On May 30 the Massachusetts Supreme Judicial Court published their decision on Daley v. Secretary of the Executive Office of Health and Human Services. The case focused on two common estate planning techniques that elders can use to protect their homes from long-term care expenses. The decision actually applied to two combined cases, the Nadeau
We live in an economically volatile and litigious society. An unexpected lawsuit, or decline in business, can put people’s life savings at risk. Therefore, asset protection planning is of the utmost importance. According to Massachusetts estate planning attorneys, two of the most common and effective asset protection mechanisms are the Limited Liability Company (LLC) and
If you listen to talk radio, then there’s a good chance that you’ve heard an advertisement from a law firm preaching the benefits of Medicaid Trusts. They are a great option for many families, especially for the late-middle-aged, moderate to high income demographic that listens to talk radio. If I’m describing you, please read on.
Please check out my article on Massachusetts Homesteads in the Local Voices section of the Danvers Patch.com website. The Massachusetts Homestead: A Cheap and Easy Way to Protect Your Home Filing a Declaration of Homestead can protect your Massachusetts home from judgment creditors and lawsuits.
If you are like many mid-career professionals, then your retirement accounts may comprise an enormous portion of your net worth. To the delight of estate planners and clients, qualified retirement accounts (401(k)s and IRAs) receive favorable treatment upon the owner’s death in a few areas. First, retirement accounts are non-probate assets. They have their own
In an earlier post I explained some common misconceptions about prenuptial agreements. In this post I want to delve further into that topic, and outline the requirements of a valid prenuptial agreement in Massachusetts. Our primary source of legal authority regarding prenups is the Supreme Judicial Court case DeMatteo v. DeMatteo, which describes these requirements
There are few topics less romantic than prenuptial agreements. That being said, for certain Massachusetts couples a carefully designed prenup can provide an otherwise unattainable peace of mind. In order to examine who should have a prenuptial agreement, let’s dispel some common prenup misconceptions. Misconception #1: Prenups are only for the rich. While high-net-worth individuals
When someone is starting a new business (or reviewing the structure of their ongoing business), they often ask a lawyer for advice on what type of business entity they should form. The most common entity types are sole proprietorships, partnerships, corporations, and limited liability companies (LLCs), and they each have their own advantages and disadvantages.
A rather specific question was posed to me in the comments of another post, so I’ll address it here. The question posed was: “If a 62 year old widow remarries, and designates his emancipated children as beneficiaries of his 401(k), does he need his new wife’s endorsement to make the beneficiary designations stick? Also, are
Clients routinely tell their attorneys, “I need a will.” While a few decades ago a simple will may have been appropriate, today’s complicated legal environment requires attorneys to parse through their client’s statement, and determine their true goals. When I hear that familiar sentence, I interpret the meaning as, “I need help.” More specifically, “I