What Are Medicaid Asset Protection Trusts?

Medicaid imposes strict rules on how much money and assets an applicant can have. To qualify for Medicaid, you must fall under the asset limit, which is $2,000 in most states. Even with greater than $2,000 in assets, however, you may be able to get on Medicaid by establishing a Medicaid Asset Protection Trust (MAPT). When you put your assets in a MAPT, Medicaid will not count the money in the trust toward its resource limit. Using Medicaid Asset Protection Trusts to Transfer Assets After you create a Medicaid Asset Protection Trust, you no longer own the assets within it,

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What Is Required For A Will to Be Legally Binding And Enforceable?

What Makes a Will Legally Binding and Enforceable? For all the stories about great ideas or works of literature starting out as notes scribbled on a napkin, it is not advisable you do the same for your last will and testament. Making your last wishes known requires deliberation, preparation, and a final document of indisputable authenticity and provenance that will not be challenged in probate court. In this article, we will provide a brief overview of what Massachusetts law requires of the testator (the author of the will) and of the document itself in order for a will to be

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Don’t Yet Want Your Heirs to Know About Your Assets? Use a Quiet Trust in Your Estate Plan

Trusts are great tools for leaving assets to your heirs while maintaining control over their access to those assets. In many cases, you would tell your beneficiaries that you have made a trust for them. However, this is not always desirable — and this is where a “quiet” trust may be helpful. A quiet trust is a trust created much like other trusts, but with little to no notice given to its beneficiaries. A person, called a grantor, places assets in a trust managed by someone who is appointed as a trustee. The trust document may provide that income will only

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Miller Trusts Can Help You Qualify for Medicaid

Many seniors find themselves in need of Medicaid to pay for their long-term care but are surprised to learn that their modest monthly income may disqualify them. The reason for this is that Medicaid is a “means-tested” benefit. In other words, you must not have income exceeding certain thresholds in order to qualify and receive Medicaid benefits. For example, in New Jersey, the monthly income limit for nursing home or community-based services is $2,523 for individuals and $5,046 for married couples. Medicaid expects all of an applicant’s monthly income, besides a monthly personal needs allowance and Medicare premiums, to go toward

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How and When to Contest a Will

The Basics of Contesting a Will in Massachusetts It seems more like a plot twisted from a movie or a soap opera, but it does happen in real life: wills are contested. And sometimes they should be—there is good reason to contest a will if it is suspected that it was written under duress or otherwise meddled with. In this article, we will provide a brief review of the who, when, why, and how of contesting a will in the Massachusetts probate process. Who Can Contest a Will: Interested Parties An interested person, that is, a person who has a

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What Is an Executor?

An executor is the person or institution responsible for managing the administration of a deceased person’s estate. The executor (also called a personal representative) is either named in a will or appointed by the court, if there is no will. In addition to an individual, a bank, trust company, or other institution can serve. Executors are responsible for making sure the deceased person’s wishes are carried out and that the estate is wrapped up. An executor’s duties include applying for probate, paying taxes and bills, managing the deceased person’s property, distributing assets to the estate’s beneficiaries, and filing a final accounting

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