Blogs
In the last blog we shared from our American Academy of Estate Planning Attorneys colleague, Attorney Steve Hartnett, we looked at 529 accounts. Here, he discusses 529A accounts. Like 529 accounts, the 529A is meant to be used for educational opportunities. The difference is that the 529A was created under the Achieving a Better Life Experience or "ABLE" Act, and is specifically for people who became disabled prior to the age of 26 years old. Click here to learn more.Read More
You may have seen commercials for them on television or heard advertisements for them on the radio. But what exactly is a 529 Plan anyway? In short, it's an education savings account; but there are different types and multiple benefits. There are also strict rules that need to be followed, which we will discuss in a future blog. For now, our American Academy of Estate Planning Attorneys colleague, Attorney Steve Hartnett, breaks down the basics in his latest blog. Click here to read on.Read More
This is part three in our series on Medicaid Eligibility. Part one spelled out the difference between Medicare and Medicaid. Part two looked at asset rules. Here we will discuss liens and estate recovery. LIENS AND ESTATE RECOVERY The state has the right to recover whatever benefits it paid for the care of the Medicaid recipient from his or her probate estate. Given the rules for Medicaid eligibility, the only property of substantial value that a Medicaid recipient is likely to own at death is his or her home. Under current law, the state may make a claim against the decedent's home only if it is in his or her probate estate. Property that is jointly owned, in a life…Read More
The basic rule of nursing home Medicaid eligibility is that an applicant, whether single or married, may have no more than $2,000 in "countable" assets in his or her name. "Countable" assets generally include all belongings except for (1) personal possessions, such as clothing, furniture, and jewelry, (2) one motor vehicle, (3) the applicant's principal residence (if it is in Massachusetts), and (4) assets that are considered inaccessible for one reason or another. The Home Generally, the home will not be considered a countable asset and, therefore, will not be counted against the asset limits for Medicaid eligibility purposes as long as the nursing home resident intends to return home or his or her spouse or other dependent relatives live…Read More
The following is the final installment of our American Academy of EState Planning Attorneys colleague, Steve Hartnett's 6 part series on important estate planning considerations. Here, Attorney Hartnett advises considering the tax implications when drafting your plan, outlining things for clients to consider for not just themselves - but also for potential beneficiaries. Click here to read more.Read More
For all practical purposes, in the United States, the only government operated "insurance" plan for long-term institutional care is Medicaid. Medicare only pays for approximately 20 percent of skilled nursing care in the United States. Private Insurance pays substantially less. The result is that most people pay out of their own pockets for long term care until they become eligible for Medicaid. Medicaid and Medicare are often each confused for the other. Medicare is an entitlement which is paid into over the course of your working life through the Medicare Tax on your employment earnings. Every American is eligible for Medicare at age 65. Medicaid is a form of welfare - or at least that's how it began. To be eligible, you…Read More
Many people spend the bulk of their working lives planning for retirement - others get a later start. In either case, tax-favored vehicles such as IRAs, Roth IRAs, 401(k)s, and other retirement plans often comprise a large portion of their planning. In part 5 of a 6-part series on important estate planning considerations, our American Academy of Estate Planning Attorneys colleague, Attorney Steve Hartnett, discusses proper handling of these assets for estate planning purposes. CLICK HERE TO READ ONRead More
If you've got a child entering college, whether for the first time or not, chances are at least some of your summer is spent preparing your checklist of things to send them off with. It's often a hectic time, and it can be an emotional one as well. Making sure that checklist is comprehensive is key - and that includes planning for emergencies. If your child has turned 18, or will do so while away, you'll want to have a Healthcare Proxy and a Durable Power of Attorney in place. Doing so can make all the difference in the world in an emergency. Don't have those documents yet? Don't worry. Solutions Law Group LLC can take care of that for…Read More
Many wills and trusts set forth conditions that must be met in order for beneficiaries to receive disbursements. While there are certainly cases in which this makes sense and is in the beneficiaries' best interest, there can also be instances in which the controls put in place hinder more than they help. We've likely all heard it said that the only constant in life is change. In this entry, our American Academy of Estate Planning Attorneys colleague, Attorney Steve Hartnett, lays out the ways that guidance from the grave can potentially be detrimental - and offers alternatives that ensure more practical planning to protect your beneficiaries while still preserving your values and the intent behind your bequests. Click here to read…Read More
It seems that technology may be having an impact on every corner of the world in the 21st century; the legal arena is no exception. But when does "progress" cease to be positive? When automation aims to replace experienced advocates, what seem like "simple" solutions could cause serious complications for your estate. The online "do-it-yourself" legal options might appear to be a great idea. At Solutions Law Group LLC, we call them "Fast Food Documents". While they're much less expensive upfront than what an experienced attorney would charge for a detailed and personalized plan, they will likely cost your estate or your beneficiaries plenty in the long run. You need to question whether a computer program really has the insight to…Read More