Takeaways From This Post About Long-Term-Care Planning:
The need for long-term care is common, but proactive long-term-care planning is rare. Nearly 70 percent of people turning 65 will need some form of long-term care in their later years. Yet most individuals — even those concerned...
Questions To Ask A Financial Planner About Long-Term Care Continue reading…
Category: Estate Planning
Baby Boomers and Beyond: Working Far Past Retirement Age
Many Americans are worried they won’t have enough money saved to retire, and a cohort of the oldest workers is proving this concern to be legitimate.
Nearly half a million Americans over the age of 80 are still working, while the 75-plus demographic is the fastest-growing segment of the...
Common Estate Planning Terms and Their Meanings
Understanding estate planning terminology can help you make informed decisions about your legal documents and your family’s future. Below is a guide to common estate planning terms and their meanings, written in plan English to help demystify the process.
Estate:Estate is a word...
Understanding the Credit Shelter Trust Plan in Massachusetts
The Massachusetts estate tax is a tax imposed on the estate of a Decedent whose assets exceed $2M. For individuals concerned about estate taxes, a Credit Shelter Trust plan can be an effective estate planning tool. This strategy is particularly useful for married couples whose combined estates may exceed the Massachusetts estate...
Common Misconceptions in Estate Planning in Massachusetts
Estate Planning is a critical component of planning for the future and mitigating stress caused by difficult situations. As an estate planning attorney, I find that there are many misconceptions surrounding estate planning, and those misconceptions often lead to inaction or poor decision-making. Below are some of the most popular misconceptions and...
When Does Someone Need Financial Conservatorship?
When individuals cannot manage their finances, courts can appoint guardians and conservators. Financial conservatorship is for those who need help handling money.
In Massachusetts, this type of guardianship is referred to as a conservatorship and an individual can have both a guardian and a conservator appointed for them depending...
The Consequences of Not Paying Your Property Taxes
When Geraldine Tyler, age 94, relocated to a senior community, she stopped paying property taxes on her home.
After the property was foreclosed on, the county where Tyler’s home was located sold the property for $40,000 to recover about $15,000 in unpaid property taxes. Tyler received none of the remaining...
Avoid Foreclosure With Repayment Plan for Reverse Mortgages
Using reverse mortgages, adults 62 and older may draw upon home equity to support their needs and remain in their homes.
Many older adults with reverse mortgages have a Home Equity Conversion Mortgage (HECM). The Federal Housing Administration insures HECMs, and the U.S. Department of Housing and Urban Development (HUD)...
What to Do When Social Security Overpays
According to the Social Security Administration (SSA), 69.1 million people benefit from Social Security programs, such as Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI).
Of the $1.1 trillion Social Security payments the SSA made in retirement, survivors, and disability benefits in 2021, about $1.8 billion, or 0.17...
Making a Will Can Protect Your Child With Special Needs
For the one in five families who care for children with special needs, estate planning is crucial.
Parents of a child with a disability face numerous challenges and concerns. One 2022 study found that among these parents’ biggest worries was what would happen to their children if they got sick. They...