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Baker Law Group P.C. – Estate PlanningBaker Law Group P.C. – Estate PlanningBaker Law Group P.C. – Estate PlanningBaker Law Group P.C. – Estate Planning
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What to Know about Federal Estate Taxes

By Michael Baker | Asset Protection, Financial Management | December 28, 2020 | 0

The federal estate tax is a type of tax that applies only to large, valuable estates. It is levied when those estates’ assets pass from a decedent to their heirs and beneficiaries. There is a federal estate tax that applies to all estates of a certain value (see below), and some states also implement theirRead more

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Tips for Business Owners to Avoid Issues with Probate

By Michael Baker | Asset Protection, Business Estate Plan, Business Structure | October 19, 2020 | 0

Business Estate Plan One of the main purposes of estate planning is to help people avoid the probate process, which can be drawn out, expensive and potentially include challenges to the validity of a will. This is particularly important for business owners, who will inherently have more complex estates and will want to be ableRead more

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Rules to Know About MassHealth Nursing Home Eligibility

By Michael Baker | Asset Protection, MassHealth | April 1, 2020 | 0

Rules for MassHealth nursing home eligibility are designed to help cover the costs of long-term care. The rules are notorious for being complicated, which can lead to misunderstandings about whether you qualify and for how much coverage. Countable Assets There is a limit on “countable” assets—that is, the assets that count against your MassHealth eligibility.Read more

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How to Protect Your Assets in an Estate Plan

By Michael Baker | Asset Protection, Estate Planning, Trusts | March 25, 2020 | 0

Protect assets from bankruptcy, lawsuits or divorce. Estate planning is a way to protect your assets and preserve as much as possible for your end of life care and your beneficiaries. Estate planning can help to avoid paying a hefty estate tax if possible, provide for the care and custody of any minor child youRead more

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Avoiding Massachusetts Estate Tax if You’re Close to the Threshold

By Michael Baker | Asset Protection, Estate Gifting, Estate Planning, Trusts | March 3, 2020 | 0

As you may know, estates in Massachusetts may be subject to an estate tax. The tax rate varies, starting at 0.8% and topping out at 16% for estates worth more than $1 million—even if the value is just a dollar or so over $1 million. In contrast, the federal government only taxes the amount overRead more

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Tips for Protecting Your Assets When You Move into a Nursing Home

By Michael Baker | Asset Protection, Elder Care, Estate Planning, MassHealth, Transferred Assets | January 6, 2020 | 0

The average cost of a nursing home ranges from $50,000 per year up to $92,000 per year (for a private room), which is simply out of reach for many older Americans. In Massachusetts the number can exceed $150,000 annually.  That can deplete your resources quickly, and no one wants to see their life’s savings disappearRead more

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Best New Year’s Resolution for your Family

By Michael Baker | Asset Protection, Estate Planning, Retirement Planning | December 27, 2019 | 0

The best New Year’s resolution for 2020 may be to protect your family and loved ones by reviewing your estate plan. Being prepared for the unexpected can help everyone during a time of stress and emotion. The below checklist can get you started. Baker Law Group can help ensure your plan meets your wishes —Read more

What is a Testamentary Trust?

By mbaker | Asset Protection, Estate Planning, Transferred Assets | September 25, 2019 | 0

As you work with your attorney to plan your estate, one tool you may consider implementing is a testamentary trust. This type of trust is created in your last will and testament, with terms specified in the will. Unlike living trusts, testamentary trusts only start to act after your death. This means you’re able toRead more

5 Key Reasons Why You Should Set Up a Living Trust

By mbaker | Asset Protection, Estate Planning, Living Trust | September 4, 2019 | 0

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

Why Do I Need an Estate Plan if I Don’t Have Kids?

By mbaker | Asset Protection, Estate Planning | August 28, 2019 | 0

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

Should I Worry About the Ethics of Medicaid Planning?

By mbaker | Asset Protection, Long-Term Care, MassHealth | August 20, 2019 | 0

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

What Happens if You Die Without a Will?

By mbaker | Asset Protection, Estate Planning, Writing a Will | August 6, 2019 | 0

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

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Tips for Protecting Your Home After You’ve Moved Into a Nursing Home

By mbaker | Asset Protection, Elder Care, Long-Term Care, Medicaid Benefits | July 29, 2019 | 0

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

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Beneficiary Designations: An Important Part of Estate Planning and Avoiding Probate

By mbaker | Asset Protection, Beneficiary Designations, Estate Planning | July 24, 2019 | 0

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

What Do I Need to Know About Writing a Will?

By mbaker | Asset Protection, Estate Planning, Financial Management, Writing a Will | July 15, 2019 | 0

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

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The Benefits of Naming a Professional Trustee

By mbaker | Asset Protection, Estate Planning, Financial Management | July 9, 2019 | 0

If you have a trust as part of your estate plan, it’s likely you’ve named yourself as the current trustee and your spouse or partner to be a co-trustee. If you die or become unable to manage your own affairs, your spouse would then step in for you to serve as your successor. But whatRead more

What to Look For in an Estate Planning Attorney

By mbaker | Asset Protection, Estate Planning | June 25, 2019 | 0

Whether you consider your estate basic, simple, complex, small or large, an estate planning attorney is someone who is dedicated to mentoring clients on how they can properly organize their estate and affairs to prepare for the eventuality of their death or potential disability. No matter the size or complexity, the tasks associated with estateRead more

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What to Consider When Including Funeral Wishes in an Estate Plan

By mbaker | Asset Protection, Estate Planning, Financial Management | June 13, 2019 | 0

While organizing your own funeral might not exactly be a task you take on with great enthusiasm, it is something you can do to help remove some of the burden from your loved ones in the immediate aftermath of your eventual passing. Your loved ones will already have plenty of other decisions to make andRead more

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Talk to Your Senior Relatives About These Common Financial Scams

By mbaker | Asset Protection, Elder Care, Financial Management | January 10, 2019 | 0

Financial scams targeting senior citizens have become unfortunately common, because they target a vulnerable population that tends to have more money in their bank accounts. These scams often go unreported and can be very difficult to prosecute, which makes them especially devastating to their victims. Therefore, it is important that victims are aware of someRead more

Aretha Franklin’s Death Highlights Importance of Creating an Estate Plan

By mbaker | Asset Protection, Estate Planning | September 20, 2018 | 0

Aretha Franklin, the legendary Queen of Soul known for songs such as “I Will Survive” and “Respect,” left behind a tremendous musical legacy when she passed away in August that will never be forgotten or diminished. Unfortunately, she didn’t leave behind any estate plans, which has resulted in a bit of a mess for herRead more

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What Does An Effective Asset Protection Plan Look Like?

By mbaker | Asset Protection | September 12, 2018 | 0

If you’re at the point in your life where you’re focused on asset protection, you’ve likely spent years building up your wealth to get to this point. In working with an estate planning attorney, you will be able to develop an asset protection plan that shields your wealth from unforeseen circumstances, such as a lawsuitRead more

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  • Home
  • Practice Areas
    • Estate Planning
      • Overview
      • Estate Planning Attorneys
      • High Net Worth Estates
      • Asset Protection
      • Durable Powers of Attorney
      • Homestead Declaration
      • Trust Types Explained
      • Retirement Accounts
      • Healthcare Proxy / Medical Directive
      • Living Wills
    • Elder Law
      • Overview
      • Asset Protection and Elder Law
      • Life Estate Deed
      • Masshealth / Medicaid
      • Long-Term Care / Nursing Home
      • VA Benefits
      • FAQS for Elder Law (MA)
      • Elder Law Attorneys
    • Trust, Will & Estate Administration
      • Overview
      • Estate Administration Wrongful Death
      • Federal Estate Tax
      • Probate Attorneys FAQ
    • Guardianship and Conservator
      • Guardianship Attorney
    • Premarital Agreements
    • Business Planning
      • Selecting a Business Structure
      • Business Asset Protection
      • Limited Liability Company (LLC)
    • Massachusetts Lottery Trusts
  • Baker Law Group
    • About Us
    • Attorney Profiles
  • Client Reviews
  • Blog
  • Media
  • Contact Us
  • 781-996-5656
Baker Law Group P.C. – Estate Planning