A recent case involving basketball star Caldwell Jones demonstrates the danger in having only one spouse's name on a reverse mortgage. A federal appeals court has ruled that an insurance company may foreclose on a reverse mortgage after the death of the borrower, Mr. Jones, even though Mr. Jones’ widow is still...
2019 WILL BRING SOCIAL SECURITY BENEFICIARIES THE BIGGEST INCREASE IN EIGHT YEARS
The Social Security Administration has announced a 2.8 percent increase in benefits in 2019, the largest increase since 2012. The change will put an additional $468 annually in the pocket of the average retired beneficiary.
Cost of living increases are tied to the consumer price index, and an upturn in...
REBA Modifies Title Standard No. 3 Addressing Federal Estate Taxes
On November 5, 2018 the Real Estate Bar Association for Massachusetts (REBA) adopted Attorney Herbst's proposal to modify Title Standard No. 3 which addresses federal estate tax liens on real estate after someone passes away. On small estates the Personal Representative can simply sign an affidavit indicating that the gross estate is...
THE NEW TAX LAW MEANS IT’S TIME REVIEW YOUR ESTATE PLAN
While the new tax law doubles the federal estate tax exemption, meaning the vast majority of estates will not have to pay any federal estate tax, it doesn't mean you should ignore its impact on your estate plan.
In December 2017, Republicans in Congress and President Trump doubled the federal estate tax exemption to...
WHAT HAPPENS TO A MASSHEALTH RECIPIENT IF THE COMMUNITY SPOUSE DIES FIRST?
When one spouse is in a nursing home and applying for MassHealth, planning has to take into account the possibility that the spouse who is not in the nursing home (called the “community spouse”) may pass away first. This is because the community spouse’s death may make the spouse in the nursing...
PRE-PAID FUNERAL CONTRACT AS A SPEND DOWN FOR MASSHEALTH
No one wants to think about his or her death, but a little preparation in the form of a prepaid funeral contract can be useful. In addition to helping your family after your death, a prepaid funeral contract can be a good way to spend down assets in order to qualify for...
USING A SEPARATE MEMORANDUM TO YOUR WILL FOR TANGIBLE PERSONAL PROPERTY
Massachusetts law allows a Last Will and Testament to refer to a separate listing of tangible personal property with designated beneficiaries of such property. Previously, it was not uncommon for Wills to contain page after page of instructions relative to household furnishings, jewelry and other items of tangible personal property. ...
INFORMAL VERSUS FORMAL PROBATE ADMINISTRATION AND REAL ESTATE
With the enactment of the Massachusetts Uniform Probate Code (M. G. L. 190B) we now have a new option in estate administration: informal probate. The key advantage appears to be the ease and speed in which a personal representative can be appointed. In theory, upon just seven days advanced notice...