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Guardianship allows you to make decisions for an adult who can no longer manage their own care. This legal process can involve making choices about health, living arrangements, and personal care. Since this grants someone authority over another person’s life, it’s...
Massachusetts has unique estate tax rules compared to other states, which can significantly impact residents and their beneficiaries. Understanding these differences is crucial when planning an estate to minimize tax liabilities. Massachusetts estate tax threshold...
A Qualified Personal Residence Trust (QPRT) is a specialized estate planning tool designed to minimize estate taxes on a personal residence. It allows homeowners to transfer ownership of their home to a trust while retaining the right to live in it for a set number of...
Massachusetts residents must consider both federal and state estate taxes when planning for the future. While the federal estate tax exemption is higher, Massachusetts imposes its own estate tax on estates valued at over $1 million. For families with large estates,...
When handling estate matters, the terms "trustee" and "administrator" often come up. While both manage assets, they serve different roles. Understanding these differences can clarify their responsibilities in estate planning and administration. What is a trustee? A...
The Medicaid lookback rule ensures that applicants do not "cheat" their way into the program by transferring assets to qualify for Medicaid benefits. The lookback period in Massachusetts is five years, which means Medicaid will examine any asset transfers made within...
Trusts are powerful tools for managing and protecting assets, but they come with drawbacks that you should consider. Understanding their potential disadvantages is important for making informed decisions about your estate planning. Complexity and cost One disadvantage...
Planning for the future goes beyond writing a will; it includes protecting your assets, especially your family home. Understanding estate planning options ensures that your home stays safe from Medicaid estate recovery. Understanding Medicaid estate recovery Medicaid...
Massachusetts residents must consider the state’s estate tax when filing a return and planning for future financial obligations. Massachusetts has its own estate tax, separate from the federal estate tax, which can impact estates valued over a certain threshold. ...
Estate planning can be complex, but it becomes even more critical for individuals diagnosed with dementia. Elder law attorneys play an important role in ensuring that clients with dementia have their needs met. They offer specialized guidance and support during the...
