Real Estate
It is important to review your estate planning documents at least every 3-5 years to make sure that they are accurate, reflect your current wishes and are still effective. An estate plan should be reviewed more frequently when changes in the law or life circumstances dictate such a review.
One of the most difficult decisions you must make as you approach retirement is the age at which you would like to begin receiving Social Security retirement benefits. You have three options: You may begin taking benefits at age 62, you can wait until your full retirement age or you can delay benefits and take them anytime up until you reach age 70.
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Many people believe that life insurance is exempt from federal and state estate tax. Nothing could be further from the truth. Under Section 2042 of the Internal Revenue Code, a beneficiary on a life insurance policy will generally receive the proceeds free of income taxes. However, the proceeds on any life insurance policy under which you are insured may be included in your gross estate and thus potentially subject to federal and state estate taxes.
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Finding housing for an aging parent can be a daunting task. It is easy to feel confused and overwhelmed by all the different types of housing options available. Before beginning your search, it is important to determine your parent’s needs and whether services such as meals, housekeeping, personal services and transportation are necessary. Next, you need to determine how much your parent can afford each month and for how long. Your parent’s service needs and financial situation will help you hone down the housing options available.
Long term care insurance (LTCI) is an alternative to qualifying for Medicaid or paying all long-term care costs out-of-pocket. Coverage is triggered when an individual needs assistance with “activities of daily living” (e.g., bathing, continence, dressing, eating, toileting and transferring) or due to cognitive impairment. LTCI is not designed to cover acute care services or be a substitute of Medicare, Medigap or senior HMO plans.
Many people use the terms Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) interchangeably. However, they are actually two different federal programs. Although the medical requirements for disability eligibility are the same under SSDI and SSI programs, the way these programs are funded differs.
It is important that parents of a disabled child prepare a Letter of Intent, which is an informal document that outlines your hopes, desires and visions for your child when you can no longer provide for him or her.
As an attorney in fact under a Durable Power of Attorney you are authorized to act on the Principal’s behalf in certain financial and related matters.
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The MassHealth rules have been designed to protect certain income and assets for the community spouse without affecting the nursing home spouse’s eligibility for long-term care benefits.
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On December 16, 2010 Governor Patrick signed a comprehensive revision of the Massachusetts homestead law. This new law provides radical changes to the current homestead law. It will take effect March 16, 2011
