Thinking Beyond Special Needs Trusts
I have given some thought over the last several months to the long- term intended consequence of special needs planning. Certainly, special needs planning is more than a legal instrument; a special needs trust is supposed to direct the Trustee to do some things and refrain from doing others. It certainly is more than listing…
The Importance of Collaboration Between Your Professional
Collaboration between advisors in joint client engagements leverages the knowledge base and technical expertise of each professional advisor. Since this common sense premise is so obvious, why isn’t there a higher level of collaboration between attorneys, accountants, wealth managers and insurance professionals in working together to meet client goals and objectives? In a recent article…
Supplemental Security Income: Top Ten “Must Know” Issues
In my practice, it is very common to receive a call about a notice from the Social Security Administration (“SSA”) concerning a reduction, elimination or other modification of Supplemental Security Income (“SSI”) benefits. This is, of course, a troubling experience for the SSI beneficiary and the representative payee. In many cases, the reduction in benefits…
Integrating Futures Planning, Estate Planning and Legal Protections for Persons with Disabilities: A Primer
INTRODUCTION As families plan the future for their son or daughter or sibling with a disability, the considerations of what steps they need to take now can be a most daunting challenge. The future not only holds the high degree of uncertainty faced by all families; families who have a son or daughter with a…
Incorporating Pets in an Estate Plan
For many of us, our pets are trusted and valuable companions. Legally, pets are considered merely personal property – the Latin term is “chattel.” But our valued furry friends are more often than not considered a member of our family, not a piece of property. Therefore, it makes sense to make special provisions for them…
Simple Steps to Remaining in Your Home
Our dream often includes choosing where you live and staying there through the years of life. Human nature creates the comfortable feeling of familiarity in our surroundings that we come to rely upon. Seasoned adults are no exception to this rule. The shared desire to remain in our homes as we age is undeniably strong….
Should Seniors Sell or Keep Their Home?
“I don’t know, maybe I should sell this place — or not!” This question is not an uncommon one to hear from seniors who are living in their home and share their concerns about selling that home with friends, family and neighbors. The rising cost of basic necessities, the ever-present maintenance and repair costs, and…
Mass Health Long-Term Care: Deficit Reduction Act Means Big Changes in Planning
On Wednesday, February 8, 2006, President George W. Bush signed the Deficit Reduction Act of 2005 (“the DRA”). This new law may change the way individuals will plan for their retirement and long- term care needs. Also, decisions that individuals make now may have a significant impact on their future eligibility for long-term care financing…
Long-Term Care: Putting All the Hype in Perspective
We’ve all heard or read the daunting statistics of our aging population and the pending crisis in long-term care. For example, every day 10,000 baby boomers (those born from 1945 to 1965) turn 65 years old. A 2005 study estimated that 58% of men and 79% of women will need long-term care at some point…