It is important to know what to include in an incapacity plan so that estate planners can plan for the worst. An incapacity plan will help direct how the estate planner’s financial and healthcare decisions are made and how their financial and healthcare affairs will...
Year: 2021
Estate planning strategies for the family home
While no one wants to consider the end of their life, proactive steps in the form of estate planning can provide a level of comfort for your children and other loved ones. Ignoring the need for a will or trust or putting off the drafting of such essential documents...
Focusing on quality-of-life concerns in estate planning
As our parents grow older, underlying health conditions become more apparent as the symptoms of these diseases begin to affect their quality of life. Although the focus of estate planning in Massachusetts and elsewhere is usually on the allocation of financial assets...
How does MassHealth evaluate irrevocable trusts?
MassHealth administers Medicaid for Massachusetts residents. It has the advantage of offering coverage for long-term care needs such as nursing homes or assisted living. However, it is not easy to qualify for, due to its strict asset and income limits. In order to...
5 matters to consider when selecting a nursing home
Your family can no longer bear the physical, emotional and financial burden of caring for your elderly parent. The time is now to have those discussions on placing your father into a nursing home. Although you know that this is the right decision, you still have many...
Stopping financial exploitation of the elderly
Abuse of the elderly is a growing problem. In 2017, the Massachusetts Executive Office of Elder Affairs logged 30,000 reports of suspected elder abuse, an increase of 68% over the number in 2011. Although final figures for 2021 are not available, it's quite possible...
Understanding the role of a guardian
Setting up a guardianship can be an important part of caring for an older loved one or incapacitated loved one. For that reason, it is helpful to know how to set up a guardianship and what the role and responsibilities of a guardian are. The important role of a...
Protecting your hard-earned assets when you enter a nursing home
You worked hard for your entire career to put together your financial legacy. The last thing that you want is for that legacy to be consumed by nursing home costs and medical expenses at the end of your life, leaving nothing for your children, grandchildren and other...
MassHealth extends long-term care to thousands of immigrants
Many people who come to the United States hoping for a better life do not qualify for long-term elder care. Fortunately, MassHealth is about to change that. As of Nov. 1., immigrants who do not have lawful permanent resident status can qualify for long-term care...
Difference between revocable and irrevocable trusts
Many people reading this blog post may already understand that one of the most effective estate planning tools is forming a trust. A trust not only helps avoid probate and save on estate taxes but also provides privacy, protection and proper distribution of assets. In...