One important part of a Massachusetts resident’s planning for their aging is to figure out how they will provide for their own care. Even well before they have to enter nursing homes, people will likely need help with household chores, their financial affairs and...
Estate Planning
Is estate planning as important for older Millennials as Boomers?
It may surprise our Millennial and Boomer readers, but older Millennials are now approaching 40. This means that a huge, new population now has kids (possibly multiple), cars, homes, burgeoning retirement accounts, sizable crypto-wallets, etc. And, with the...
The challenges of creating an estate plan
Estate planning represents proactive steps to provide your loved ones with peace of mind. Without formalized documents that communicate your wishes, relatives are left to interpret the actions you would have taken. Chaos can easily ensue. In addition to grief over the...
Do you know what a special needs trust can pay for?
A special needs trust can be a great way to provide for a loved one while still ensuring that he or she qualifies for government programs like Medicaid. This is because assets that are passed down to your loved one through a special needs trust are exempt from income...
What components will be part of your comprehensive estate plan?
The importance of estate planning cannot be overstated. Many people do not realize how much they have in assets, or how making some important decisions now can help your loved ones immensely in the future. Your estate plan will be unique to your needs and goals. So,...
Creating a special needs trust
When a person has a mental or physical disability that impacts his or her ability to make financial decisions, it may be necessary to pursue a special needs trust. This type of trust allows a person, called a trustee, to manage the trust on behalf of the person with...
What to include in an incapacity plan as part of an estate plan
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...
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...