Deferred, or variable, annuities are generally considered countable assets that factor into MassHealth eligibility (see MassHealth , but immediate annuities are not. Immediate annuities are contracts with insurance companies wherein …
Estate Planning Blog
Annuities that are Considered for MassHealth Eligibility
Definition: Annuity
An annuity is a financial product that grows while being funded and provides a regular stream of payouts at a later date. It is a contractual financial product, and is …
Long-Term Care Insurance
Deciding whether to purchase long-term care insurance, and choosing which policy to buy, is a very personal decision. In addition to the fact that Medicare and Medicaid offer only limited …
The Limited Value of Medicare and Medicaid
Medicare Medicare was established by the government to cover some expenses for a limited time during disability or old age. Medicare pays less than 25% of long-term care costs in …
Planning for Long-Term Care
Many events can trigger the need for long-term care. Some children are born with an ailment that requires long-term care. Accidents and many diseases can strike anyone, at any age. …
Trusts
Trusts are a special way of turning assets into a gift. They can help manage your assets and avoid probate. Through a trust, you can even give a gift to …
Homestead Declaration
One of the best asset protection tools available to a homeowner is the Homestead Declaration. Quite simply, if you reside in a home you own in Massachusetts, you can file …
Important Long-Term-Care Planning Documents
Durable Powers of Attorney and Healthcare Proxies Health and safety are paramount concerns, so step one in the planning process is choosing your designated agents and executing durable powers of …
Definition: Durable Power of Attorney
If something happens that renders you unable to manage your affairs, you are considered “incapacitated.” Sometimes, as in the case of a coma, it isn’t clear whether an incapacity will …
Definition: Healthcare Proxy
A healthcare proxy is a document that delegates the power to make medical decisions in your behalf to someone you designate. This document limit your delegate to making healthcare decisions, …