Have you ever heard the saying “it’s better to give than to receive”? When it comes to taxes, that’s not always true. Before you rush to give away your valuable assets to your children or grandchildren, let’s break down why waiting might save your family a bundle in taxes. The Magic of the “Step-Up”: A...
Estate taxes can significantly impact the wealth you’ve worked hard to accumulate over your lifetime, potentially reducing the amount you can pass on to your heirs. However, with careful estate planning, it’s possible to minimize your estate tax exposure and maximize the legacy you leave behind. This blog post explores various strategies that can help...
On September 6, 2024, Governor Maura Healy signed into law H5033 (An Act to Improve Quality and Oversight of Long-Term Care) known as the Long Term Care bill. The legislation related to the bill has been long advocated by numerous groups, including the Massachusetts Chapter of the National Academy of Elder Law Attorneys (MassNAELA). Some...
For many people, a trust is an integral part of a thorough and effective estate plan. Whether it is designed to avoid probate, reduce estate taxes, or protect assets, it is important that a trust is administered as instructed in the trust document to ensure that it serves its purpose. Therefore, one of the most...
Whether you are new to Medicare or have received benefits before, it is important to understand and take advantage of the Open Enrollment period to make changes for your 2022 coverage. If you are already enrolled in Original Medicare, a Medicare Advantage Plan or Medicare Part D and do not want to make any changes...
The Office of Attorney General’s Office in Massachusetts has issued an informational advisory to all residents of nursing home facilities (also known as long-term care facilities) and their family members. They want everyone to know that the recent Stimulus payments, also known as economic impact payment made under the CARES Act, are property to the...
In this webinar, which was recorded on May 14, 2020, Nurse Attorney Cathleen Summers and Attorney Phil Summers discuss the details of probate – how long the process takes, what’s involved, and why you want to avoid it now and at any time in the future. In order for you to easily access this information,...
How Coronavirus has changed the way we say “hello” I’m a hugger, there is just no getting around it. When I meet someone I know, my first inclination is to give them a hug. It’s my way of saying how happy I am to see the person and to convey the message that they are...
While we all hope for a happy and prosperous new year, scammers aren’t so generous of spirit. With the start of the new decade and new year, many of us commonly abbreviate the year 2020 as simply ’20. In the past, using an abbreviation for the year didn’t matter as much. Now, it could cause...
Dear Generations Law Group, I’ve been updating my Naughty and Nice List and checking it twice. This got me to wondering, “Should I be updating my Estate Plan too?” Yours Truly, Kris Kringle Dear Mr. Kringle, Thank you for your letter and question! You started off on the right path by creating an estate plan....
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