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June 2017 Archives

Have questions about asset protection and estate planning?

Knowing the best ways to plan end-of-life wishes can prove difficult. For individuals who do not fully understand the estate planning process, the idea of making a plan may not go much further than simply writing down which loved ones they want to receive what property. However, an estate plan can -- and probably should -- go well beyond that, and Massachusetts residents may be interested in asset protection and wills.

Misconceptions regarding wills could hinder Massachusetts plans

Having misconceptions about estate planning could quickly result in Massachusetts residents feeling as if they do not need to create a plan or cause them to plan incorrectly. Therefore, it is important that individuals interested in creating wills and other documents understand the functions of those documents. Estate planning is important for any adult, regardless of age. 

Non-parents can still benefit from creating wills

Having gone through life without having children of their own, some Massachusetts residents may wonder who will get their assets after death. While some parties may consider simply letting the state distribute their assets, it would still be wise for individuals to explore the benefits of wills. In many cases, people may find that estate planning documents have more uses than originally believed. 

Missing out on health care planning could cause financial burdens

Though many Massachusetts residents may utilize Medicare to address medical expenses, they may believe that they can rely on the program for assistance with extended care during their elderly years. In fact, a recent survey indicated a majority of older individuals have this mistaken belief. Unfortunately, without proper health care planning to address long-term care, parties could be left wanting. 

Start planning ahead for Medicare

Aging gracefully takes carefully planning a regular investment in your health. Aging gracefully financially requires careful planning and forward-looking financial decisions. With the help of an experienced estate and financial planning lawyer, you can start taking steps now to plan for your upcoming Medicare application. Your attorney can also help you with estate planning, putting together a last will and even appointing a health care proxy who has a limited power of attorney if you become incapacitated for any period of time. All of this can give you peace of mind as you approach retirement.

Beneficiaries could affect estate administration in Massachusetts

Because Massachusetts residents undoubtedly want to ensure that their children and other family members are taken care of in the event of their demise, they may want to take the time to consider their options for bequeathing assets. When it comes to estate administration, the details left in a will play a significant role in how assets are distributed, but extenuating circumstances could affect that administration. For instance, if property is left to individuals who are not ready to receive it, outside parties could step in. 

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