Many Massachusetts are revisiting their estate plans. That is because the federal estate and gift tax exemptions will be significantly reduced in 2026. These exemptions were almost doubled when the Tax Cuts and Jobs Act was signed into law in 2017, but the increase was not permanent. When the TCJA provisions expire at the end of 2025, the basic exclusion amounts will revert to their 2017 levels. Those figures will be approximately $7.5 million for individuals and $14.5 million for married couples. They could be slightly higher or lower depending on the rate of inflation. In contrast, the estat ..read more

When you’re young, you might think you have plenty of time to create an estate plan in Massachusetts. That’s not the case, especially if you’re in a relationship. Anyone can fall victim to an accident or illness at any age. Your family needs a clear plan to follow should something happen to you. When you have an estate plan, you can provide guidance to your family about things, such as the division of your assets and instructions for your children. You should also include advance directives in your estate plan. Creates a personal medical plan You can’t always speak for yourself during a medica ..read more

In Massachusetts, a spendthrift trust is an essential estate planning tool that offers a strategic approach to managing your financial assets and the well-being of your beneficiaries’ finances. This vehicle can provide peace of mind that your heirs will receive their inheritance in a manner that helps preserve the assets and distribute them according to your wishes. What is a spendthrift trust? For estate planning purposes, individuals can choose from many types of trusts. A spendthrift trust is a specialized variant that moderates a beneficiary’s access to the funds or assets within the trust ..read more

Seniors never know when their health will change, and they will need long-term care. Many seniors in Massachusetts count on Medicaid to help pay for that care. Yet, many seniors find that they need help qualifying for the program. Other times, families discover that Medicaid has a claim to assets that they thought they would get when the senior passes. Giving assets away to qualify for Medicaid Seniors often give away assets before moving into a long-term care facility. The value of those items can stop them for a time from qualifying for Medicaid. They may have too many assets to be eligible ..read more

Medicaid programs help those with limited resources and income connect with medical treatment. In Massachusetts, those who qualify for Medicaid will receive MassHealth benefits. Those living on a limited income or unable to work at all can count on MassHealth to cover the costs of their necessary medical care. Even people who qualify for other kinds of coverage, like older adults who receive Medicare benefits, may need MassHealth benefits for more extensive costs. MassHealth covers things that Medicare does not, such as a stay in a nursing home. Receiving those benefits when you need them can ..read more

Your personal property and financial accounts will pass to the people that you love after you die. Your estate plan lets you control who receives what from your estate. In theory, you could earmark certain assets for specific people. Unfortunately, many people become so focused on deciding who gets what that they don’t stop to think about protecting those assets from outside claims. The property in your estate is vulnerable unless you plan ahead to keep others from making claims that could disrupt your intended legacy. Any creditor you owe money can claim assets from your estate When you die w ..read more

The primary purpose of the probate courts is to help handle the needs of aging adults or adults with disabilities and the transfer of property from someone who died to their heirs and beneficiaries. Massachusetts probate courts often oversee the administration of an estate. However, many people creating their own estate plans do their best to avoid going through probate court. What are some of the circumstances in which the estate doesn’t have to go through probate court? There are no assets to transfer at death Some people have little property by the time they die, and what major assets they ..read more

To some people, estate planning just means creating a last will. To many others, the process involves multiple steps, including setting up a living will. Your living will is a collection of documents you make now that will protect you in the event of some kind of catastrophe in the future. Whether you are left in a coma after a car crash or suffer an embolism that leaves you unable to communicate, having a living will is one of the most important forms of protection during medical emergencies. A power of attorney document can be a key component of a living will. People can make one power of at ..read more

Because generations are living longer and financial planning is speculative, arranging for the costly, long-term care is an unavoidable reality. Ultimately, most Massachusettsans will rely on Medicaid for nursing care. It is incumbent on the Medicaid recipient to understand the laws and legalities that govern MassHealth (Massachusetts Medicaid). When will MassHealth cover long term care? MassHealth will cover nursing home care when a skilled level of care is needed. Skilled care or services are administered by a nurse – injections, condition monitoring, or wound and/or catheter care. Skilled c ..read more

It is a conversation no one is comfortable having – discussing end-of-life decisions with your aging parents. Unfortunately, while it is uncomfortable, it is also necessary. Dying without a will or becoming ill without estate planning documents in place can lead to numerous disputes and heated emotions among relatives. Here are five things to remember as you prepare for and accomplish this difficult conversation: No time like the present. Even though it might be an easier decision to put off the conversation until later, there will be no “perfect” time to discuss estate planning. It is better ..read more