The HuB ~ Spring Newsletter
Introducing The HuB*, a newsletter from Hemenway & Barnes
Welcome to our inaugural issue of The HuB. Our goal is to bring you relevant, insightful, and timely information on topics that matter to you, your family, and your colleagues. We hope to keep you informed, as well as prepared, and empowered. Your input is invaluable—if there’s a topic you’d like us to cover or a question you’d like answered, we’d be happy to hear from you. Thank you for joining us on this journey. We look forward to staying connected and continuing to be people you count on.
— Mark Elefante, Managing Partner
Insights for You
Added Flexibility Makes 529 Plans More Attractive: Weighing the Pros and Cons
529 Plans can be an effective estate planning tool to set aside funds for education. In this article we discuss the advantages and disadvantages of 529 college savings plans, included expanded uses of funds and estate planning techniques.
Handling Affairs Following a Loss: FAQs Answered
When a loved one dies, it can be overwhelming. Grieving and emotions take energy and details surface that are often unfamiliar. We've assembled answers to commonly asked questions that arise in the estate administration and probate process.
More than Memories: Estate Planning for Vacation Homes
Whether you are looking to own a vacation home for a couple of years or to keep it in the family for generations, the planning you do now can help you avoid challenges down the road. In this four-part series, we discuss ownership structures, tax benefits, estate planning, and tips to help avoid disputes. Continue reading Part 1 -to learn more about ownership structures.
A Market Update from Hemenway Trust Company: 2024 in Review
We are sharing this Market Update from the investment professionals at Hemenway Trust Company, a New Hampshire based private trust company. Continue reading to learn more about our perspective on the bull run, AI frenzy and what's to come.
Tax Corner
Navigating complex tax decisions with confidence.
Every financial decision—whether personal, business-related, or charitable—carries potential tax implications. In this issue, we highlight new tax-saving opportunities, including options for tax-free gifting. There are other dynamics with tax rules and regulations, and it can be daunting to follow them all. We are here to help you to ensure informed, tax-efficient decisions aligned to your unique circumstances.
Featured Article:
Key Dates
Required minimum distributions (RMD) must be taken from most retirements accounts by April 1 if you turned 73 in 2024.
Individual income taxes and any outstanding balances must be submitted, or an extension request along with any balances due must be filed.
Deadline to make Individual Retirement Account (IRA) and Health Savings Account (HSA) contributions for 2024.
First quarter 2025 estimated tax payments are due.
U.S. travelers must have a REAL ID to board domestic flights and access certain federal facilities. A REAL ID is an enhanced version of a driver's license or state ID that meets the Federal Security Standard for identification.
Annual taxes are due for Limited Partnerships, LLCs, and General Partnerships formed in Delaware.
Watch List
Some of the Issues We Are Watching
We are always monitoring legal, regulatory, and policy developments that could impact you. Here are a few of the issues we’re keeping an eye on.
DEIA: the Current State of Play
Our Nonprofit team is following recent legal developments involving DEIA initiatives. Here you will find suggestions on navigating the current DEIA legal landscape and the potential impact on nonprofits’ tax-exempt status.
Uncertain Future of Federal Gift and Estate Tax Exemptions
Unless Congress takes affirmative steps to modify the gift and estate tax exemptions, the exemption amounts will be cut in half (approximately) from their current levels beginning in 2026. Bryce Helfer will join the editor of Massachusetts Lawyers Weekly to discuss what changes might be coming and current estate planning options in a Webinar on March 31.
Rooted in Our Community
It's Personal
Since the firm's founding more than 160 years ago, we've prioritized contributing and engaging within the community. Here are a few places we have sought to build connections and support others and welcome your suggestions and collaboration.
Redefining Historic Preservation
An inaugural group of 13 nonprofits were awarded grants to support projects that enhance Boston’s cultural character, historic spaces, and sense of community.
Sharing Career Insights
Our team joined others from across Boston to speak with students at Fenway High School's annual career day. Students welcome support and guidance as they consider possibilities.
A Must See
So much to learn and celebrate at the Museum of African American History. Thank you to the museum for hosting our team.
Look for Us at These Upcoming Events
Here are some of the events we will be at. We hope to see you there!
The Adams Benefit - April 5, 2025
Boston Bar Foundation
Boston College Law Day Celebration - May 1, 2025
Boston College Law School
All Day Annual Conference - May 7, 2025
Planned Giving Group of New England
Maine Philanthropy Center Biannual Conference - May 20, 2025
Maine Philanthropy Center
Firm News
Welcome to Emily Wagman and Jeff York
Emily Wagman joins as an associate in the Nonprofit Group. She advises tax-exempt organizations, including private foundations, public charities, and colleges on tax rules and procedures, governance, contracts, research and licensing agreements, and compliance matters. Jeff York joins as an associate in the Litigation Group. He represents clients in a broad range of disputes, including commercial, probate, land use, and appellate litigation.
Topics you want covered?
If there are areas you want to hear more about, or have us cover in future issues, please let us know. At work or in personal matters, life always has its moments - and we are here to help as well as plan accordingly.
*The HuB- Thank you to Oliver Wendall Holmes for coining the term and affiliating it with Boston. While initially satirical, it's been embraced in recognition of the outsized role the area plays in leadership and innovation. We aim to honor it as a source of information and advice.
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