by Michael Baker | Dec 28, 2020 | Asset Protection, Financial Management
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...
by Michael Baker | Oct 19, 2020 | Asset Protection, Business Planning
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...
by Michael Baker | Apr 1, 2020 | Asset Protection, Elder Care, Long-Term Care, Medicaid / MassHealth
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...
by Michael Baker | Mar 25, 2020 | Asset Protection, Estate Planning, Trusts
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...
by Michael Baker | Mar 3, 2020 | Asset Protection, Estate Gifting, Estate Planning, Trusts
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...