Turning 18
Although parents’ responsibilities may not change when their child turns 18, their rights do. It is important that parents are aware of these dramatic changes that occur. From the day children are born, parents make decisions for them – financial decisions, medical decisions, lifestyle decisions, and many more. It is quite an adjustment to come to the realization that all […]
Changing Priorities in Estate Planning
Although there are many middle-aged and elderly people who do not have wills or other estate plan documents, the percentage of young people who do not have these documents is far higher than those groups. The general feeling among this group is that they are young and do not have enough property to disburse upon death anyway. This may be […]
Long-term Care and MassHealth Eligibility
The cost of institutionalized long-term care (nursing home) can be devastating. Currently, nursing homes are charging in the neighborhood of $13,000.00 per month. Fortunately, MassHealth, through the Medicaid program, will pay nursing home costs, but only if you do not have the financial resources to pay privately. Eligibility requirements for Medicaid assistance are quite clear and do not allow individuals […]
Ways to Avoid Probate
In a previous article we described the probate process and how it works. In that article we touched briefly on using a trust to avoid probate. If a piece of property, usually real estate, is owned in the name of a trust, that property is distributed as directed in the trust. If the decedent is the trustee and beneficiary of […]
Estate Taxes
Very few people have to worry about Federal Estate taxes these days since the threshold at which those taxes kick in is 11.2 million dollars for an individual and twice that for a couple. In Massachusetts, however, the threshold is one million dollars for an individual and two million dollars for a couple. The taxable estate includes all assets including […]
Business Entities
There are numerous ways in which a small business can be structured in Massachusetts. The most basic, and least expensive to create and maintain, is a sole proprietorship. This is when someone simply conducts business under their own name. The advantage of this approach is that it costs nothing to “create” and requires little, if any, ongoing administration. In the […]
Benefits of Trusts
We are often asked why trusts are helpful. There are many different kinds of trusts which are tailored to address a variety of situations. Some of these will be discussed in future insight blogs. This article will simply give two true examples of how a basic revocable trust can be helpful. In the first case, two brothers and a sister […]
The Probate Process
Almost everyone wants to avoid probate, and in most cases, this is a pretty good idea, but not always. The probate process a system designed to ensure that the wishes of a deceased person as expressed in their will, are properly carried out and the interests of all heirs are protected, or, if there is no will, that heirs are […]
What to Expect When Buying a House
The legal process begins when you sign an offer which is accepted by the seller. It is important that the terms of the offer are exactly what you want since they will eventually be part of the more comprehensive purchase and sale agreement. If a real estate broker is involved, that person will usually draft the offer. Critical provisions in […]