Gifting to Minors: Year-End Options
In making annual gifts to minors, many people often do not want to give a blank check, which the minor can spend on, for instance, fancy clothes. An outright gift of cash is certainly an option, but it also is usually the least attractive one. In 2019, under federal law, you are allowed to make…
Choosing a Trustee: Factors to Consider
A Trustee’s duties include, among other things, prudent investing, carrying out the express terms of the Trust, maintaining a relationship with the beneficiaries, providing annual accounts to the beneficiaries, and tax compliance. Trustees owe a fiduciary duty to the beneficiaries and are therefore subject to potential liabilities to the beneficiaries for failing to carry out…
Three Common Misconceptions About Qualifying for MassHealth Long-Term Care Benefits
An attorney working long enough in any area of the law will inevitably find there are certain misconceptions that many clients have. Here are three misconceptions I come across time and time again in my practice as an elder law attorney. 1. “I can gift $14,000 to my kids each year, and it won’t impact…
Financing Your Loved One’s Skilled Nursing Care – Medicare vs. Medicaid
Many of us have experienced that moment of panic when we learn a parent, grandparent or other beloved elder is being rushed to the hospital after a fall. Once the frenzy of the immediate crisis passes, reality sets in. Our loved one is no longer safe to return home immediately and live on his or…
Establishing and Maintaining Legal Domicile (Residence) in Florida
Registering to Vote: Supervisor of Elections Automobile Registrtion: Tax Collector’s Office (Plates) Automobile License: Florida Highway Patrol (New Driver’s License) Homestead Exemption: Residents may file for homestead exemption at the property appraiser’s office. Filing must be accomplished between January 1 and March 1. Bring your warranty deed so legal description may be ascertained, together with…
Why Do I Need a Power of Attorney?
A power of attorney is a legal document in which you can designate a person to make financial decisions for you. Unlike a will (which takes effect only after your death), the authority under a power of attorney is valid only while you are alive. If you start to need help managing finances, it can…
Social Security and Rep Payees
The Social Security Administration (“SSA”) has long used the representative payee program to designate who will manage the funds of a minor or incapacitated beneficiary. As demand for this program is growing, the government is reviewing how the program functions and the role of a representative payee (also referred to as a “rep payee”). The…
Just for the Wealthy? Rethinking the Trust Fund
When you hear the phrase “trust fund” you may think of wealthy families like the Rockefellers or Vanderbilts. However, trusts today are useful for families with estates of all sizes. A trust is essentially a money management tool that designates a fiduciary, called the trustee, to manage the trust’s assets. The trust creator, called the grantor, determines…
Contractors Beware: Know When You Really Last Performed on the Project
We previously featured a construction law article concerning the timing requirements for “perfecting” a general contractor’s or subcontractor’s mechanic’s lien on private construction projects in Massachusetts. That article, titled “What You Need to Know About Massachusetts Mechanics Liens,” provided contractors with an overview of how properly to record and prosecute liens against a project owner…