You have just been informed that you were named as the Successor Trustee of someone’s estate, and that person is now deceased. You may or may not have known about your nomination for that position. But in any case, what should you do after you have decided to accept an appointment as Successor Trustee? … Read more »
Posts By: Lantz Law, Inc.
Will My Retirement Accounts Go Through Probate?
They can – unless you designate your beneficiaries properly… Probate is a legal process that provides for a court to review and validate someone’s will. During the probate process, a deceased individual’s assets are first inventoried, and their heirs are determined – all before any purchases distribute to beneficiaries. Although probate isn’t always necessary, it… Read more »
Frail Elder Welfare Program
For those who are elderly and in need of health care and support services, investigate the Frail Elder Waiver (FEW) programs of MassHealth. This program is primarily for those who would receive such services in their home instead of a nursing home, The program is for those whose income is relatively low ($2523 annual for… Read more »
Irrevocable Income Only Trusts (IIOTs)
Anyone who has had a loved one in a nursing home knows how costly nursing home care can be and how quickly assets can be depleted to cover such expense. Eventually, most seniors remaining in a nursing home on a long-term basis will need to apply for Medicaid to cover such costs. However, this can… Read more »
What Everyone Should Know about the New FDIC Regulations
Although revocable trusts are the centerpiece for many estate plans, many clients are confused by what amount of their deposit accounts are insured by the Federal Deposit Insurance Company. To make the rules easier to apply, the Federal Deposit Insurance Company released new rules with a delayed effective date. These rules build on the current concepts while simplifying their application.
State Income Taxation of Social Security Benefits
The pandemic has had a long-lasting influence on our culture, including encouraging relocation at previously unheard-of levels. Imagine the surprise of a recently relocated retiree who discovers that their previously untaxed Social Security benefits are now included in their taxable income at the state level. Taxation of these benefits could have a serious impact on their lifestyle and may provide a less beneficial financial picture than was first thought. Want to know whether your state taxes Social Security benefits?
Using Entities in Estate Planning
More and more families own property, assets, and businesses together. Using an entity to govern operations provides stability by allowing continued operation upon the death of an owner. When the governing agreement and estate planning documents of a deceased owner conflict, unintended, potentially litigious, results occur. Read on to learn more.
How Often Should You Update Your Estate Plan?
Many people we see have Wills and other legal documents that were prepared in the 1990s. We begin to talk, and they say, “Yes, I have a Will and a Health Care Proxy…” I ask them if anything has changed in their life since then; have there been births or deaths? Any new marriages or… Read more »
How Estate Planning Documents Help Prevent Elder Abuse
As loved ones and parents age, they become more vulnerable to fraudulent schemes. This article explores how a solid estate plan can help protect the elderly from becoming victims. Read on to learn more.
Estate Planning Reduces Stress During High Anxiety Times
During times of high stress such as tragedy or emergency, we tend to feel helpless. This article explores how a comprehensive estate plan helps reduce anxiety in uncertain times.