By: Allison R. Burns, Esq. In creating an estate plan, most parents choose to treat their children as equal beneficiaries. There may be unique situations in which one child has a greater need to be cared for, and this should be clearly indicated in the estate planning...
Ring in the New Year by Updating Your Estate Plan
2020, a year full of many upheavals, is coming to a close. Our estate planning team is here to relieve some of your stress to ensure there is a plan in place for you and your family. Many people believe the holiday season represents a point too far into the calendar...
What is an incentive trust?
Before you leave property to someone as part of your estate plan, you may want to consider the power that money can have over people. An incentive trust offers a chance to encourage someone to act in a way that you believe is for their own good. How can incentive...
What is required for a will to be valid?
A will is an important part of most estate plans. Because it is typically a foundational component of the estate planner’s estate plan, and of achieving their wishes, estate planners should be familiar with the requirements for a will to be valid. What makes a will...
Using a special needs trust
As most residents of the Boston area know, Medicaid is a federal economic assistance program that is designed to provide financial help to persons with disabilities and limited income. In order to qualify for Medicaid, a person’s income and assets cannot exceed the...
Medicaid planning can include irrevocable trusts
Salem area residents may already know that a stay in a nursing home can be extremely costly. They may want to utilize Medicaid benefits to help pay for long-term care but may be concerned that they will have to deplete their assets to qualify, leaving their heirs with...
A Discussion of Special Needs Trusts
Depending upon the types of disabilities or needs that a person faces an individual may be able to secure certain financial benefits from the federal government. For example, when an individual has a disease or ailment that prevents them from working and that is...
What is the difference in a living will and a last will and testament?
If you have ever found yourself being admitted to a hospital, or in any other situation that involves triage, you have likely been asked whether or not you have a living will. It is probably safe to say that a great majority of people do not know that a living will is...
A spendthrift trust can keep your assets from being squandered
You have considerable assets to leave to your children. Two of them are very responsible with money. The third one isn't. You want the money to last that child for a long time. There is a way you can do that. It's called a spendthrift trust. A spendthrift trust is...
Massachusetts court makes key ruling in estate planning case
The highest court in Massachusetts has ruled that when a spouse isn't mentioned in a will, they will receive one-third of the deceased spouse's estate. That recent decision of the Supreme Judicial Court has set a precedent for dealing with blended families. The court...