Creating a Durable Power of Attorney in Woburn: A Safeguard for Your Future
The Heritage Law Center, LLC » Estate Planning
by Matthew Karr
3M ago
Important Facts About a Durable Power of Attorney A durable power of attorney is a powerful legal tool gives someone you trust the legal authority to act on your behalf, and it continues in effect if you become ill and unable to make decisions or become mentally incompetent. Thinking about possibly becoming incapacitated in the future is uncomfortable, no matter your age or current life situation. However, life can be unpredictable, so it’s important to have an incapacity plan in place since it will help you and your family if it’s ever needed. If you don’t have a durable power of attorney (DP ..read more
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How Can a Special Needs Trust Provide for My Disabled Loved One?
The Heritage Law Center, LLC » Estate Planning
by Matthew Karr
4M ago
Do You Have a Disabled or Special Needs Loved One? If a member of your family is disabled or has special needs, you can establish a special needs trust to care for that person financially. To set up a special needs trust in Massachusetts, you’ll need the services and advice of a Woburn trust attorney. What are the advantages of setting up a special needs trust? How does a special needs trust work? If you give money directly–or leave cash in your will–to a family member who has special needs, that money could prevent your loved one from qualifying for public benefits. But if you set up a specia ..read more
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What Are the Benefits of Establishing an Irrevocable Trust for Asset Protection?
The Heritage Law Center, LLC » Estate Planning
by Matthew Karr
4M ago
What is a Trust? When it comes to securing your future and protecting your hard-earned assets, establishing an irrevocable trust can be a game-changer. But before we delve into the benefits of setting up an irrevocable trust for asset protection, let’s first understand what a trust is and how it works. A trust is a legal arrangement in which one party, known as the grantor, transfers their assets to a trust. A trustee is named to manage those assets for the benefit of a third party, known as the beneficiary. The trustee has a fiduciary duty to act in the best interest of the beneficiary and ma ..read more
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How Can Elder Law Attorneys Assist Woburn Seniors with Long-Term Care Planning?
The Heritage Law Center, LLC » Estate Planning
by Matthew Karr
4M ago
What is Elder Law? Elder law is considered a specialized area of legal practice that serves the needs of older individuals. Elder law attorneys understand the legal issues and laws many older adults face and are often advocates for them and their families. Many certified elder law attorneys are adept at handling a wide range of issues affecting older or disabled persons, including but not limited to: Medicaid/MassHealth Estate planning Healthcare directives Long-term care planning Retirement Financial planning Incapacity planning End-of-life planning What is Estate Planning? Most elder law r ..read more
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Understanding Massachusetts Medicaid Estate Recovery
The Heritage Law Center, LLC » Estate Planning
by Matthew Karr
7M ago
In Massachusetts, we often refer to Medicaid as MassHealth. MassHealth pays for the health care for Massachusetts residents who have limited income and resources. Our firm specifically helps seniors (aged 65 and over) with MassHealth for long-term care, which is provided either in a nursing home setting or in the community. MassHealth is a great resource since the cost of long-term care has become extraordinarily high. In the Boston area, nursing home costs average around $14,000 per month. However, federal and state Medicaid law require MassHealth to try to get reimbursed for the money they p ..read more
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Why You Need an Incapacity Plan
The Heritage Law Center, LLC » Estate Planning
by onboarding@smbteam.com
8M ago
So, what happens if someone doesn’t have an incapacity plan in place but becomes unable to make decisions for themself? You’ve probably heard that comedian Jay Leno is seeking conservatorship over his 77-year-old wife Mavis who has dementia. The filing says that Mavis “has been progressively losing capacity and orientation to space and time for several years.” He’s asking a court to be put in charge of her personal and financial decisions. He’s also asking to create an estate plan for her, which would include a living trust so Mavis would be financially protected if Jay passed away before her ..read more
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Should You Put Your Adult Child on Your Bank Account?
The Heritage Law Center, LLC » Estate Planning
by Matthew Karr
9M ago
Sometimes an older adult puts their adult child on their bank account. The rationale for this is that the adult child can assist the parent by paying their bills and managing their accounts, including keeping an eye out for fraud. However, co-owning the account comes with its own problems. Potential Problems Likelihood of family squabbles: When you put one adult child on your bank account, that means they have access to your money. Let’s say Len is 75 and he has three adult children: Jenny, Barry, and Bob. Len decides he’d like some help managing his finances, so he puts his daughter Jenny on ..read more
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Out-of-State Real Estate and the New Massachusetts Estate Tax Law
The Heritage Law Center, LLC » Estate Planning
by Matthew Karr
10M ago
We previously wrote an article about the Massachusetts estate tax exemption increasing from $1M (million) to $2M for people dying on or after January 1, 2023. Something else changed under that new law that affects how out-of-state real estate is treated when it comes to Massachusetts estate taxes. Previously, if a Massachusetts resident owned real estate outside of Massachusetts, when they died that real estate wasn’t included in the calculation of the deceased person’s estate value. The new law says that out-of-state property will now be included in the calculation of a decedent’s estate valu ..read more
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Important Massachusetts Estate Tax Changes
The Heritage Law Center, LLC » Estate Planning
by Matthew Karr
10M ago
When a Massachusetts resident dies, the Massachusetts estate tax may come into play on that person’s estate. It’s basically a transfer tax on the entire estate before it can be distributed to any heirs. Currently, 33 U.S. states don’t have any estate tax. The bad news is that Massachusetts does have an estate tax. The good news is that the Massachusetts estate tax exemption has recently increased. The New Law As of October 4, 2023, the Massachusetts estate tax exemption increased from $1M (million) to $2M for people dying on or after January 1, 2023. When you die, if your estate is valued at ..read more
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Beneficiary Rights in Massachusetts
The Heritage Law Center, LLC » Estate Planning
by Matthew Karr
1y ago
One part of creating an estate plan is to determine who will receive your assets when you pass away. A beneficiary is a person, charity, or other organization that receives money or property because someone specifically named them in their will or trust. If you’ve been named a primary beneficiary in a will or trust (first person in line to receive a distribution), you have a legal right to those assets after the person who created the estate plan passes away. Here’s some important information that you should know about beneficiary rights in the state of Massachusetts. Beneficiary Rights for a ..read more
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