My Adult Child is Getting Divorced, So Why Am I Being Asked About My Assets?
When their child is getting divorced, most parents are appalled to learn that the state of Massachusetts, unlike other states, allows the court to consider the future inheritance of a divorcing spouse when determining how to divide the marital estate. Although a future expectancy of an inheritance is not divisible in a divorce, “the opportunity…
Condominiums 101
Condominiums are peculiar “creatures.” They are often thought of as a lifestyle choice, but they are actually a special legal form of property ownership under which an individual purchases and owns a unit in a multi-unit complex. What follows is a legal explanation of what a residential condominium is, how it functions, and some of…
Beware of the ABAS
Over the last couple of months, we have been noticing denialsfor adult DDS services on the basis of scores on the AdaptiveBehavior Assessment System (ABAS). To be eligible for adultservices, an applicant must have an IQ score of approximately70 or below and deficits in adaptive behaviors. To determinewhether an applicant has deficits in adaptive behavior,…
Understanding the SSI “One-Third Reduction Rule”
The Social Security Administration (SSA) will decrease theamount of your Supplemental Security Income (SSI) benefitby one-third if it is determined that you are receiving “in-kindsupport” from your parents or a friend or relative. If you live inthe home of another individual and s/he does not charge you forthe cost of room and board, then SSA…
The Spirit of Giving at Fletcher Tilton
Thanks to Maura Jacobs and Kristina Horgan for again organizing this year’s Fletcher Tilton Holiday Giving Tree for Pernet Family Health Services.
Attorney Frederick M. Misilo Named Worcester Business Journal Champions of Healthcare
Last night, Fletcher Tilton PC – Attorneys at Law‘s Fred Misilo, Jr. was honored at the Worcester Business Journal‘s Healthcare Awards as “Healthcare Leader – Professional Services”! This recognition celebrates Mr. Misilo’s outstanding commitment to healthcare equity through Fletcher Tilton’s free Special Needs Planning webinar series. By making vital healthcare and benefits information accessible to…
Short Sales Provide Relief for Struggling Massachusetts Homeowners
In the early and mid 2000’s, home values throughout the UnitedStates appreciated at an unprecedented pace. During this time,buyers commonly borrowed in excess of 90% of the cost of theirnew home purchase, and many homeowners refinanced theirexisting mortgages in order to cash out newfound equity. When thereal estate bubble finally burst and home values began…
Real Estate Investor or Dealer? Converting Ordinary Income into Capital Gain
As the real estate market continues to improve and values increase, it may be time for real estate owners to revisit a tax planning strategy. Real estate developers should consider locking in capital gains treatment by selling real estate they hold for investment to a related development corporation. The gain on the sale to a…
Tax Implications for Life Insurance Investors
In addition to providing guidance for owners of life insurance policies who sell or surrender their policy (which was discussed in a recent article), the Internal Revenue Service (“IRS”) provided guidance for investors in life insurance policies. The Revenue Ruling provided a number of factual scenarios concerning the tax implications to an investor who purchases…