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…Category: MassHealth / Medicaid Planning
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…
Continue reading…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…
Continue reading…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…
Continue reading…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, and…
Continue reading…Massachusetts Prepaid Funeral Contract Considerations
When a loved one dies, it’s a very emotional time for their family and friends. A prepaid burial contract will allow you to make the decisions you want for your funeral which would help alleviate that extra stress that would be on your family for planning your funeral. These contracts can also have some estate…
Continue reading…Why Use an Experienced Elder Law Attorney (Like Us) for MassHealth Planning?
While I understand that this sounds somewhat self-serving, it really is important to get the best expert guidance you can when it comes to MassHealth, which is Medicaid in Massachusetts. MassHealth is a joint federal/state program that supports the cost of nursing home care for people who qualify. Seniors (age 65 or older) must meet…
Continue reading…5 Legal Steps to Take When Facing Dementia
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…
Continue reading…Why You Should Plan Ahead for MassHealth Eligibility
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…
Continue reading…Revocable vs. Irrevocable Trusts
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…
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