Although you’re eligible for Medicare at 65, there are circumstances in which you might not want to apply, particularly if you’re working for a larger employer or contributing to a health savings account (HSA). However, you may face penalties if you don’t sign up at the right time, so it’s important ... Read More
Law Blog
It’s Now Harder for Veterans to Qualify for Long-term Care Benefits
The Department of Veterans Affairs (VA) has put in place new rules that make it more difficult to qualify for long-term care benefits. The rules, similar to those already in force for Medicaid, establish an asset limit, a look-back period, and asset transfer penalties for claimants applying for ... Read More
New Brokerage Account Safeguards Aim to Protect Seniors
As the population ages, elder financial abuse is a mounting problem, and vulnerable seniors can become victims of scammers who convince them to empty their investment accounts. Now, new rules have been put in place to protect seniors with brokerage accounts from financial scams. According to the ... Read More
The New Tax Law Means It’s Time to Review Your Estate Plan
The tax law signed in 2017 doubled the federal estate tax exemption, meaning the vast majority of estates won't have to pay federal estate tax. But that doesn't mean you should ignore its impact on your estate plan. The law doubled the federal estate tax exemption to $11.18 million for ... Read More
Protecting Yourself from Social Security Identity Theft
Identity theft is a big problem these days. Security breaches at major companies highlight just how easily others may be able to obtain a range of personal information. Although we often think of identity theft related to banking information or credit cards, it can go far beyond that. Your social ... Read More
Working While Collecting Social Security
Once you reach age 62 you may start collecting social security. However, if you plan to continue working while collecting social security, it is extremely important to understand how that may impact your benefits and tax liability. Below is a brief overview that may help. Impact of Working on ... Read More
Tips on Gifting Money to Grandchildren
Grandchildren are one of the biggest joys of life, especially as you enter your senior years. Providing financial support to your grandchildren can be very rewarding and may be included in your Massachusetts estate plan. The key is selecting the right means of doing so. Here are a few options and ... Read More
How to Avoid Generation Skipping Transfer Taxes
As the name implies, generation skipping taxes (GST) apply to gifts and inheritances to grandchildren, great-grandchildren, and unrelated persons who are 37.5 years or more younger than the gifter. The word “skip” applies to the fact that one is skipping immediate children (or immediate next ... Read More
Alternatives to Reverse Mortgages
If you are 62 or older, reverse mortgages are not the only means of accessing the equity in your home. Other solutions may be worth consideration, depending on your needs and circumstances. Here are a few alternatives to reverse mortgages. A Home Equity Loan A home equity loan allows you to borrow ... Read More
Pros and Cons of Reverse Mortgages
Reverse mortgages allow you to access the equity in your home and use it as a steady source of income. However, there is much debate around this option. It is important to fully understand the pros and cons of reverse mortgages in making your decision. Here are a few key factors to consider. What ... Read More
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