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...
Estate Planning
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...
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...
Understanding the benefits of a special needs trust
When a person has a physical or mental disability, he or she may benefit from a special needs trust. The special needs trust allows a trustee to manage property for the person and is created with his or her needs and lifestyle in mind. For example, the trustee can...
Three estate planning myths
Most people have basic knowledge of the estate planning process and what it entails. However, this knowledge is rarely more than a superficial understanding. For this reason, estate planning myths have become commonplace. This is part of the reason so many people...