As you likely remember, recent COVID-19 relief bills, included direct payments to most Americans to help offset the huge financial crisis. Among those recipients were those who are elderly and on fixed income. Medicaid (MassHealth in Massachusetts) has very strict asset and income rules in order to receive benefits. Individuals receiving such benefits may ask …
Why You Shouldn’t Co-sign your Grandchild’s Student Loans
By: Brandon C. Walecka, Esq. Walecka Law, P.C. 774-203-9003 Brandon@WaleckaLaw.com With the average cost of higher education ranging from $25,000 to $50,000 a year, it is understandable why many grandparents want to help their grandchildren pay for college. In some cases, a would-be college student may ask their grandparent with good credit for help. Generally, …
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Irrevocable vs. Revocable Trusts
Trusts are an important topic when it comes to estate planning. A trust essentially is an agreement between two or more people to hold assets (e.g., a house, bank account, investment, etc.) for the benefit of someone else—for the benefit of a beneficiary. A trust can serve many different purposes and accomplish a variety of …
Trust and Will Article: Why Millennials Should Be Preparing Now
With baby boomers rapidly going over the retirement age, a new generation of Americans are increasingly finding themselves in the sandwich fold: millennials. What are the potential financial impacts they might face, and what can they do about it to prepare? Here’s a hint: an Estate Plan. Click here to read more.
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ADVISOR INSIGHTS: Proposed Legislation Dramatically Threatens Estate Planning Strategies
On Monday, September 13, 2021, the U.S. House of Representatives Ways and Means Committee released draft legislation to fund President Biden’s broader “Build Back Better” initiative. The draft legislation contains a number of provisions that, collectively, would create a seismic change in the estate planning world. What is a Grantor Trust? For decades, Grantor Trusts …
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Nolo Article: Helping an Elder Make a Power of Attorney
Powers of attorney can bring peace of mind to both elders and their caretakers. Powers of attorney allow elders to empower a trusted person to make decisions about health care and finances on their behalf. Having such powers in place when a loved one loses the ability to make sound financial decisions can be priceless, …
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Proposed Legislation Dramatically Threatens Grantor Trust Estate Planning Strategies
On Monday, September 13, 2021, the U.S. House of Representatives Ways and Means Committee released draft legislation to fund President Biden’s broader “Build Back Better” initiative. The draft legislation contains a number of provisions that, collectively, would create a seismic change in the estate planning world. What is a Grantor Trust? For decades, Grantor Trusts …
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Social Security Benefits Increase in 2022
Approximately 70 million Americans will see a 5.9% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2022. For more info on the increase, visit the Social Security Administration’s blog here.