Estate Planning
There are many options to drafting your estate plan, and we at JP Law and Title, PC have the knowledge and expertise to help you select the types of estate documents that best fit your needs. We at JP Law & Title, PC have the knowledge and expertise to guide you through setting up an estate plan uniquely designed to fit your needs and wishes.
Is having a Will necessary in Massachusetts?
If you pass without a Will in Massachusetts, your estate will pass through Massachusetts’ intestate statute. Passing without a Will can create many headaches for loved ones left behind. Depending on marital status at the time of death, passing without a Will can lead to your estate being divided based on the Massachusetts General Laws succession chart. There may still be lengthy and expensive challenges to your Estate (Will or no Will) by “potential heirs” or other interested parties. We at JP Law & Title, PC have the knowledge and expertise to guide you through setting up a Will that fits your needs and transfer your assets to the heirs and beneficiaries according to your wishes.
What is a Durable Power of Attorney?
A Durable Power of Attorney (“DPOA”) is a legal document that gives someone the authority to act on your behalf, with powers pre-determined by you. Let us at JP Law and Title, PC help advise you on how to set up a DPOA so as to protect both you and your assets.
Do I need a trust?
Trusts are an excellent way to protect your estate. We at JP Law & Title, PC have the knowledge and expertise to guide you through setting up an estate plan uniquely designed to fit your individual needs and wishes.
A Revocable Trust is a living trust. The grantor creates the trust and usually is the trustee and beneficiary of the trust for the duration of the grantor’s life. This type of trust can be created by both unmarried and married individuals. We at JP Law and Title, PC can help you choose the right type of living trust that uniquely fits your needs, and facilitates the passage of your assets to who you want them to go to and how when you are no longer here.
A Lifetime Asset Protection Trust (“LAPT”) is a special type of trust designed to protect your beneficiaries and their assets from bad decision-making and creditors. LAPTs can be incorporated into revocable and irrevocable trusts to protect your beneficiaries’ assets with:
• Divorce
• Protection from creditors-spendthrift provision
• Protection in case of incapacitation (Special Needs).
• How assets are distributed
Facts about irrevocable trusts:
• The Grantor permanently loses control of their assets
• Minimizes estate taxes
• Allows Grantor to access government benefits and protect assets
Facts about these trusts:
• Medicaid Asset Protection Trusts (“MAPT”) protect a Medicaid applicant’s assets from being counted for eligibility purposes.
• Protect assets for one’s children and other relatives, which is a win-win for Medicaid applicants and their families. MAPTs are also called Medicaid Planning Trusts, Medicaid Trusts, or less formally, Home Protection Trusts.
We can also explain:
• Revocable Trust versus a Medicaid Trust
• Spend down for Medicaid eligibility.