Without a will, state law will determine what happens to your property that goes through the probate courts. This process is referred to as “intestate succession.” Your property will NOT pass to the state; instead, the law directs it to pass to your next of kin as illustrated in the chart below. In Massachusetts, consultRead more
Part of life is a role reversal that hits as our parents reach old age. For many people, at some point they become incapable of truly caring for themselves or maintaining their own home, at which point that role reversal hits, and the children become the caretakers. By this time, the children have often reachedRead more
Living trusts are a critical part of many people’s estate plans. Like wills, they are a method of transferring assets to your beneficiaries after your passing. However, they have many benefits that wills do not, which is why estate planners often urge clients to set up living trusts rather than relying solely on their lastRead more
One question we commonly receive from clients is whether or not estate planning is really necessary in their situation if they do not have any children. This is a well-meaning question, but it shows a general misunderstanding of what exactly estate planning is and why it’s important. Estate planning is more than just leaving behindRead more
Occasionally, we hear from clients or from others who have some objections to the idea of Medicaid planning in the context of paying for nursing home care. MassHealth is the Medicaid Program in Massachusetts. These objections are understandable to a degree—Medicaid planning does sometimes involve strategically eliminating assets so you can qualify for Medicaid andRead more
Medicaid is the single-largest source for funding nursing home care that exists in the United States. In Massachusetts, the Medicaid program is called MassHealth. With as prevalent as it is, one would think the general population would be more knowledgeable about it, including who qualifies and exactly what it covers. However, there are a lotRead more
One of the questions we commonly receive from estate planning clients is what would happen to their assets if they passed away without a will. Most simply put, the state’s intestacy laws would dictate how your assets are passed out to surviving relatives. The laws of intestate succession vary depending on whether you were marriedRead more
While you might need to “spend down” some of your assets to qualify for Medicaid or MassHealth in Massachusetts. To pay for your nursing home care, you typically will not have to sell your house as part of this process. However, there is still a chance the state will attempt to file a claim againstRead more
As you go through the process of planning your estate, you will need to designate beneficiaries for certain types of assets, including some insurance policies and accounts. For example, certain retirement plans (IRAs, 401(k)s, etc.), life insurance policies and payable on death accounts will all ask you to name a beneficiary. Beneficiary designations are independentRead more
Writing a will is one of the most critical ways you can protect your loved ones and your assets after you pass away. Sure, there aren’t many people who enjoy spending time thinking about their eventual death and how it will affect those closest to them, but these difficult conversations and brainstorming sessions are necessaryRead more
