Proper Titling of Estate-Plan Assets
Do you jointly or individually own your assets? And have you designated the proper beneficiaries on your retirement accounts and life-insurance policies? When it comes to beneficiaries and the proper titling of assets — identifying upfront who owns those assets, these items must be consistent with your estate-plan documents. CREDIT-SHELTER TRUSTS Let’s say your estate…
Trusts Are an Integral Part of Most Estate Plans
The importance of estate planning to reduce federal estate taxes has been significantly diminished due to recent tax law changes. However, trusts remain an integral part of most families’ estate plans. Here are some of the more important reasons why you should consider employing one or more trusts in your estate plan. REVOCABLE CREDIT SHELTER…
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…