medications, and even sleep with their owners at night. But have you considered actually leaving money to your pet after you die? It may sound crazy, … Continue reading

Posted in Estate Planning, Pet Trusts, Wills

2014: By the Numbers

  Here’s a summary of some of the recently released numbers affecting tax benefits in 2014: $        Annual exclusion from gift taxes (the amount an individual may give to an unlimited number of donees each year) remains at $14,000.  The … Continue reading

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Trust Decanting: Now Authorized in Massachusetts

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Earlier this year the Supreme Judicial Court ruled in Morse v. Kraft, 466 Mass. 92 (2013), that under certain circumstances a Trustee has the ability to decant as part of the Trustee’s power to make discretionary distributions to the trust … Continue reading

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Virtual Representation – Say Goodbye to the Guardian Ad Litem?

Before Massachusetts adopted the Massachusetts Uniform Trust Code (MUTC) in 2012, in order to make any binding changes to an irrevocable trust, we would need to petition the court for authority.  Due to the very nature of a trust, the … Continue reading

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Non-judicial Settlement Agreements: Changing the Irrevocable

Over the past twenty years that I’ve been practicing law, not infrequently, a client has called to say, “You remember that irrevocable trust we set up?  Well, now I need to change it.”  Prior to the enactment of the Massachusetts … Continue reading

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Are Irrevocable Trusts Still Irrevocable in Massachusetts?

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The past couple of years have brought many changes to trust law in Massachusetts, which provide new and interesting techniques enabling Trustees to deal with the challenges that often arise over the course of administering irrevocable trusts. Last year, Massachusetts … Continue reading

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