by Michael Baker | Mar 16, 2021 | Asset Protection
If you want to make a gift to family members but have exceeded the annual gifting limit, there is another way. Payments for a family member’s education or health care expenses are exempt from the gift tax. 2021 Gift Tax Exclusion The annual gift tax exclusion for 2020...
by Michael Baker | Mar 10, 2021 | Elder Care
As the next round of stimulus checks go out, it is important to know that nursing home residents are not required to turn their checks over to their nursing home. Also, Medicaid recipients may need to spend the cash within a year if it puts them over Medicaid’s...
by Michael Baker | Mar 4, 2021 | Medicaid / MassHealth
Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper planning can help your family prepare for the financial toll and protect assets for future generations. Long-term care can be very expensive, especially...
by Michael Baker | Feb 22, 2021 | Asset Protection, Trusts
The estate planning process allows you to take control over what will happen to your assets after you die, including high-value assets like your home and investments. You might find, however, that simply using a last will and testament is not going to be enough to...
by Michael Baker | Feb 15, 2021 | Asset Protection, Trusts
If you have a high-value estate, one of the main considerations of your estate planning might be what you can do to reduce your potential estate tax liability. Trusts can be used in certain ways to help you reduce taxes, but not all trusts will have tax-reducing...