“With our elderly loved one finding himself sent from a hospital to rehab/nursing home and his personal funds running out and still requiring care we turned to Simmons & Schiavo.
The care facility got a lawyer and kept threatening us with a “conservatorship” thinking there was a big pay day at the end of the rainbow. Marco Schiavo thought otherwise.
He skillfully navigated the application and approval process with Masshealth for Long-Term-Care Services in a Nursing Facility, advised us on the required spend-down of patient assets (legal, medical, pre-paid funeral, etc…) and after diligent counsel of the entire process by Marco and his partner Ken, Masshealth approved the care and payments (retroactively) and there was even a patient pay refund obtained, which was put towards more of the pre-paid funeral expenses of our loved one.
This took a huge burden off us both emotionally and potentially financially and gave us the peace of mind everybody should have if a loved one takes ill and needs care and assistance, especially an elderly family member.
Marco and Ken are both professional and passionate about helping and we are grateful to them for their assistance.”
Edward D. – Malden
In a weird and unprecedented twist, “jumbo” mortgages – typically those above $417,000 – have carried a lower interest rate than standard mortgages in some recent cases.
A very large number of standard mortgages are purchased or backed by Fannie Mae and Freddie Mac. Those government-sponsored enterprises won’t touch a mortgage above a certain amount, which is $417,000 in most areas (but can go up to $625,000 in some highpriced markets). Any loan above that is considered a “jumbo” mortgage.
Typically, jumbo mortgages carry a higher interest rate. That’s because the lender can’t get Fannie or Freddie to buy or to guarantee the loan, so if anything goes wrong, the lender is completely on the hook. [Read more...]
If you’re purchasing a “fixer-upper” or are otherwise planning to make major renovations to a home you’re buying, you might want to consider a special type of loan called a “203k” loan from the Federal Housing Administration.
These loans are specifically designed for homes that need major repairs, and they allow you to roll the cost of the repairs into the amount of your mortgage. They’re especially helpful for people who can’t afford an expensive home and are willing to buy a starter home that needs a lot of work. However, they can be used by anyone who wants to invest in a property that needs an upgrade.
The big advantages of 203k loans are that they usually allow a low down payment and they’re often available to people who don’t have great credit. [Read more...]
If you or someone you know has an older estate plan that doesn’t carefully take into consideration the role of stepchildren, it’s a good idea to have it reviewed. If you have stepchildren – or if your children have stepchildren – it’s critical to make clear whether they’re included in your plans.
Take the case of Bill and Pat Clairmont. This North Dakota couple had a daughter, Cindy; a son-in-law, Greg; and several grandchildren including a grandson named Matthew. In 1996, they decided to set up a trust to benefit Matthew. Greg, their son-in-law, wrote the trust document.
Under the trust, Matthew would start receiving the trust funds when he turned 40. If he died before then, the trust funds would go to his brothers and sisters. [Read more...]