Life is full of surprises, and while it’s important to manifest smooth sailing, sometimes unforeseen events can disrupt even the best-laid plans. This is where crisis planning, an essential part of estate planning, comes in. With the right preparation, individuals can safeguard their assets and protect their loved ones even during the most challenging times. Why is crisis planning crucial?… The post Preparing for the unexpected: Crisis planning tips first appeared on Curley Law Firm LLP ..read more

Taxes are a frustrating but unavoidable part of life. They can also be part of someone’s death. Some taxes are unavoidable even after death. The estate has to help settle the decedent’s income tax obligations and may have separate income tax obligations due to the sale of estate resources. If an estate is large enough, there might also be estate… The post Why Massachusetts residents may need to plan for estate taxes first appeared on Curley Law Firm LLP ..read more

What an individual accumulates during their lifetime can help to ensure their comfort as they age. Their resources can also make a major difference for their close loved ones and dependent family members. Someone who has started a business, acquired real property or otherwise accumulated valuable resources may aspire to pass as much of those assets on to specific beneficiaries as possible. Asset protection planning is often an important aspect of modern estate planning. Why do people have to think about preserving their assets for their beneficiaries? Beneficiaries don’t have first priority As ..read more

An estate plan is highly personal. A testator who is creating documents has to think about their family and their personal wishes at length. They may need to name a guardian for their children or arrange for someone to care for a pet after they die. Many times, estate plans address someone’s needs and comfort later in life, not just the protection of their legacy after their passing. An asset protection plan can be a very important inclusion in modern estate plans. Asset protection planning can serve an important role both later in someone’s life and even after they die. What does an asset pro ..read more

Aging is a privilege in many respects, but the process can be a very humbling one. Some people develop age-related health conditions later in life that affect their quality of life and even their legal rights. For example, consider dementia, which can develop as a result of Alzheimer’s disease or might occur on its own. A patient experiencing dementia may have a difficult time differentiating reality from fantasy or memories. They can engage in irrational behavior, such as attempting to flee their caregivers. It can be very difficult to come to terms with a diagnosis of dementia for oneself or ..read more

Elder law planning is often something people don’t consider until there is a crisis. Their mother falls down the stairs, and they suddenly recognize that she may need to move into a nursing home. Older adults may begin planning as quickly as possible after a diagnosis of a terminal condition or a doctor deciding that they need to undergo surgery. Those facing a financial crisis or major challenges with a loved one’s safety may need immediate help addressing those issues. The pursuit of a guardianship when someone’s cognitive capacity suddenly declines is another example of a crisis that would ..read more

Elder law is a specialized area that focuses on the legal needs of seniors as they age. For a host of reasons, understanding the ins and outs of this field is crucial for those approaching their golden years. Getting the correct information and guidance is essential whether you’re interested in safeguarding your personal interests or helping an aging family member to safeguard theirs. From healthcare planning to financial management, elder law covers a wide range of topics that concern older adults. While many think it’s just about wills and trusts, the reality is far more comprehensive. If yo ..read more

In 2019, the federal legislature passed a bill called the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The original SECURE Act allowed more workers to make contributions to traditional IRA retirement savings accounts and increased the age at which someone can start receiving distributions from 70.5 to 72, while also making 401(k) plans accessible to certain part-time workers. In 2022, the legislature revisited the SECURE Act by proposing the SECURE Act 2.0. The President signed the bill into law at the end of 2022. Many people planning for retirement find this new law co ..read more

MassHealth is the Massachusetts Medicaid program. It provides need-based medical coverage for those who need extensive treatment and have limited income and personal resources. Many older adults turn to MassHealth or support when they need in-home nursing care or assistance paying for a bed in a nursing home or long-term rehabilitation facility. People tend to assume that they will retain their need-based benefits indefinitely after qualifying for MassHealth unless their income suddenly increases. However, a large number of MassHealth beneficiaries may receive a blue envelope in the late sprin ..read more

It’s a harsh reality, but age isn’t exactly kind to anybody. Whether you want to try to “age in place” in your own home or you prefer the idea of moving into assisted living or nursing care after a certain point, it takes some planning to meet those goals – and that usually involves some form of Medicaid (MassHealth) planning. Medicaid planning is necessary because long-term care is very expensive and seldom covered fully by insurance or Medicare. Done correctly, Medicaid planning can help make sure that your assets aren’t entirely depleted (so that you can leave something behind for your heir ..read more