Every individual, while healthy and competent should seriously consider establishing a Durable Power of Attorney and Health Care Proxy in order to appoint the persons they would personally select to make financial and medical decisions for them in the event of future incompetence. These are simple, inexpensive legal documents that protect an individual during their lifetime. A failure to execute these legal documents while healthy and competent could result in the Court appointing a Guardian for you, in the event you were to become incompetent in the future. The Guardianship process is a legal process requiring Court appearances, and public notices, that is costly, both financially and emotionally. The Guardianship process, in most cases, may be totally avoided by some simple lifetime planning accomplished while you are legally competent. Furthermore, a Court appointed Guardian could be someone you would not have personally chosen and could be a complete stranger, appointed by the Court.
Child Abuse
Around the country, teams of various professions, including social workers, attorneys, realtors, bankers, law enforcement officials, and public protective agencies are coming together to address this problem in ways similar to how the problems of child abuse and drunk driving are targeted. One team spear headed by CA attorney, David Knitter called FAST (Financial Abuse Specialist Team) recouped 18 million dollars in Solano County, CA in its first 2 years. More information and resources can be found at the website for the National Center of Elder Abuse.
With over 25 years of real estate conveyancing experience, the Berkshire Elder Law Center is available to meet all of your real estate needs. Representing both Buyers and Sellers in residential and commercial transactions, including...
In most cases a simple Will is sufficient to accomplish your objectives. On larger Estates, valued at over the Estate taxable level (currently $3.5 million dollars federally for Year 2009 and $1 million dollars for Massachusetts), more elaborate Estate planning may be required. Also, sometimes more specific planning is necessary to protect a disabled spouse, child or grandchild during your lifetime, and/or after your death. For example, perhaps a disabled child is receiving social security disability benefits that would be lost if that child received even a small or insignificant inheritance. With proper planning, the child could be left the same assets, without risking loss of the benefits that they receive that are necessary for their support. Perhaps a spouse requires long term medical care, while the spouse remaining at home and in the community needs to preserve the couple's income and assets for their own financial security. With proper planning these issues can be addressed and a plan implemented to meet your personal needs.
Medicaid Planning
I am a frequent guest speaker for various senior centers, nursing facilities and community organizations throughout Berkshire County and regularly appear on the Berkshire Broadcasting radio station, WNAW (AM 1230) and local cable access channels where I present topics on estate & medicaid planning, hospice planning, elder financial abuse and on long term care insurance. I also teach continuing education classes for real estate agents and first time home buyer seminars.
A transfer of real estate (including, but not limited to, a personal residence) from individual or joint ownership to a Life Estate form of ownership is an estate planning device used to avoid probate of the property. It also offers the possible advantage of protecting the residence in Medicaid situations. The transfer is accomplished by a simple Deed. Transfer to the Life Estate ownership form avoids some of the significant disadvantages of an outright gift of property to the heirs (frequently the children of the owner).
Wills
I chose Berkshire Elder Law Center because Attorney James Sisto is noted as knowledgeable regarding real estate and elder law issues. As Jim guided me through a Last Will and Testament, Life Estate Grant and Marital Settlement Agreement, he explained all legal matters and returned telephone calls in a timely manner when I had additional questions. Jim is a unique combination of professional and approachable.
Trusts
First Husband and Wife have to divide their assets so that each of them can take advantage of the Estate Tax Exemption amount. The way to utilize the Estate Tax Exemption is by not leaving the Estate Tax Exemption directly to your spouse. Instead you leave it to a trust for your spouse's benefit. These trusts are commonly referred to as "Credit Shelter Trusts", "Living Trusts" or "By-Pass Trusts". The surviving spouse is given certain rights to the income and the principal of the trust for his or her financial security and well being. Upon the surviving spouse's death the trust assets are distributed to their heirs in accordance with the provisions of the trust. Typically its to the children. The Estate Tax Exemption amount plus appreciation is not taxed upon the death of the surviving spouse. The surviving spouse gets a substantial benefit from the trust, and gets the benefit of not being taxed on the Estate Tax Exemption amounts at the death of the first spouse and at the surviving spouse's death as well.
Power of Attorney
Examples of elder financial abuse include the following: A parent gives a child power of attorney who then uses it to withdraw bank funds; a caregiver obtains use of an elder's ATM card & PIN; phone sales of risky investments; a con-artist solicits money for a phony charity or because the elder is a "prize winner".
4. Make sure the assets are valued Valuations may be necessary for Estate tax purposes for larger estates. Under the tax law, the heirs inherit the assets at a tax basis that is equal to the value at the date of death. This "stepped-up basis" can be a valuable tax benefit, so the Personal Representative must have the assets valued and keep a record of the values.
Debt Collection
Prior to starting my own practice in 1998 in North Adams, I worked for 7 years as an estate planning and real estate attorney for a small Pittsfield law firm but I also did a lot of everything else, divorces, litigation, debt collection; things which I had no great fondness for. When I decided to start my own practice in North Adams, I promised myself that I would only practice in the areas I enjoyed. I was seeking to enhance my “quality of life”.