Elder Law: The Importance of Planning

A recent Boston Globe article reveals as many as 60% of Massachusetts nursing homes are finding ways to skirt a 2012 dementia care law intended to prevent deceptive practices. The law requires that facilities advertising dementia care must meet specific criteria including dementia-specific training for staff, specialized activities, and security measures to prevent wandering. This story is just one of many that illustrate how important it is to do your homework and advocate for your loved one through estate planning and long term care planning. Our firm assists clients with all of their elder law concerns. Areas within elder law include: Nursing Home Issues – Sadly, as our population ages, we see increased cases of abuse, neglect, and exploitation in nursing homes. An elder law attorney can help secure return of assets in a case of financial exploitation or recover damages for injuries resulting from neglect or abuse. Medical Directives

The Lifetime QTIP Trust or How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy

Posted by Robert L. Arone – Estate Planning for couples in a second or later marriage can be tricky, particularly when one spouse is significantly wealthier than the other. One solution for allowing the well-to-do spouse to maintain control of his or her assets but keep the other spouse happy is the Lifetime QTIP Trust. In this issue, you will learn what a Lifetime QTIP is, the multiple benefits this special type of trust can provide to married clients with lopsided estates, and how you might alter a client’s investment strategy when using it. The Basics of Creating a Lifetime QTIP Trust In the estate planning world a “QTIP Trust” has nothing to do with those handy cotton swabs used for cleaning ears, applying cosmetics, or making children’s crafts. Instead, QTIP refers to “Qualified Terminable Interest Property Trust,” which is a fancy term for a type of trust that allows

What’s Hot in Estate Planning Right Now May Surprise You

Estate planning has truly evolved over the past 20 years. Gone is the uncertainty about federal estate taxes and the absolute requirement for married couples to use complex trusts to minimize these taxes. But also gone is planning for the “traditional” family. In this issue you will learn why estate planning has become more complicated and what your clients need to do now to insure their estate plans are flexible enough to roll with the changes. Warning: Estate Planning Today is Harder Than Ever Before In 1995 the federal estate tax exemption was only $600,000 and the estate tax rate was 55%. Back then it was easy to accumulate a taxable estate by simply owning a home, a few investments and some life insurance. And while married couples could pass on two times the exemption ($1.2 million) free from estate taxes if they incorporated Marital/Family Trusts into their estate plan,

What Should You Do If You are Audited?

By Eric P. Rothenberg, Esq. – Some of you might get hit by what we in the tax law call the “AUDIT LOTTERY”. This is when you are selected for an audit. Due to extreme budget cuts by Congress for the IRS funding, the odds of being audited are as small as they have ever been. However, many folks will “win” that lottery and be audited every year. I. Why were you selected? There are three basic ways you are selected for an audit: Matching Documents. The IRS matches forms filed by various parties (employers, brokerage houses, vendor payors, etc) and the IRS matches what you have reported on you tax forms with those sent in by the payors. If they don’t match, they might audit you. Related party audits: If an entity is being audited by the IRS such a trust, an S Corp, C Corp or a Partnership

Probate vs. Non-Probate Property 101

By Eric P. Rothenberg, Esq. – While there are many laws and court cases about “probate” property, most property today is “non-probate” and passes at death “by operation of law” and without probate court supervision. Non-probate property includes the following types of property: Property with a Beneficiary Designation: The usually consist of life insurance and retirement assets (like a 401(k), SEP, Keogh and IRA). This property, which is in effect a contract between you and your insurance company or retirement custodian, passes to the individual or individuals that you list on the company’s beneficiary designation forms. It is important to review these every so often to ensure your beneficiary designation is not out of date. It is equally important to note that these designations are NOT affected by a will. So even if your will states you leave that asset to someone, it does not supersede a designation form.

Articles

Elder Law: The Importance of Planning

The Lifetime QTIP Trust or How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy

What’s Hot in Estate Planning Right Now May Surprise You

What Should You Do If You are Audited?

Probate vs. Non-Probate Property 101

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Elder Law: The Importance of Planning

The Lifetime QTIP Trust or How to Maintain Control of Your Estate and Keep Spouse No. 2 Happy

What’s Hot in Estate Planning Right Now May Surprise You

What Should You Do If You are Audited?

Probate vs. Non-Probate Property 101

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