If you’ve chosen to create a revocable living trust as part of your estate plan, this affords a great deal of privacy, which can be amplified by creating a memorandum of trust. This memorandum is a synopsis of the entire trust document which allows assets to be transferred inside the trust while also preserving the… Read More »
Posts By Author: Tiffany O'ConnellPage 17
What Are ADLs & What Do They Have to Do with Long Term Care?
If you or a loved one is in the process of attempting to qualify for long term care support in Massachusetts, there will be several different terms with which you’ll need to become familiar. One of these is ADLs. ADLs refer to activities of daily living and the evaluation of these ADLs can help you… Read More »
Tips for Advanced Planning for a Person with Dementia
The rate of decline in dementia can make it very difficult to accomplish your estate planning outline and strategies once your diagnosis has already progressed. The tips in this article should give you some insight over how you can plan well and advance in the early stages of when someone appears to be showing the… Read More »
Do We Need a HIPAA Authorization Form as Part of Our Estate Plan?
Did you know that without some advance planning, you might not be able to receive information about a loved one’s medical care and status if they’re unable to speak for themselves? While no family wants to wind up in this situation, it can happen easily if your loved one is unconscious, enters a coma, or… Read More »
How Is Incapacity Evaluated in MA?
Incapacity is an important term as it relates to estate planning. The existence of a power of attorney enables you to authorize someone else to make medical decisions on your behalf if you are incapacitated and unable to do so. Many estate planning instruments like this become active when the person who created it becomes… Read More »
Study Discovers Impacts of Pandemic and Retirement Saving on Women
A recent study has found that many women have been severely impacted by the pandemic. However, investment levels for female investors contributing to their workplace retirement accounts increased dramatically and hit record levels in the last quarter of 2020. In fact, the average 401(k) savings rate for women in the last quarter of the year… Read More »
Concerned About Passing Down a Substantial IRA? Here’s a Tip to Use Trusts
Charitable remainder trusts might give you more options to pass down a big IRA and enable you to exert more control over how those heirs inherit these assets. The stretch IRA is now gone but saving in a tax deferred employer sponsored retirement plan has always been an easy way to save for retirement while… Read More »
Do You Have Loose Ends with Your Estate Plan?
It is crucial to protect your finances, your family and yourself with a well drafted estate plan. Although it is advised that everyone over the age of 18 have a will that is properly drafted, fewer than one third of Americans actually have an estate plan in place. The event of your unexpected passing can… Read More »
How Long Does Probate Take in Massachusetts?
The complexity of any individual estate will determine how long it takes to get through probate. The time necessary to probate a will in Massachusetts will depend on numerous factors, particularly how involved the Internal Revenue Service is with regards to settling or closing out an estate. You will want to be prepared to speak… Read More »
Is It Wise to Name More Than One Executor?
An executor or personal representative is the person who is appointed to manage aspects of your estate once you pass away. It can be very difficult to determine who to instill in this role, leading some to think that the right next step is to name more than one executor to their overall estate. This… Read More »