If you’re single, you might think that estate planning is only for married couples or people with children. But the truth is that estate planning is just as important for you as a single person. You might think that if you don’t do a will that your family or friends can just divide up your…
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How to Stop Procrastinating and Get Your Estate Plan Done
Let’s be honest, no one likes thinking or talking about death. It’s just uncomfortable. So, it’s understandable that your mind is telling you that you’re too busy with other things to do your estate planning. Plus, you’ll have to figure out your total assets and how you want to distribute your estate. You figure that…
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Medicare’s Online Compare Tool Just Got Better
The U.S. Centers for Medicare and Medicaid Services (CMS) have recently combined eight online Compare tools into one on Medicare.gov. This new tool, called Care Compare, has data about providers across different disciplines – making it easier for Medicare beneficiaries and their family members to get the information they need. CMS’s eight separate Compare tools…
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Choosing a Guardian for Your Children in Massachusetts
If you have a minor child, it’s important for you to name a guardian to ensure that your child will always be taken care of by the people you want, in the way you want, no matter what happens. A guardian will make decisions on behalf of your child to make sure your child is…
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An Example of What Happens When You Don’t Have an Estate Plan
Eugene Brown passed away in his home in mid-August 2015 at the age of 93. The neighborhood mail carrier noticed that Eugene hadn’t been on his front porch to greet her as usual for the last five days, so she called the local police who found Mr. Brown.
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Will vs. Trust: What’s the Difference?
Wills and trusts are both important documents for doing your Massachusetts estate plan. They serve different purposes but they can work together to create a comprehensive estate plan. These are the main differences between a living trust and a last will and testament: Whether probate is involved What assets and legal affairs are affected When the instrument…
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What Exactly is an “Estate” and What is Yours Worth?
Your Massachusetts estate is basically everything you own, including money that would be generated upon your death (like life insurance). Some people think that their estate is too small to need an estate plan. However, it’s likely that your estate is even bigger than you think, and if you want to leave certain items to…
Continue reading…The Pros and Cons of a Life Estate Deed
A life estate deed in Massachusetts is a deed in which two or more people each have ownership of real property, but they have it for different periods of time. An example: Mary is 82 years old and lives in her home by herself. Mary signs the deed to her home over to her adult…
Continue reading…How to Plan for Incapacity
Planning for your incapacity is an essential part of Massachusetts estate planning. Being “incapacitated” means that you no longer have the ability to understand and appreciate the consequences of your actions to make rational decisions. You can become incapacitated due to a mental health issue or a physical problem. Incapacity can be short term (e.g.,…
Continue reading…Revocable vs. Irrevocable Trusts: Which is Right for You?
What is a Living Trust?A living trust is a legal document that can hold legal title to your assets. Think of it like a box where you can hold your assets for your benefit during your lifetime, and thereafter for the benefit of another person (beneficiary). You can manage the trust yourself or choose someone…
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