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…
Continue reading…Massachusetts Estate Planning for a Family Vacation Home
Consider yourself lucky if your family owns a vacation home –a lakeside cabin, a beachfront condo–a place where parents, children and grandchildren can gather for vacations, holidays and enjoy each others company and relax together. Your vacation home is likely a place full of special memories where you or your children grew up enjoying summers…
Continue reading…Asset Protection for Small Business Owners
Many people think of estate planning as a luxury for wealthy business owners, executives and CEOs – multi-millionaires who have a variety of homes and bank accounts overflowing with money. However, this notion could not be further from the truth. Estate planning is a tool to be utilized by everyone, regardless of the size of…
Continue reading…How to Protect Massachusetts Real Estate Assets
If you own real estate, chances are you have purchased insurance to protect your assets against damage or loss. But have you taken the necessary steps to protect your assets against lawsuits or probate? If you own rental properties, there is likely a nagging fear in the back of your mind about being sued by…
Continue reading…How Irrevocable Trust Planning Saves You Money
Qualifying for Medicaid, MassHealth in Massachusetts, is one of the largest benefits of using an irrevocable trust as part of your estate plan. However, irrevocable trusts offer several important benefits
Should a Life Estate be used to Protect the Home from Medicaid?
Recently, I worked with a client whose mother had transferred him her house and retained a life estate. The transfer occurred ten years ago with the goal of keeping the house safe from long-term care costs should she seek MassHealth (Medicaid) qualification. Two years ago, when the mother was 84 years old she entered a…
Continue reading…Massachusetts Life Estates – MassHealth eligibility
Creating a life estate in Massachusetts can help protect your investment in your home, keep an important asset in the family and reduce your estate for MassHealth eligibility. However, life estates are not right for everyone. Here is a primer on what you need to know before considering whether creating a life estate could be…
Continue reading…Massachusetts Medicaid Trusts Protect Assets for the Whole Family
Many of the seniors I work with transfer assets, often their homes, into irrevocable trusts in order to protect their property in the event they or their spouse need long-term
Continue reading…Protect Your Home from MassHealth Liens
Did you know that MassHealth can place a lien on your home if you or your spouse requires long-term care? People often learn this the hard way when they need
Continue reading…Using Irrevocable Trusts in Medicaid Planning
Despite the fact that the vast majority of Massachusetts seniors will face certain impoverishment should they require long-term care, MassHealth (Medicaid in Massachusetts) only accepts seniors who can meet extremely
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