Using a Credit Card When You Have a Special Needs Trust
A special needs trust (SNT) allows you to meet your needs while receiving government benefits, such as Medicaid/MassHealth and Supplemental Security Income (SSI). When you have a special needs trust, you can use it to pay for goods and services government benefits do not cover, such as therapy, education,and housing.
Funding a Special Needs Trust with Life Insurance: The Basics
Among the many challenges for families is making sure there will always be enough money to provide lifetime care for their special needs loved one. The costs are daunting: therapies, housing, medical care, and education, to name just a few. One way to plan for this challenge is to set up a...
Trusteeship Misconceptions in a Special Needs Trust
Special Needs Trusts have two primary objectives: Fiduciary management and government benefit eligibility.
Special Needs Trusts provide fiduciary management and oversight for individuals who are unable to take direct custody of property, typically because of a cognitive limitation, lack of judgment, or susceptibility to financial manipulation.
How an ILIT can help offset estate taxes
With the Federal estate tax exemption possibly about to be lowered, it may be time to think about steps you can take to keep your estate from being taxed. An irrevocable life insurance trust allows you to pass on money to your heirs while avoiding both the federal estate tax, as well...
Estate Planning Myths
Myth or Fact? It is acceptable to leave an inheritance directly to minors in your Last Will and Testament.
This is a MYTH!
In Massachusetts, a minor is defined as anyone who has not yet reached the age of majority, which is eighteen (18) years old....
Prevent Estate Planning Blunders
The two most important blunders in estate planning are [1] not making an estate plan at all and [2] not using an experienced, knowledgeable estate planning lawyer to accomplish your goals.
The downside of not planning at all is ignoring the reality that protecting your family for unforeseen circumstances...
Reasons to Contest a Last Will and Testament
Even if your loved one left a last will and testament behind, there may be instances in which it can be challenged. For instance, if your father had dementia and added his second wife’s name to a bank account intended for the family, or your mother changed her last will and testament...
How To Handle Firearms in Estate Planning
If you’re a hunter, you enjoy recreational shooting, or have family heirloom guns in your collection, you should consider whether your estate plan includes adequate measures for passing on your guns. Without proper planning, your executor [aka Personal Representative] or beneficiaries could unintentionally break the law.
The first thing...
Are Handwritten Notes on a Last Will and Testament Enforceable?
This is a common situation: Family members have a copy of a loved one’s Last Will and Testament that’s been edited with handwritten scratch outs and addendums. Is it legal? Will a probate court enforce it? The answer is that it depends on several factors.
It is important to...
Creating Death Bed Final Estate Planning Documents
When a client contacts my office and tells me they only have a short time to live, the planning options are limited. In some tragic cases, I am called to the client’s bedside because the ill person is simply too weak or injured to travel to my office.
No...