As the parent of a child with special needs, the need for comprehensive estate planning is increased if you hope to provide for your child financially while you are here and after you are gone. When your child has special needs, you must be careful not to jeopardize your child’s eligibility for state and federal assistance programs when he/she becomes a legal adult. Incorporating a special needs planning component into your overall estate plan is important. With that in mind, the Beverly special … [Read more...] about What You Need to Know to Protect Your Special Needs Child
How Tax and Non-Tax Considerations Impact Estate Planning – Part I
Estate planning often focuses on taxes at the federal level and often overlooks issues that occur at the state level. For anyone desiring to undertake comprehensive estate planning, it’s important to understand the impact that the taxes imposed by the individual’s state of residence have on the plan as well as the character and type of assets allowed by the state. Estate Planning is complex and requires an expert in these matters to advise clients properly. Read on to learn more. … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part I
The IRS’ Annual Warning: The 2023 Dirty Dozen
As another tax season closes, it’s a good time to review the list of “Dirty Dozen” tax schemes published by the Internal Revenue Service for the year. Many of these schemes peak during tax time and involve fraudsters looking for ways to steal taxpayers’ money, personal information, and data. Attorneys can help their clients by alerting them to these scams and providing advice on how to avoid them. Read on to learn more. … [Read more...] about The IRS’ Annual Warning: The 2023 Dirty Dozen
The FTC Funeral Rule: Understanding Your Right
The loss of a loved one, even if anticipated, is never easy to handle. The hours and days that follow are typically marked by heightened emotions, lack of sleep, and general confusion. In short, not the best conditions for making critical decisions; yet that is precisely what surviving loved ones must often do. To prevent funeral and burial service providers from taking advantage of survivors during this time, the Federal Trade Commission (FTC) enacted the “Funeral Rule.” To ensure that you … [Read more...] about The FTC Funeral Rule: Understanding Your Right
Practical Steps to Take If You or a Loved One Were Recently Diagnosed with Alzheimer’s Disease
Although Alzheimer’s Disease is not a new disease, its prevalence has increased dramatically in recent decades. Consequently, there is a very real possibility that you will be faced with an Alzheimer’s diagnosis – either yours or that of a loved one -- at some point during your lifetime. If that happens, will you know what to do? There is no way to fully prepare for the emotional impact of Alzheimer’s; however, there are things you can do to prepare for the medical, legal, and practical … [Read more...] about Practical Steps to Take If You or a Loved One Were Recently Diagnosed with Alzheimer’s Disease
The Lessons from Lisa Marie
Regular readers of this blog often see articles regarding the latest celebrity whose death created a mess because their Estate Plan failed to properly protect the celebrity’s family and loved ones. It seems that an individual with fame and money could easily avoid that result; however, that’s not always the case. The fallout caused by inadequate Estate Plans of celebrities provides great lessons for Estate Planning practitioners and their clients because the drama unfolds on a public stage. … [Read more...] about The Lessons from Lisa Marie
10 Ways an Estate Planning Attorney Can Help You
To the average person, estate planning and related topics are typically unfamiliar. Unfortunately, this often means that people do not realize how an estate planning attorney can help them or when they need the assistance of one. In fact, most people are surprised to learn how many different ways in which an estate planning attorney might be able to help them. To help make sure you get the support, guidance, and assistance you need when you need it, the Beverly estate planning attorneys at … [Read more...] about 10 Ways an Estate Planning Attorney Can Help You
What Does the Respect for Marriage Act Mean for Estate Planning?
When the Supreme Court issued its opinion in Dobbs v. Jackson Women’s Health Organization, 576 U.S. 644 (2015), Estate Planning practitioners took note. Justice Clarence Thomas, in his concurring opinion, indicated that it would be appropriate to revisit that were decided on substantive due process rights. This led Trust and Estate attorneys to question whether Estate Planning for same-sex couples needs to change. President Biden answered the question in the negative by signing into law the … [Read more...] about What Does the Respect for Marriage Act Mean for Estate Planning?
Is It Too Late for Medicaid Planning?
Like many people, it may never have occurred to you to plan for the need to qualify for Medicaid if you had employer-sponsored or privately purchased health insurance during your working years. Unfortunately, the reality is that many seniors do eventually need to qualify for Medicaid at some point to help with the high cost of long-term care. If you suddenly need to qualify for Medicaid but did not plan for that possibility, is it too late for Medicaid planning to help? A Beverly Medicaid … [Read more...] about Is It Too Late for Medicaid Planning?
What Bruce Willis Can Teach Us About Incapacity Planning
When Bruce Willis announced his retirement from acting because of aphasia, it sent shockwaves through Hollywood and across the country. Just a few weeks ago, Bruce’s family indicated that the disease had progressed to frontotemporal dementia highlighting the importance of incapacity planning. While Estate Planning typically focuses on planning for what happens at death, a comprehensive Estate Plan includes provisions regarding what happens during life should an individual become incapacitated. … [Read more...] about What Bruce Willis Can Teach Us About Incapacity Planning
