May 27, 2009
Senior Resource Center of Worcester County is now offering a free resource guide to Seniors in the Worcester County area. Senior Resource Center of Worcester County (SRCWC) is a full-service elder advisory group assisting Seniors and their families in the areas of financial guidance, asset protection and care coordination. SRCWC offers solutions in identifying and accessing options for care coordination and assists in comprehensive lifetime care planning. For your free resource guide, see the SRC Worcester website or call 508.421.6766.
June 23, 2009
WHEN IS THE RIGHT TIME TO BEGIN PLANNING?
As everyones financial and medical backgrounds are different, so is the “right” time to begin planning. The more time you have to plan before long term care is needed, the more options you may have and less stress you and your family will endure. Anytime you have a concern about how you will pay for long term care for yourself or a loved one, it may be time to begin the planning process. Preemptive planning will give you peace of mind and allow you to:
- Analyze your financial background
- Ensure your legal documents are up to date and distribute your estate as you wish
- Make sure the distribution of your estate will not jeopardize public benefits for others
- Discuss options to allow loved ones to remain at home instead of a nursing home
- Take steps to protect and preserve your assets, including your home
- Research all community benefits programs applicable to your situation
- Designate agents to make medical and financial decisions for you in the event you are unable to make decisions for yourself
Long term care, incapacity and death are not subjects we are comfortable discussing. The earlier and more comprehensive we plan, the less stress our families will be faced with in the event uncomfortable decisions need to be made.
Christopher Sharry
Medicaid Planning
Tags: Add new tag, Asset Protection, Elder Law, Estate Planning, long term care, Medicaid, medicaid law, Medicaid Planning, nursing home law, public benefits, worcester estate planning, worcester estate planning lawyer, worcester wills lawyer
June 12, 2009
Elder law is an area of law that encompasses any legal issue facing the elderly. It is often associated with estate planning but can involve much broader social, economic and health related difficulties facing aging Americans. Some of the concerns that become more important to us as we grow older and may require more careful planning include:
- estate planning
- planning for a long term medical care requirement including Medicaid planning
- planning for incapacitation with the use of durable powers of attorney and health care proxies
- issues requiring guardianships and conservatorships
- elder abuse and other issues involving nursing homes or skilled nursing facilities
- SSI, SSDI and other government benefit programs
- special needs trusts
As the elderly population grows each year, so will the issues facing these individuals requiring a comprehensive estate plan that addresses long term care needs. Often times, planning must take into account strategies involving financial planning, estate planning, and other asset protection techniques. Other times ancillary issues involving home health care, skilled nursing facilities, long term care insurance and disability benefits must be addressed. Elder law attorneys, geriatric or nurse case managers, financial planners and professional well versed in benefits planning are often involved to ensure all needs are met. Advanced planning can help to minimize the problems and stress associated with these issues.
Christopher Sharry
Elder Law
Tags: Asset Protection, disability planning, Durable Power of Attorney, Elder Law, estate distribution, Estate Planning, financial planning, government benefits, Health Care Proxy, Living Will, Medicaid Planning, Retirement Planning, special needs planning, ssi, Trust, worcester estate planning lawyer
June 8, 2009
Being a parent comes with great joy but significant responsibility. It is no different for parents of children with special needs. In some situations, careful planning can be critical to address a family’s financial needs. Parents must not only plan to care for their children during their lives, but they must also take steps to ensure they have a plan in place if their child is not able to support or care for themselves when they are gone. When is the right time to plan? It is never too early to begin to plan for your child’s care. As housing and work options may be limited when persons with disabilities reach the age of majority, financial planning must be addressed to ensure there are assets available to cover the long term costs to care for your child.
COMMON MISTAKES
- If your child is receiving government benefits, naming your child as a direct beneficiary may disqualify them for needed benefits
- Disinheriting your child, or directing your special needs child’s inheritance to another family member with the understanding the money will be used to care for your child should be considered with exreme caution. A lawsuit, divorce, or bankruptcy would subject the assets earmarked for the care of your child to great risk
- Failing to name a dedicated trustee that will be involved in the life of the child. Naming a trustee to merely distribute the assets, and have no other involvement in the child’s life, may not be the best option
One effective planning tool is the use of a special needs trust. A special needs trust holds assets earmarked for the costs of caring for your special needs child and distribute those assets for the benefit of your child without jeopardizing eligibility for government benefits. A comprehensive and often reviewed estate plan will ensure that your special needs child is cared for when you are no longer able to.
Christopher Sharry
Special Needs Trust
Tags: Asset Protection, disability planning, Estate Planning, financial planning, government benefits, Medicaid, special needs planning, ssi, supplemental security income, worcester estate planning, worcester estate planning lawyer
January 10, 2009
The process of planning your estate can be a daunting one. Often, you are asked to think about, discuss, and plan for an event that is unpleasant. For most of us, the plan we develop will not be needed for years. On top of that, you are then asked to gather numerous documents and verify details about your financial affairs. For these reasons most either don’t begin the process or abandon it shortly thereafter. After consulting with an attorney you feel comfortable working with, gathering the following documents may help you begin the process and assist you in determining how your estate should be managed and ultimately distributed.
- Wills
- Trusts
- Powers of Attorney
- Health Care Proxies and Living Wills
- Declaration of Homestead
- Copy of deed to your primary residence and other real property
- Copies of recent bank or investment accounts
- Copies of life insurance policies
- Copy of previous years tax return
Planning your estate doesn’t have to be stressful, and in the end should leave you with the peace of mind that your loved ones will respect your wishes as to how your estate should be managed and ultimately distributed.
Christopher Sharry
Estate Planning
Tags: Add new tag, Asset Protection, declaration of homestead, Durable Power of Attorney, estate, estate distribution, Health Care Proxy, investment account, Life Insurance, Living Will, probate, property distribution, real estate deed, Retirement Planning, taxes, Trust, Trusts, Wills, worcester estate planning, worcester estate planning lawyer, worcester wills lawyer
January 6, 2009
When discussing estate planning, I often hear the remark “I don’t need a Will”. Many think that they don’t have a large enough estate, or that everything will automatically pass to their spouse. That is not always the case.
If you die without a Will, Massachusetts law will control how your property will be distributed. After payment of debts, expenses, administration and funeral costs, your property will be distributed as follows:
- If the deceased leaves kindred but no children, the surviving spouse will get the first $200,000, plus one-half of the remaining personal and real property. The balance will go to the kindred.
- If the deceased leaves children, the surviving spouse will get one-half of the real and personal property and the balance will go to the children.
- If the deceased leaves children but no spouse, all real and personal property will be distributed to the children.
- If the deceased dies with no children or kindred, the surviving spouse will take all real and personal property.
- If the deceased leaves no spouse, children or kindred, the estate passes to the Commonwealth.
Unless you have a valid Will at death, the State will determine exactly who receives your property. Having a Will ensures that you, not the State, choose who receives your property.
Christopher Sharry
Wills
Tags: Add new tag, Asset Protection, estate, estate distribution, Estate Planning, intestate estate, probate, property distribution, Wills, worcester estate planning, worcester wills lawyer
January 2, 2009
A recent review by the Associated Press found that the quality of nursing homes across the country varies widely by region. Data from the Centers for Medicare and Medicaid Services found that better care is often found in areas with higher income levels. Massachusetts is no different, as statistics revealed that nursing homes in wealthier counties across the Commonwealth ranked higher than nursing homes in counties with lower incomes. Read Full Article
For assistance with finding the right nursing home in your area, USA Today offers a search tool to help you find a facility that fits your needs. It rates facilities based on three factors; health inspections, quality of patient care and staffing. This tool allows you to search by entering the name of the facility, or by searching for facilities in your city and State. Search Here
December 26, 2008
For calendar year 2009, retirees will have the option of leaving the amount they normally would have to withdraw as a required minimum distribution (RMD) in their accounts. President Bush recently signed legislation that will suspend the RMD for 2009. Required minimum distributions, generally, are the minimum amounts that an account owner must withdraw annually beginning the year he or she reaches age 70 1/2 or, if still working, the year in which he or she retires after reaching age 70 1/2. RMD rules apply to all employer sponsored retirement plans, 401(k) plans, 403(b) plans, and 457(b) plans. Also included under the RMD rules are traditional IRA’s and IRA based plans such as SEP’s and SIMPLE IRA’s, for example. Failure to withdraw the full amount required by the applicable deadline will result in the amount not withdrawn being taxed at 50%, which is still applicable for required minimum distributions for calendar year 2008.
The legislation, titled the Worker, Retiree, and Employer Recovery Act of 2008, became public law on December 23, 2008. This law will temporarily waive the penalty for calendar year 2009 for account owners who do not withdraw their RMD as they are normally required to do so. This is good news for account owners who have seen a decline in their retirement accounts and have alternative sources of income.
December 22, 2008
The birth of a child will bring many changes to your family’s lifestyle and added responsibilities. In a perfect world, parents will guide their children as they grow older and have children of their own. As this world is not a perfect one, parents must plan for the unforeseen and choose a person to care for their children should something happen to them.
One of the responsibilities of a parent is naming a guardian to step in and raise their children if necessary. Drafting a Will will allow you to do this. Choosing who to name as guardian can be a difficult choice, but is one that must be made or will be made by others who may not know your family or your wishes. Naming a guardian in your Will ensures that you, not the court system, will have the opportunity to choose that person. You should choose, however, a person that has similar beliefs and ideas and will respect your wishes on how to raise your child. Discussing your choice and keeping an open line of communication should ease the transition if a guardian is needed to care for your child.
November 11, 2008
Most people understand the concept and importance of a Will. A Will is a legal document that transfers assets at death and allows a person to name an executor to transfer those assets. A trust is similar in that a grantor transfers assets to the trust and names a trustee to distribute trust assets. You must understand the differences between the two documents before you can decide if a trust is suitable in your situation.
A Will takes effect at death. A trust, however, can be set up to manage assets during the grantor’s lifetime. A Will is a public record that can be viewed by anyone. A trust provides privacy. Other benefits of a trust are probate avoidance and providing protection for a handicapped or disabled relative.
The use of a trust in estate planning is not the best approach for everyone. A sound estate plan is created based upon many factors including the size of the estate, types of assets, and personal objectives of the owner. You should consult a professional to determine if a trust is right for you.
