If there are circumstances under which you have asked, or your adult children have inquired, if you would like to move in with them, you may want to consider the psychology, financial reality, and likely scenarios before taking this step. For example, are your minor grandchildren still living with your children, how large is the home, and do you get along with your child and in-law? There are a host of other factors to consider also when pondering whether such an arrangement is realistic or workable.
If you think that just because you are single that you do not need a will or an estate plan in place, think again. The assets and ownership interests you have in a home and other real property, stocks, retirement account, business or other property can be reduced by federal and state taxes and by having to go through probate if you pass away without a will or other testamentary measures in place. Your property will also be distributed according to the state’s law on intestate succession if you die without a will, which can be contrary to your wishes.
Medicaid and Personal Injury Benefits
Personal injury settlements are often beset by reimbursement claims or liens from other parties that may have contributed to the payment of medical costs such as third party insurers or Medicaid. Medicaid is a federal and state run program for low income individuals who receive medical care at no or low cost. Read more
Whether you have considerable assets earned over a lifetime of work and investments, are just beginning your career, or if you have children or not, everyone should have an estate plan in place. In Westport, Massachusetts, Patricia Bloom-McDonald has been handling Westport estate planning for her clients, regardless of their age or amount of their assets or family condition.
Elder law is a growing practice and encompasses numerous other legal disciplines given the unique needs of an aging population. The baby boom generation that arose after World War II, ranging from the years 1946 to 1964, is the largest demographic group in the US. In 2011, the first boomers reached age 65 and now account for some 78 million people, a figure that will double by 2020.