Getting Divorced? Don’t Forget to Update your Estate Plan
Why do estate planning documents need to be updated when a couple is getting divorced? This simple story illustrates one of the key reasons.
An Arizona couple had been married for several years and during their marriage had built a very successful, multi-million-dollar business together. Perhaps they...
What Is the Difference Between Estate Planning and Elder Law?
Elder law and estate planning law are terms that are often used interchangeably, with people mistakenly referring to both as the exact same thing. However, while elder law and estate planning law may – and often do – go hand-in-hand, the two areas of law have some noteworthy distinctions. Depending upon...
What Not to Neglect in Your Estate Plan
An estate plan refers to a comprehensive set of legal documents that are designed to address how your estate is to be managed when you are no longer able to make decisions, either as a result of an incapacitating illness or death. While creating an estate plan requires thinking about one’s...
The Importance of Incapacity Planning for You and Your Family
Most people know that creating an estate plan that addresses what will happen to your assets, property, and minor children in the event that you die is very important. However, fewer people address the significance and importance of incapacity planning, despite the fact that incapacity planning is equally as critical. At...
Reverse Mortgages and Your Heirs
A reverse mortgage is a non-recourse loan that is available for homeowners who are at least 62-years of age. Homeowners with equity may be able to take a loan on the home’s equity without any obligation to pay it back during their lifetime, as long as they continue to live in...
The Different Ways to Own Real Estate With Other People
In a TIC, each owner has a percentage interest in the property, which does not have to be an equal interest. For instance, one...
An Important Element of Your Estate Plan: Updating Beneficiary Designations
Having an estate plan is one of the most essential parts of planning for your future and the future of your family. However, all too often, well-intending people create an estate plan, yet as circumstances in their life change over the course of time, they forget to update their beneficiary designations....
Insurance and Estate Planning
Estate planning is for everyone, no matter what assets you own, or the size of your family. Basic estate plans include a will, payable-on-death accounts (POD), IRAs, and other retirement plans that include beneficiaries. Some people may also include a trust, depending on whether it is beneficial or financially expedient to...
Estate Planning for Nursing Home Residents
If you or a loved one are planning on moving to a nursing home residence soon, you should be aware of the MassHealth requirements if you are unable to private pay for the cost. Nursing home care is expensive with yearly costs of $90,000.00 and more. Many low-income individuals will need...
Do You Know Who Gets Access to Your Joint Account Upon Your Death?
Joint bank accounts can be a great idea for you or a parent. A joint account can enable a relative to write checks, withdraw funds, or transfer them for your benefit. There may be an issue, however, when you pass away as to who gets the account and what happens to...