Making the right choice when it comes to securing your wealth has never been easier.

Making the right choice when it comes to securing your wealth has never been easier.

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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Three Estate Planning Options for Your Art Collection

Collecting art or other valuable items can be a passion for many people. Often such a pastime is more about enjoying the art or the medium itself than about ensuring financial gain. However, once you have accumulated a sizable collection, what do you want to happen to it after you pass away? It is important that your estate plan address your art separately from your other assets. The first step in estate planning for your collection is to document it. You should not only have the collection appraised, but also take photographs of each item and assemble any paperwork relating

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Dynasty Trusts: A Tax-Efficient Way to Pass Wealth Down Through the Generations

If you want to pass money to future generations without having it subject to gift and estate taxes, then a dynasty trust may be right for you. A dynasty trust allows trust assets to be used for the benefit of multiple generations while keeping the assets out of the grantor’s and the beneficiaries’ taxable estates. The main benefit of a dynasty trust is the avoidance of estate and gift taxes over many generations. In 2022, federal estate tax exemption is $12.06 million ($24.12 million for couples). Estates valued at more than the exemption amount will pay federal estate taxes, at

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How to Deal with an Estranged Child in Your Estate Plan

Unfortunately, not all families get along. If you are having problems with one of your children, you may not want them to benefit from your estate. There are several strategies for dealing with an estranged child in your estate plan. Depending on the level of estrangement and the reasons for the estrangement, the following are the main approaches for treating a child differently in your estate plan: Outright disinheritance. If you really do not want your child to receive anything from you, you can fully disinherit the child. To be safe, even if you are leaving a child nothing, you

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