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Questions and Answers about Declarations of Homestead in Massachusetts
Over the last few years in my law practice, I’ve found that there is a lot of interest in Declarations of Homestead. It seems that much of that interest has been generated by salespersons who were...
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What’s So Bad about Probate?
A company named Schumacher Publishing owns and runs www.estateplanning.com and licenses articles on various estate planning topics; lawyers and financial planners can pay to use some of Schumacher’s...
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More Questions and Answers about Declarations of Homestead in Massachusetts
The Massachusetts law regarding Declarations of Homestead has never been very clear. Having already answered some typical questions in...
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Caregiver Authorization Affidavit Allows Appointment of Temporary Decision...
Parents who are going away for an extended period of time (such as on vacation, on a business trip or for hospitalization) are often concerned about what would happen if a minor child who was left...
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What Is the Adjusted Basis of Common Stock Received from Demutualized Life...
Many people owned life insurance or other policies with life insurance companies and, when those companies became publicly-traded, received shares of common stock. In the 2008 case of Fisher v. U.S.,...
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When Are Assets in an Irrevocable Trust Eligible for a Step-up in Basis in...
As I have suggested in earlier blog posts about Internal Revenue Code Section 1022, it seems that the modified carryover basis rules were not well-written by the 2001 Republican Congress that passed...
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Obtaining Free Banking Information for MassHealth Applications
When applying for MassHealth long-term care benefits to pay for nursing home care in Massachusetts, it can be expensive to obtain copies of up to 5 years of banking information. Under Massachusetts...
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Are You Personally Responsible for Your Spouse’s Nursing Home Bills in...
It may come as a surprise to some people, but you can be held personally responsible for your spouse’s bills if they are for payment of necessaries. In the case of East Longmeadow Management Systems...
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Can a “Retained” Life Estate Be Eligible for a Step-up in Basis under...
Some tax professionals are trying to find an argument that a retained (as opposed to reserved) life estate can obtain a step-up in basis under the modified carryover basis rules in effect for estates...
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Life Estate Can Be “Retained” for Estate Tax Purposes under Internal Revenue...
NOTE: This article reflects the current 2011 law, and also reflects pre-2010 law. It also is the default provision for decedents who died during 2010 unless the executor chooses to have 2011 law...
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How Does the Massachusetts Medicaid Program Treat a Sale of a Life Estate?
When a person who has a life estate wants to sell the real estate, the life tenant is legally entitled to a share of the proceeds. The amount of the proceeds the life tenant is supposed to receive is...
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What Can Happen If You Become Mentally Incapacitated in Massachusetts But...
A new case that I am handling highlights why I often say that a durable power of attorney can be the most important document in a person’s estate plan. The current wife of a fairly young mentally...
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Supreme Judicial Court Rules That Trusts Were Ineligible for Homestead...
Before the new Massachusetts homestead law took effect on March 16, 2011, it was an unsettled question of law as to whether the Trustee or beneficiary of a trust was eligible to file a valid...
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Obtaining Free Banking Information for MassHealth Applications
When applying for MassHealth long-term care benefits to pay for nursing home care in Massachusetts, it can be expensive to obtain copies of up to 5 years of banking information. Under Massachusetts...
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Is It a Good Idea for an Elderly Person to Purchase a Deferred Annuity?
I have been seeing an increasing number of older clients who have purchased (or, perhaps more accurately, have been talked into buying) a deferred annuity. Sometimes the annuity fits into the client’s...
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An Analysis of the Tax and Medicaid Aspects of Various Types of Transfers of...
Different types of gifts and transfers of assets have very different results for tax and Medicaid purposes. The following is an analysis of the tax results of some basic types of transfers of a...
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When Can Spouses Make Gifts to Each Other in 2014 without Causing a...
by: Brian E. Barreira, Esq. Under federal Medicaid law and MassHealth regulations, spouses have the right to transfer assets to each other at any time without causing a period of ineligibility from...
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How Does MassHealth Treat a Sale of a Life Estate in 2014?
by: Brian E. Barreira, Esq. When a person who has a life estate wants to sell the real estate, the life tenant is legally entitled to a share of the proceeds.The amount of the proceeds that the life...
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32 Things You Should Know When Applying for MassHealth to Cover Nursing Home...
by: Brian E. Barreira, Esq. MassHealth (nationally known as Medicaid) is the Massachusetts health care program that can help pay for nursing home care. MassHealth has lots of complicated rules, and you...
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What Are the 2015 Federal Estate and Gift Tax Filing Figures?
The Internal Revenue Service has recently announced that in 2015 the federal estate tax exemption will rise from $5,340,000.00 to $5,430,000.00 per person. (Under current law, this figure is adjusted...
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Can Saving One Penny Cost Your Estate $33,200 in Massachusetts Estate Taxes?
If you are a Massachusetts resident, a difference in a mere one penny in your net worth at death can result in $33,200.00 in Massachusetts estate taxes. The Massachusetts estate tax kicks in on a...
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