What to Do if You’re a Trustee

So, you’re a trustee of a Massachusetts trust. On one hand, the good news is the person who created the trust respects you and finds you to be a trustworthy person. On the other hand, you have a mighty responsibility to manage that trust. But don’t worry, because with the right information and guidance from…

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Your Home and MassHealth

Medicaid is called MassHealth in Massachusetts. It’s a joint federal/state assistance program designed to pay for health care for individuals that meet certain income and asset guidelines. To qualify for MassHealth your total resources and income must fall below some fairly stringent eligibility limits, and there are also restrictions on how you can transfer assets. If…

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Making a Gift and MassHealth Eligibility

Clients often ask, “How much can I gift someone without incurring taxes?” While Massachusetts has no gift tax, there is a federal gift tax, albeit with a VERY high exemption. In 2020, the annual reporting requirement for gifts is $15,000 per donee. So, if you have three adult kids, you could give $15,000 or less…

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Senior Living Options

As older adults age in Massachusetts, they have new options of places where they can live. They can choose a place where they’ll continue to live independently, a location that provides help when it’s needed, a facility where they can receive 24-hour care when that’s required, and even a place where they can live independently…

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States Trying to Figure Out How to Cover Late-In-Life Care Costs

As our population ages and people live longer, we’re finding that late-in-life-care costs can be incredibly expensive—at times wiping out a person’s life savings. According to an article in The Boston Globe, there’s an obvious strain on family finances and the Medicaid system. Massachusetts has responded by expanding the role that MassHealth plays (MassHealth is Medicaid…

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