If you have a child or other family member with a disability that qualifies for SSI and/or MassHealth benefits, you may already be familiar with special needs trusts (SNTs). If you are going to leave assets or life insurance proceeds to such a family member when you pass, or if you are giving such a family member monetary gifts, it is essential that you plan in advance! Here are a few key points about SNTs and how they can be used in this planning. Continue reading “How a supplemental needs trust can help parents of disabled children”
An ILIT is an Irrevocable Life Insurance Trust. Used properly, it makes life insurance benefits free from estate tax. Here is why you should consider one if you live in Massachusetts and have life insurance.
If you’re like me – too young to be planning retirement – “estate planning” sounds like something grandparents do. That’s true, to a certain point. For most of us, nursing home expenses and estate taxes shouldn’t mean much to us. But there are some simple, inexpensive moves we can make right now that have lot of potential upside. If you’re married or have kids, own a home or a business, or even if it’s just you, you can make sure that you, your family and your interests are protected.
- What happens if you become disabled? This can happen to anybody, at any age, through no fault of their own. Instead of leaving it to chance, or occasionally the courts, a power of attorney, medical proxy and statement of intent, all written in advance, let you decide in advance what happens and who you trust to make important decisions.
- What happens to your assets if you get hit by a bus? A simple will, clearly written and consistent with the latest state laws, lets you make those decisions and saves your relatives a lot of time and expense. (Massachusetts overhauled the laws two years ago and a lot of out-of-date forms are floating around.)
- Is your home correctly titled? If you own a home, or if you’re planning on buying one, Massachusetts has some simple steps you can take to protect your home from lawsuits.
These simple estate plans only require a few documents and one or two meetings, and the flat fee pricing is affordable. Contact Andrew at Andrew@AndrewLynnLaw.com or 617-702-4045, or use the contact form below, to find out more or to get started.
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