Over 5.5 million Americans were living with Alzheimer’s disease in 2017. This included an estimated 5.3 million people age 65 and older and approximately 200,000 individuals under age 65. And Alzheimer’s disease is just one form of dementia. It’s important to create a plan when you’re in the early stage of dementia. It will help […] The post 5 Legal Steps to Take When Facing Dementia appeared first on The Heritage Law Blog .
Studies have found that 70% of the time, family assets decrease significantly from one generation to the next, and have disappeared completely 90% of the time by the third generation. Case in point, Cornelius Vanderbilt, the railroad and shipping scion of the 19th century, left his vast fortune of $100 million to his heirs when […] The post 5 Steps to Prepare Your Heirs for Their Inheritance appeared first on The Heritage Law Blog .
It’s estimated that 70% of people over the age of 65 will require some type of long-term care services during their lifetime. That could mean needing assistance with at least a couple of activities of daily living, such as eating, dressing, or bathing, and possibly even a higher level of care. In the Boston area […] The post Why You Should Plan Ahead for MassHealth Eligibility appeared first on The Heritage Law Blog .
Parents who are older sometimes think that transferring ownership of their home to their adult children or giving them joint ownership of the house is a good idea. They think that it might the best way to protect that asset and they like that it reduces the taxable value of their estate. However, there are […] The post 8 Risks to Consider Before Transferring Ownership of Your Home appeared first on The Heritage Law Blog .
Both revocable and irrevocable trusts protect the assets that you’ve placed in the trust from going through probate. So, both types of trusts will avoid costly court and attorney’s fees, plus the long period of time that assets are tied up in court and inaccessible to those you’ve left them to. However, it’s important to […] The post Revocable vs. Irrevocable Trusts appeared first on The Heritage Law Blog .
To qualify for MassHealth benefits, seniors (age 65 or older) must meet strict financial eligibility requirements, including both a limit on countable assets as well as income. If you’re married and live with your spouse, both of your incomes and assets count in deciding if you can get MassHealth. Countable income includes: Wages, salary, tips, commissions (before deductions) Self-employment […] The post What Assets and Income Count Toward MassHealth Eligibility? appeared first on The Heritage Law Blog .
The start of each year makes us think about what’s important and what we want to accomplish. Protecting our family and maintaining financial security are top of that list for most people. Proper estate planning can help you reach both those goals. Here’s why you should get started on your estate plan: Avoid Probate to […] The post Why You Should FINALLY Get Your Estate Planning Done appeared first on The Heritage Law Blog .
As a parent, you have the natural instinct to protect and care for your children. From the minute you bring your baby home for the first time, your child becomes your priority and the center of your life. However, while it’s very common for people under the age of 35 to have children, 92% of […] The post Protecting Your Kids Through Proper Estate Planning appeared first on The Heritage Law Blog .
In this season of giving, we often think about how we’re giving back to the world we live in. You might donate here or there during the year when you remember to, but you could develop a well-thought-out charitable giving plan that would benefit the charities of your choice as well as your estate. Do […] The post Charitable Giving on Your Mind? appeared first on The Heritage Law Blog .
The Massachusetts estate tax exemption is $1M. When you die, if your estate is valued at $1M or under, you pay no estate tax. If it is valued at one dollar over $1M your estate is taxed on the ENTIRE amount, not just the amount that is over. Your “estate” includes all the property you […] The post Using a Trust to Limit Massachusetts Estate Taxes for Couples appeared first on The Heritage Law Blog .