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…

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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….

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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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What are MassHealth, Medicaid, and Medicare?

MassHealth, Medicaid, and Medicare are all government programs for health care. But how do they differ and what do they cover? Medicare Medicare is a federal health insurance program for people 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant). Insurance companies…

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You Must Be Organized When Applying for MassHealth

It’s estimated that 70% of people over the age of 65 will require some type of long-term care services during their lifetime. In the Boston area in 2018, the average cost for assisted living was $5,850/month and $12,710/month for nursing homes. Those are incredibly high costs. Some people turn to MassHealth for help. MassHealth (Medicaid…

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What is the Medicaid/MassHealth Look-Back Period?

MassHealth (Medicaid in Massachusetts) is a joint federal/state program that assists individuals with payment of long-term care and other medical costs. MassHealth is designed to pay for long-term care once a person’s funds and assets are extremely limited. To be considered eligible for MassHealth, applicants must meet very strict guidelines in regard to their countable…

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Who Will Care for Baby Boomers as They Age?

Family members have long provided caregiving for their aging loved ones, but estimates are indicating that there won’t be enough of them for the job in the near future. A recent Forbes article entitled “As Baby Boomers Move Into Old Age, Who Will Care For Us?” mentions that it’s estimated that 117 million Americans will…

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Why You Need to Plan for Long-Term Care Expenses

Fact: the majority of people over 65 will need long-term care. It’s estimated that 70% of people over the age of 65 will require some type of long-term care (LTC) 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,…

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