What is a testamentary supplemental needs trust? A trust is a written agreement between the person(s) who creates the trust and the person who administers the trust as to how any property owned by the trust may be used. A testamentary trust is any trust created by the terms of a person’s Will. A supplemental …
Elder Law
How Parents Can Provide for a Caregiver Child
By: Brandon C. Walecka, Esq. Walecka Law, P.C. 774-203-9003 Brandon@WaleckaLaw.com Taking care of a parent in need can be a full-time job. Children may have to give up paying jobs to provide care to aging parents, though unfortunately, caregiving is usually unpaid work. Parents who want to compensate a child for taking on the challenge …
Do Your Kids Know Your Plans? Talk to Them Today
By: Brandon C. Walecka, Esq. Walecka Law, P.C. 774-203-9003 Brandon@WaleckaLaw.com Most families never talk about what their wishes may be when they become incapacitated or when they die. After all, no one likes to talk about their own mortality, especially with their children (even if they are adults themselves). However, an open dialogue is the …
What is a Trust?
By: Brandon C. Walecka, Esq. Walecka Law, P.C. 774-203-9003 Brandon@WaleckaLaw.com I often hear from prospective clients who ask, “What is a Trust?” 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. So, …
Where to Keep Your Estate Planning Document
By: Brandon C. Walecka, Esq. Walecka Law, P.C. 774-203-9003 Brandon@WaleckaLaw.com You have planned ahead and have decided how you want your affairs to be handled upon your passing. You have signed all of your Foundational Estate Planning documents: A Last Will and Testament, a Durable Power of Attorney, a Personal Directive (sometimes called a living …
Is it a good idea to have my son or daughter on my bank account?
By: Brandon C. Walecka, Esq. Walecka Law, P.C. 774-203-9003 Brandon@WaleckaLaw.com I often meet with clients who want their adult children to be able to access their accounts to help with writing checks or paying bills on their behalf. However, this good intention can create a serious risk of liability if carried out incorrectly. Often, a parent …
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Avoiding Probate
By: Brandon C. Walecka, Esq. Walecka Law, P.C. 774-203-9003 Brandon@WaleckaLaw.com When an individual dies owning property solely in his or her name, then a formal procedure (“probate”) is usually needed to determine to whom the property should pass. If there is a valid will, the property will pass according to its terms. If there is …
MassHealth Estate Recovery Policy Update
Written by Brandon C. Walecka, Esq. MassHealth is making the several reforms to their estate recovery policy in an attempt to prevent undue hardship for members and their families and to support low and middle-income families retain some assets while remaining in compliance with federal and state law. Usually, when a MassHealth recipient dies, MassHealth’s …