Massachusetts Estate Planning & Asset Protection Blog

Understanding Long Term Care Planning

Posted by Dennis Sullivan & Associates on Fri, Jan 19, 2018

Facing the enormity of long term care, whether it is the financial, healthcare, emotional or psychological issues, it is so overwhelming. 

It's needs a team effort!  With the help of family, friends and our team here at Dennis Sullivan and Associates you can make the enormity of long term care manageable 

 

What exactly is "Long Term Care Planning" ? 

Here's one way to look at long term care planning: 

In today’s world, the question is no longer only, “What happens when I die?, but now we need to plan for “What happens if I live?” An estate plan covers the scenario of, What happens when I die.  But long term care covers a large variety of other factors and scenarios that sometime families forget to consider such as what happens if I live but am not healthy and have increased health-care costs and need to rely on others for assistance, either temporarily or on a permanent basis. The estate plan does not address this need. An estate plan can help you answer the first question, but a long-term care plan can help you answer both the first and second questions. Let’s put it another way. An estate plan insures that if you have assets when you die they will be passed in the manner you wish. The key word is “if.” The plan will not, however, guarantee that there will be anything left at that time to pass. Your assets could be mostly or entirely wiped out by a lengthy illness, hospital, and/or nursing home stay, leaving your spouse and other heirs with nothing.

 long Term Care and Medicaid:

I had a conversation last week with a married couple for whom we are preparing a Medicaid application. John is in a nursing home, and Mary is healthy and living at home. I explained to them that Mary can keep half of their countable assets, in their case $75,000, but that they must spend down to below that dollar amount by the last day of the month directly preceding the month we want to qualify John for Medicaid. I have had this conversation numerous times with clients in John and Mary’s situation, and know all too well that this simple instruction is not always followed. The largest part of most spend downs typically goes to the nursing home. But, as most people do, myself included, we wait until we get a bill before we pay it. If I owe you money, I’m not going to chase after you for a bill. Whenever you get around to it and invoice me, then I’ll pay it. The longer the money stays in my bank account, the happier I am. However, this can get you into big trouble and cost you tens of thousands of dollars if you wait for the nursing home bill. If we want John to be eligible for Medicaid next month and we know that he owes the nursing home $20,000 for the past two months of care, but the nursing home hasn’t yet presented Mary with a bill, it does not matter that Mary and John legitimately owe the facility the money. If that $20,000 is still sitting in their bank account next month, causing their account balance to exceed $75,000, John cannot qualify for Medicaid. Even worse than that, he can’t even qualify for next month. He has to wait until the following month, which means they will owe the facility another $10,000, leaving Mary with $65,000 to live on.


So Much to Discuss

For more information on Long Term Care Planning we encourage you attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy. January sessions are filling up fast call or register on line to reserve your seat today.  

At the Estate Planning & Asset Protection Law Center, we help people and their families protect their home, spouse, life-savings, and legacy for their loved ones.  We provide clients with a unique educational and counseling so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future. 


Click Here to Register For Our Trust, Estate & Asset  Protection Workshop

Tags: Dennis Sullivan, Elder Law, Estate Planning, Estate Planning Recommendations, Estate Planning Tip, Financial Planning, Retirement, coverage, senior, Attorney, Baby Boomers, Capital Gains Tax, GST tax, Massachusetts, New estate tax law, IRS, Massacusetts Estate Tax, Tax Savings, federal, new regulations, tax, tax reform, tax deductions, taxes, tax liability, tax exemption, New Tax Bill, Tax Bill, 2018 Tax Bill

New Tax Bill: What you need to know

Posted by Dennis Sullivan & Associates on Fri, Jan 05, 2018

How does the new tax bill affect you and your family now and in the future?

The new tax bill has officially been passed by Congress and signed by President Trump, what does this mean for us?  The answer to this depends on many variables discussed here. 

 

First of all, these changes don’t apply until you file your 2018 taxes, meaning that you won’t have to worry about the new law when filing your 2017 income tax returns this spring.  That being said, still we will be experiencing the greatest overhaul of the tax laws in more than 30 years.  The last major changes having been made under President Reagan in 1986. 

One change you can expect to see is that both corporate tax rates and personal income tax rates will drop.  There are also other changes which limit or eliminate personal deductions.   The changes that affect corporate tax rates are permanent, and the changes that affect individual tax rates and deductions are not.

Also in the new tax bill you will find a “sunset” provision, meaning that the new law – as it applies to individuals – will expire on December 31, 2025.   That is, unless Congress agrees to extend the law.  That, of course, will depend on the political and economic climate 8 years from now, including whether the economy responds the way Republicans say it will

       Now let’s take a look at the changes that are likely to affect the average senior.  Good news, the tax rates have been lowered a bit.  There are still 7 tax brackets but the rates have changed with the top rate lowered from 39.6% to 37% and the threshold at which each rate is reached has been altered. (The corporate rate reduction is much greater, from 37% to 21%).

       Some of the most significant changes relate to deductions.  The standard deduction has been doubled to $12,000 for a single person and $24,000 for married couples but personal exemptions have been eliminated.  The deduction for state and local taxes will be capped at $10,000, something that could hurt many Massachusetts residents and especially homeowners because we have high real estate and state income taxes.  


So Much to Discuss:

For the first time in decades major overhauls to the tax system are happening! This is an enormous change that can affect your estate planning and asset protection as well. Be sure to stay tuned as we will discuss more about this new tax bill in our next blog post!    

For more information we encourage you to attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy. January sessions are filling up fast call or register on line to reserve your seat today.  

At the Estate Planning & Asset Protection Law Center, we help people and their families protect their home, spouse, life-savings, and legacy for their loved ones.  We provide clients with a unique educational and counseling so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future. 


Click Here to Register For Our Trust, Estate & Asset  Protection Workshop

Tags: Dennis Sullivan, Elder Law, Estate Planning, Estate Planning Recommendations, Estate Planning Tip, Financial Planning, Retirement, coverage, senior, Attorney, Baby Boomers, Capital Gains Tax, GST tax, Massachusetts, New estate tax law, IRS, Massacusetts Estate Tax, Tax Savings, federal, new regulations, tax, tax reform, tax deductions, taxes, tax liability, tax exemption, New Tax Bill, Tax Bill, 2018 Tax Bill

Is your Planning Stuck in Limbo?

Posted by Dennis Sullivan & Associates on Thu, Jul 27, 2017

How does the debate over Health Care Reform affect you and your estate plan?

Everyone is talking about health care reform: whether it’s the House bill, Repeal & Replace, Skinny Repeal, it can make your head spin.  One question on everyone’s mind is how changes to health care will affect them.  We at Dennis Sullivan & Associates are keeping up to date on all the changes, and will cover the process through a series of blogs to explain where health care reform is now, how it affects you and what the future may hold.  For more information on the current law of the land, you can download our Report: Senior & Boomers Guide to Health Care Reform

 


Senate pic-1.jpg

Eventually, both the House and Senate must vote on the same bill.

The battle continues in Washington over the repeal or replacement of the Affordable Care Act (ObamaCare) and as we are witnessing; this can be a messy process. 

Why Republicans are trying so hard to repeal and replace ObamaCare and how they are going about it:

ObamaCare, you may remember, was passed by the Democrats in 2010 with no Republican support. Ever since, Republicans have campaigned on repealing the program, which was unpopular with many Americans. “Repeal and Replace” was their rallying cry to voters to help them win back control of the House in 2012, then the Senate in 2014, and finally the Presidency in 2016. If the Republicans are not able to fulfill this major promise, some may be in danger of losing their seats in the next election, as they would likely be blamed for the problems with ObamaCare if they don’t fix them. These are the political reasons.

Democrats admit that ObamaCare has problems and needs a major fix to survive. But they are not on board with repeal and replace of such a signature piece of legislation, while Republicans try to find a way to pass new legislation.

The Legislative process:

The normal legislative process is that a bill begins in the House, where it is written, discussed and approved by a committee before the House votes on it. If it passes the House, it is then sent to the Senate. The Senate can vote on the same bill, make amendments to the House bill, or create its own bill. Eventually, both the House and Senate must vote on the same bill, so if there are differences, members of both the House and Senate meet in committee to resolve them. Once a bill passes both the House and Senate, it is then sent to the President who can sign it into law or veto it.

Right now, there is a House bill on health care that has passed the House, and a Senate bill that has not passed the Senate. Discussions and amendments are still occurring with the Senate bill in hopes it will pass soon. The public posture is that this messy legislative process is making the bill better.

Further complicating this process is that while the Republicans have a majority in both the House and the Senate, they only have 52 Republican Senators. 60 votes are required to overcome the filibusters and pass new legislation, so they are attempting to pass health care legislation through the Budget Reconciliation process. It only requires 51 votes, but it limits the legislation to budget-related items only. They would not be able to include provisions some Republicans want in a full repeal and replace bill—for example, letting insurance companies sell across state lines to increase competition, lower prices and create better plans; and allowing the government to negotiate lower drug prices. Issues like these would have to be voted on later.

For the Senate bill to pass in Reconciliation, 50 Republicans must vote for the bill, since no Democrat or Independent is expected to vote for the bill. Vice-President Pence would break the tie if needed.

So far:

The Senate rejected a proposal from Republican lawmakers to repeal Obamacare on Wednesday July 26, 2017, marking a significant milestone in the Republican Party's years-long political crusade to gut former President Barack Obama's legacy health care law.

 

What does the future hold?

We aren’t sure what the future American Health Care Act is going to look like, not sure anyone does, but luckily protecting yourself and your loved ones from expensive long term care doesn’t have to be so uncertain.  With asset based long term care products, there are ways to insure your control over your future long term care and insure you have something left over for your spouse, children and loved ones. Don’t let your long term care plan sit in limbo. Stay tuned we will discuss more about what the future looks like in our next blog post.

 Click here for more information on  Estate Planning and Asset Protection

At the Estate Planning & Asset Protection Law Center, we help people and their families protect their home, spouse, life-savings, and legacy for their loved ones.  We provide clients with a unique educational and counseling so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future.

If you would like more information on Medicaid, the Affordable Care, or the impact of new health care laws on your planning, request your free preview of our guide, the Senior & Boomers’ Guide to Health Care Reform & Avoiding Nursing Home Poverty. 

We encourage you to attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy.Click Here to Register For Our Trust, Estate & Asset  Protection Workshop

Tags: Affordable Health Care Act, Announcements, Dennis Sullivan, Elder Law, Estate Planning, Estate Planning Recommendations, Estate Planning Tip, Financial Planning, Health Care, Health Care Ruling, Medicaid, Medicaid penalties, Medicare, Obama, Obamacare, Retirement, care costs, coverage, unreimbured medical expenses, surviving spouse, senior, coverages, applying for medicare, elder care

Ten Estate Planning Success Tips

Posted by Dennis Sullivan & Associates on Mon, Oct 20, 2014

Ten Estate Planning Success Tips

grandparentstrust 

 

Have You Planned for the Future Yet?

So you’re worried about the future, you want to make sure that not only your spouse, family and property is taken care of when you pass, but you want to make sure you’re taken care of while you’re still here. There is a lot of information out there to sort through, some of it is conflicting, and all of it is confusing. Here are some basic tips to help you get started: 

  1. Update your documents regularly. We honestly cannot stress this one enough. Keep your legal residence address, marital status, children and their potential guardians, and other documents updated. 
  1. Keep track of beneficiaries for all of your IRAs, qualified plans and insurance policies. Do you know who your beneficiaries are for these assets? If you don't, they may be going to someone you no longer wish to receive them, such as an ex-spouse. You can easily change the name of the person who will receive their benefits by filling out a form and submitting it. 
  1. Maximize the liquidity of your estate. Liquidity is defined as the ability to quickly turn assets into cash. Without sufficient cash to pay taxes, funeral, and other expenses, your family may have to sell illiquid assets - such as a family business or other property - at an inopportune time, and for less than full value. 
  1. Maintain an Appropriate Mix of Investment Risk. It's not the best idea to have too much money allocated to risk in stocks or mutual funds, as you age. Over time, more risky investments should be moved into safe and stable investments such as Annuities to ensure you are leaving an inheritance. 
  1. Name a dependable executor and/or trustee. Executors are called upon to collect assets, pay obligations, and distribute your assets. Your trustee must enforce all the provisions of any trusts you created. Choose someone who will have the knowledge, integrity and stamina to fulfil these obligations in the face of pressure from family members and lawsuits. 
  1. If you have minor children, consider naming one guardian for your minor children and another for the property you've left to support them, this will help ensure that your child will receive the full amount you’ve left them when they come of age. 
  1. Estate planning for your spouse or other sole survivor scenarios. If your net worth is high enough, your estate may be subject to taxes. A simple estate plan using trusts can save some individuals hundreds of thousands of dollars in estate taxes. 
  1. Make sure you are leaving the right assets to the right people with the right protections and provisions. If your child or other dependent has special needs or has been irresponsible with money in the past, you may not leave wish to leave them with the money to handle on their own. Make sure any minors receive much needed management assistance along with the cash. 
  1. Planning is even more difficult for business owners, who must plan for the succession and/or the buy-out of their business after they pass. Make sure any preparations that are needed for a smooth transition are taken care of. 
  2. Consult a professional. This may seem obvious, but we do have to say it. Estate Planning is a complex and difficult subject for most people to take care of on their own, and simple mistakes can cost you and your family tens or even hundreds of thousands of dollars. 

But Wait, There’s More!

Got all those taken care of? Well don’t relax just yet; there are still dozens of other questions you need to take care of before you’re done. Have you protected your assets from all unnecessary taxes? Have you established trusts that will be safe from predatory lawsuits? Are your documents up to date with the ongoing changes in laws, policies and eligibilities? Have you made sure to secure a portion of your assets in case you need nursing home care or are you planning to try and give everything away beforehand? These are things you need to take care of before your planning is truly complete.

 

At the Estate Planning & Asset Protection Law Center, we provide a unique education and counseling process which includes our unique 19 Point Trust, Estate and Asset Protection Review to help people and their families learn how to protect their home, spouse, life-savings, and legacy for their loved ones, click here for more information. We provide clients with a unique approach so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future.

We encourage you to attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy.

Click here for more information on  Estate Planning and Asset Protection

Tags: Estate Planning, probate, trusts, protection, Wills, Estate Planning Tip, 2014

The High Cost of Seniors Living Longer

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Fri, Sep 05, 2014

 

The Cost of Living Longer | Massachusetts Eldercare Attorney

 

 planning, estate, eldercare

 

A Pachyderm of Problems

Every day, we see clients for whom long-term care is the elephant in the room. They feel they can’t afford the costs, but they also feel they can’t afford not to have it either. So their solution is to pretend they don’t see the elephant and try to ignore the problem until it goes away on its own. This unfortunately often leads to our metaphorical elephant trampling their life savings and any future inheritance they are trying to leave behind. The older you are, the more expensive a long-term care policy gets and if you get sick before you have long-term care protection in place, it’s too late. Insurance companies are looking out for their bottom line, and an already ill senior will scare them off.

The costs for these policies are rising faster than inflation too. Therein lies the conundrum for Boomers and seniors: They’re living longer than their parents did but that means they need more money to make it through “old age”. Finding long-term care is a tough and complicated process. You’ll need to find a place that cares for people with your (or your loved one’s) circumstances. You need to find a place with the right facilities and staff, a place that leaves you with a good, safe feeling. And you have to be able to afford it too. This is not any sort of one-size-fits-all situation. Everyone has their own specific services and conditions that they or their loved ones will need met. Remember, what we call “long-term care” is a broad category, with options ranging from live-in facilities to your own home.

Lurking Complications With Long Term Care

The greatest threat to the financial security of Boomers and seniors is the cost of long-term care (and Obamacare will not assist with this). Assisted-living facilities are now climbing toward the $7,500-a-month mark. Many have started bundling more services together, rather than charging for each individually. Bundling might be a good idea from the nursing home’s perspective, but just like pre-packaged cable TV you will wind up paying for a lot of services you don’t need and don’t want. A private room at a nursing home will range from $500 - $600 a day.

The cost of home healthcare is rising, too. Some people choose independent-living apartments. These facilities typically don’t require lump-sum payments, and residents can contract with home health-services independently. Medicaid may be there for those who qualify but if you ever want to learn the true meaning of “jumping through hoops” just try qualifying! The best thing, of course, is long-term care insurance, but that’s getting more expensive too as companies raise their rates while cutting back on their coverage. In addition, this insurance is getting more complicated, now encompassing aspects such as protection of the surviving spouse, caregiver issues, scams/ID theft, and making sure you have an advocate to fight for your rights in a system that’s slanted against you.

In short, we’re living longer, and unlike previous generations, people are generally not living with or even near their children. Seniors are going to need more money for this longer life and for any unforeseen medical problems that may arise.

A Magic Trick No One Wants to See

Do you know the fastest way for a Boomer or senior couple to become an impoverished Boomer or senior couple is? Simple, one of them just needs to become ill before they get long-term care insurance. We see it every day, people who’ve worked hard and saved money all their lives are forced to see it wash away in a flood of medical bills as they age. It is truly heart-breaking, because, if you’ve managed to squirrel some money away, you could probably have afforded long-term care. 

The Downside to Living Longer

Our life expectancies are going up these days and so is the cost of healthcare, the distance seniors are living from their children and families, and the financial pressures on Medicare and Medicaid. The new Affordable Care Act, in fact, stipulates $500 billion in Medicare cuts over the next decade! Where do you turn if you or your spouse gets ill? Home health care? Adult day-care? Assisted-living? A nursing facility? Respite-care services, which allow the caregiver to drop off the senior for a limited period? Who’s going to pay for it? And for how long?  These are the questions to ask now, while you still have time to plan. If you haven’t purchased long-term care before you or your spouse become ill…forget about it. No one will insure you once you’re sick! If this happens to you, you’re going to be out of time, out of options, and very quickly out of money. And if you’ve planned to leave something for your heirs, there may be nothing left to leave to them other than a pile of bills. 

 

It’s an old (but true) cliché: those who fail to plan, are planning to fail. When it comes to healthcare expenses as you age, you fail to plan at the risk of yourself and those you love.  

 

At the Estate Planning & Asset Protection Law Center, we provide a unique education and counseling process which includes our unique 19 Point Trust, Estate and Asset Protection Review to help people and their families learn how to protect their home, spouse, life-savings, and legacy for their loved ones, click here for more information. We provide clients with a unique approach so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future.

We encourage you to attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy.

Click Here to Register For Our Trust, Estate & Asset  Protection Workshop 

 

Tags: living will, Estate Planning, Estate Planning, asset protection, Massacusetts Estate Tax, long term care, life insurance, Medicaid, MassHealth, in-home care, marriage, Estate Planning Tip, seniors, assisted living, life-care plan, hospice, Massachusetts, assets, in home, incapacity, asset, home, surviving spouse, Estate Planning Recommendations, in-home care, long term care insurance, Inheritance

Great News About Long Term Care Planning for You and Your Loved Ones

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Fri, Aug 01, 2014

More Good News: Estate Planning and Long-Term Care Planning

 Medicare family

Our firm has helped people and their families with long-term care planning for more than 20 years. While helping people, it is very important to help focus  on the health, long term care and estate and life planning needs for the individual and family. This is a holistic approach that helps families plan for obtaining the best quality care in their home, the community or perhaps assited living. Many people we help are also concerned  about the devastating cost of a Medicaid spend down of assets due to a long-term nursing home stay.

 

We have also had other success in Medicaid crisis planning relying on other strategies that are available in Massachusetts law,unlike some other states, that allow  citizens to pay part of their costs with their assets and eventually qualify for long-term care assistance to the Medicaid program.

 

Some people also have a long-term care insurance policy to help pay fort care at home, in the community and many times their plan will even will provide a care coordinator. Thus, we do recommend you contact your insurance advisor to look into the possibility of obtaining long-term care insurance while you can still qualify under medical underwriting.

 

If any of these topics concern or interest you please contact our office at 781-237-2815 to consult with our attorneys or request a copy of our Seniors and Boomers Guide to Health Care Reform & Avoiding Nursing Home Poverty for $14.95 or is available from www.DSullivan.com. We would be happy to be your guides on your Estate Planning/Elder Care journey.

 

At the Estate Planning & Asset Protection Law Center, we help people and their families learn how to protect their home, spouse, life-savings, and legacy for their loved ones.  We provide clients with a unique educational and counseling approach so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future.

We encourage you to attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy.

Click Here to Register For Our Trust, Estate & Asset  Protection Workshop

Tags: Estate Planning, Estate Planning, Elder Law, asset protection, long term care, Medicare, durable power of attorney, estate reduction, Estate Planning Tip, estate, estate tax, Massachusetts, senior, Medicare, asset, Estate Planning Recommendations, Dennis Sullivan, long term care insurance

Things You Need To Know About Hospital Admissions and Long term care

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Tue, Jul 29, 2014

 

Medicade Estate Planning Asset Protection

 

The Bad News: The Three Midnight “admission” Stay Requirement Can Destroy Medicare Coverage for Rehab (the cost could be from $8,000 to 10,000 a month)

 

Alas, notwithstanding all the controversy about the Three Midnight Stay Rule (That you must be on “Admitted” status not on “Observational” status) to qualify for the subsequent Medicare coverage, we still do not see any relief.

 

There is legislation pending to change this so that people are very clear as to when they are on admission status versus observation status, the latter of which does not qualify towards the Three Midnight Stay required by Medicare for coverage in a subsequent rehabilitation center. This has surprised, shocked and disappointed a large number of seniors. Don’t let it happen to you!

 

The Good News: The Old “Improved Standard” for Medicare Coverage is out and the new “Maintain Standard” is in!

 

As a result of the recent court decision in Jimmo v. Sibelius that was decided in 2013, Medicare clarified that maintenance coverage under the skilled nursing. Home health, skilled therapy and outpatient therapy benefit does not depend on whether the patient can improve. Eligibility for Medicare depends solely on whether skilled care is required and whether the actual services are reasonable and necessary.

 

This means that you no longer need to demonstrate that you will be improving every day during treatment. With chronic diseases such as MS, Parkinson’s and other health matters, improvement may not actually be possible. However, healthcare providers humanely try to help patients maintain and sometimes this maintenance is dependent on their skilled care. Now, as decided in the class action lawsuit mentioned above, you will qualify for Medicare.

 

Clients and patients should be made aware that they may request a review for all Medicare claims for skilled care or therapy denied before January 13, 2011.

At the Estate Planning & Asset Protection Law Center, we help people and their families learn how to protect their home, spouse, life-savings, and legacy for their loved ones.  We provide clients with a unique educational and counseling approach so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future.

We encourage you to attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy.

Click Here to Register For Our Trust, Estate & Asset  Protection Workshop

Tags: Estate Planning, Estate Planning, Elder Law, MassHealth, Estate Planning Tip, elder care, elder care journey, Massachusetts, Elder Law, Estate Planning Recommendations, Massachusettes, 2014

Happy Holidays From Dennis Sullivan & Associates

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Fri, Dec 20, 2013

Happy Holidays, Estate Planning
Happy Holidays
Don%27t forget

 

How You and Your Loves Ones will benefit from the Special Features of your plan from the Estate Planning & Asset Protection Law Center

  • The Unique "Personal Asset Trust" (enhanced protection for your beneficiaries' inheritance from the claims of spouses and creditors, lawsuits, loss of government benefits, and estate taxes when they pass down their inheritance)

  • Unusual Flexibility (your Trust can adapt after your disabled or gone, to the changed needs and circumstances of you and your beneficiaries and to change in the laws-to help ensure your Trust carries out your original intent)

  • Often Overlooked HIPAA Provisions (so your spouse and other Successor Trustees won't be forced into court to gain access to your important medical information when you become ill or disabled  and important financial  and medical decisions need to be made right away)

  • The MassHealth "Trap Door" (The tools your Trustee may need to qualify you more quickly for government nursing care benefits should you ever need them, possibly without requiring your family to later pay them back, please note this planning must be coordinated well in advance)

  • The Lifetime Protection Program (free phone calls, follow-up notices, special invitation members only events, review meeting every year with you and your Successor Trustee, if you wish to invite them, to be sure your plan is properly maintained and carried out)

  • The Owners Manual (including everything you need to properly understand and implement your trust plan, such as a Trust Flow Chart, Funding Instructions, Location and Contacts List, Personal Property Memorandum)

  •  The Trustee Manual (so your spouse or other Successor Trustee knows exactly, step-by-step, what to do and not to do, if you become ill,disabled or pass away)

  • Veteran's Benefit Planning (for qualified veterans including free application coordination, which may be helpful for in-home care or assisted living facility expenses)

  •  The Beneficiary Manual (so your beneficiaries may properly "drive" their Personal Asset Trust "vehicles" to maximize its protective benefits)

  • The Health Document Emergency Card (so you know your Health Care Decision Documents will always be readily available if you're rushed to a hospital)

  • The Trust ID Card (so you can be sure to properly get and keep your assets in your Trust and avoid costly Court conservatorship and probate proceedings)

 Below is a way to help spread holiday cheer this year! Here's a recipe that every generation will have fun making!

Cocoa Thumbprints

Recipe courtesy Food Network Magazine

Total Time: 1 hr 15 min
Prep: 1 hr 0 min
Cook: 15 min
Yield: about 3 dozen cookies
Level: Easy


Ingredients
1 1/2 cups all-purpose flour
3/4 cup granulated sugar, plus 1/2 cup for rolling
1/2 cup unsweetened Dutch-process cocoa powder
1 teaspoon baking powder
1/2 teaspoon salt
6 tablespoons unsalted butter, melted
2 large eggs, lightly beaten
1/2 cup confectioners' sugar
Sprinkles, mini marshmallows, mini candies or dried fruit, for filling

Directions
Whisk the flour, 3/4 cup granulated sugar, the cocoa powder, baking powder and salt in a medium bowl. Add the melted butter and eggs and stir until combined. Cover and refrigerate the dough until firm, about 30 minutes.

Preheat the oven to 325 degrees F. Line 2 baking sheets with parchment. Place the confectioners' sugar and the remaining 1/2 cup granulated sugar in 2 separate small bowls. Roll scant tablespoonfuls of dough into balls; roll in the granulated sugar and then in the confectioners' sugar. Place 1 inch apart on the prepared baking sheets. Lightly flatten each ball with your fingers and make a deep 1/2-inch-wide indentation in the centers with your thumb. Place your choice of filling in the indentation.

Bake the cookies until puffed and slightly cracked, about 10 minutes. Let cool 3 minutes on the baking sheets, then transfer to racks to cool completely.

Click Here to Register For Our Trust, Estate & Asset  Protection Workshop

Recipe: Here

 

 

 

Tags: Estate Planning, trusts, Estate Planning, Estate Planning Tip, estate, VA benefit, Estate Planning Recommendations, 2014, Dennis Sullivan

Massachusetts Estate Planning Attorney | Critical Planning Documents for College Students

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Mon, Jan 28, 2013

HIPPA, Health Care Proxy, College Student, Estate PlanningIs your "baby" going away to college? Have they recently gone away to college? If so, you've no doubt spent a lot of time poring over lists lately to determine what's a "want" and what's a "need."

You've been planning, and dreading, this day for a couple of years and you've most likely been saving for it for a lot longer than that.  Chances are, you're prepared.  There are however, some things for which you just can't prepare, like accidents or other tragedies.

That's why you need to have your child sign two critical documents.

If your child is already 18 you already know that, legally, they are an adult.  As a result of federal privacy laws, the college they attend generally can not divulge medical information to you.

This is why every child going away to school should sign a Health Care Proxy and HIPAA Authorization.  This way, if tragedy or illness strikes, you'll be able to get the information you need. It doesn't matter if you gave birth to that child.  You won't be able to get any information on his health status unless there's a signed HIPAA authorization.

What happens if there's an accident, and your child ends up in a coma? Who's going to mnake necessary medical decisions? If there's no Health Care Proxy, you may have to go to court to get a guardianship designation so you are in control.

Tragedy has its own timetable however, and going to court could cost you more than just financially if it takes too much time.  Remember Terry Schiavo?

At the Estate Planning & Asset Protection Law Center, we help people and their families learn how to protect their home, spouse, life-savings, and legacy for their loved ones.  We provide clients with a unique education and counseling approach so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future.

We encourage you to attend one of our free educational workshops. Call 800-964-4295 to learn more about what you can do to enhance the security of your beneficiaries, digital assets, Estate Plan and legacy.

estate planning, elder law, massachusetts

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Tags: health care proxy, HIPAA, Baby Boomers, college planning, Estate Planning Tip, Attorney

Massachusetts Estate Planning Lawyer | What Does Avoiding the Fiscal Cliff Really Mean?

Posted by Massachusetts Estate Planning & Elder Law Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Mon, Jan 07, 2013

All anyone was talking about in the last days of 2012 was whether Congress and President Obama would work together to avoid an increase in taxes caused by the expiration of a number of tax breaks dating back to President Bush.  An agreement was reached at the 11th hour.  But what does it all mean?  And how does it affect seniors?

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First let’s talk income taxes.  The President and Republicans reached a compromise, raising the tax rate on individuals earning more than $400,000 and married couples making more than $450,000 from 35 to 39.6 percent.  Payroll taxes will increase as well, back to 6.2 percent, for all wage earnings up to $113,700 in 2013.  The past 2 years saw a 2 percent reduction in mandatory contributions to the Social Security program.  While this will impact 160 million American employees it won’t affect most seniors who are retired.

There was much speculation on the federal estate tax exemption and whether the $5,000,000 exemption would expire and return to $1,000,000.  Remember, at the end of 2010 we went through this when there was no federal estate tax and we waited to see if that law would expire and return the exemption to $1,000,000.  Well, this time, lawmakers decided to make the $5,000,000 exemption permanent .  That means we won’t automatically have to go through this insane process every two years of watching to see what Washington will do at the last minute.  Actually, the exemption, which is currently $5,120,000, is indexed for inflation and will rise year to year.  What Congress did do was raise the federal estate tax rate from 35 to 40 percent.

Another change for 2013, recently announced by the IRS, is that the annual gift tax exclusion, that amount that can be gifted annually per person without paying gift tax or using one’s lifetime exemption of $5,120,000, will rise from $13,000 to $14,000.  Massachusetts does not have a gift tax, however estates above $1,000,000. remain subject to the Massachusetts estate tax. Married couples with the right type of trust and funding may double the tax free amount to $2 million. This is not automatic so its important to make sure you create and maintain the proper estate plan.

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Another change that threatened to impact seniors was avoided for at least another year.  Congress agreed to a one year extension of current Medicare reimbursement rates, avoiding what would have been a 27 percent cut in reimbursement rates for doctors participating in Medicare.

So, there you have the highlights of the law.  Looking at the bigger picture, the politicians in Washington haven’t tackled the bigger problems we are wrestling with such as the economy, budget deficits, and growing government spending.  But, in the short term, a financial crisis has been averted.

At the Estate Planning & Asset Protection Law Center, we help people and their families learn how to protect their home, spouse, life-savings, and legacy for their loved ones.  We provide clients with a unique educational and counseling approach so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future.

We encourage you to attend one of our free educational workshops. Call 800-964-4295 to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy.

 Estate Planning, Estate Planning Tip, Attorney, income, tax exemption, taxes, Tax Savings, tax reform, tax

Click Here to Register For Our Trust, Estate & Asset  Protection Workshop

Tags: Estate Planning, Tax Savings, Estate Planning Tip, tax exemption, tax reform, taxes, tax, Attorney, income

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