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Estate Planning Yields $20 million for Late Lou Reed’s Heirs

If you are a Massachusetts music fan, we can almost guarantee that you have heard some of Lou Reed's music. This prolific performer and member of the Velvet Underground was a top-tier songwriter who urged us to "take a walk on the wild side." Now, it appears that Reed's estate is getting a bit wild, itself, considering the amount of money it has amassed just since the man's death in October. Reed's estate planning documents have allowed his heirs to see a $20 million increase in the value of the estate since he died.

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Giving Away Massachusetts Property Before the End of Life

Many who are nearing the end of their lives want to give away their properties that they own. There are numerous reasons to give land to others, whether just passing it on to another member of the family so that the land will not be lost or selling it to them to reduce debt. Often, people want to make their property into a gift before they have actually passed away, as they set up a plan for the rest of their estate.

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The Impact of a Prenup on a Massachusetts Estate Plan

It used to be that people looked at premarital or prenuptial agreements in a negative light. They assumed it meant that the couple did not trust one another or that they simply did not think that there was any chance that the marriage was going to last. However, the reality is that these agreements can be most important when the marriage is ended by one person passing away.

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