An Important Element of Your Estate Plan: Updating Beneficiary Designations
Having an estate plan is one of the most essential parts of planning for your future and the future of your family. However, all too often, well-intending people create an estate plan, yet as circumstances in their life change over the course of time, they forget to update their beneficiary designations....
Insurance and Estate Planning
Estate planning is for everyone, no matter what assets you own, or the size of your family. Basic estate plans include a will, payable-on-death accounts (POD), IRAs, and other retirement plans that include beneficiaries. Some people may also include a trust, depending on whether it is beneficial or financially expedient to...
Estate Planning for Nursing Home Residents
If you or a loved one are planning on moving to a nursing home residence soon, you should be aware of the MassHealth requirements if you are unable to private pay for the cost. Nursing home care is expensive with yearly costs of $90,000.00 and more. Many low-income individuals will need...
Do You Know Who Gets Access to Your Joint Account Upon Your Death?
Joint bank accounts can be a great idea for you or a parent. A joint account can enable a relative to write checks, withdraw funds, or transfer them for your benefit. There may be an issue, however, when you pass away as to who gets the account and what happens to...
Blended Families and Estate Planning
Blended families have always been with us but even more so since divorce rates are now over 50% and are easier to obtain than in past decades. A blended family is created when the spouses bring to the marriage the children of their previous relationship(s) and who may decide to have...
What You Need to Know About Caring for Your Parents
Do you have a parent who needs care or some degree of assistance? Some seniors who planned ahead may have long term disability insurance or a substantial retirement account that allows them to reside in a nursing home or assisted living facility or who may be eligible for Medicaid benefits. Consult...
The Best Ways to Give Money to Your Grandchildren
If you have grandchildren you can give them funds that can actually help them while teaching them about the importance of saving. By looking at certain ways on how you can provide them with gifts, you can avoid certain tax implications and perhaps give your loved ones a lesson on financial...
11 Reasons to Update Your Estate Plan Before It’s Too Late
While most people lack a Will or any other type of estate plan, your having one puts you in good stead with yourself and your family. However, events in your life can drastically change your plans for distributing your assets. It is always a very good idea that you need to...
What You Need to Know About Planning and Gifting
As you age and plan for your estate and your health, how you will distribute and gift your assets is surely an important consideration. In addition to estate planning and gifting, how your taxes and gifts may affect your eligibility for MassHealth (a/k/a Medicaid) is essential to understand. Massachusetts estate planning...
Why You Should Not Disinherit Special Needs Family Members
To disinherit a close family member is not a decision arrived at lightly and should not be done without first having a full discussion about the reasons and the consequences. If you have a special needs child who is receiving public benefits such as SSI, Medicaid and/or MassHealth, then you must...