| The estate planning process can be confusing. To help clients gain a better knowledge of the process, we have prepared the following additional information:
What is a durable power of attorney?
A durable power of attorney is an important legal document that authorizes another person (typically a family member) to act on your behalf in making financial and legal decisions. The person who is authorized to act on your behalf is called an agent or “Attorney-in-Fact”.
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The problem: covering the cost of nursing home care
Whether it is for your parent, spouse, sibling or friend, arranging for nursing home care is a stressful process. The need can come on suddenly and without warning. This memo provides some basic information and education on who qualifies for Medicaid (which, in Massachusetts, is called “MassHealth”) which is the single largest payer of nursing home care costs in the state.
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What is a living will?
A living will is a document in which you write down what type of medical care you would like to receive if you are unable to express or make your own decisions. Typically, these documents focus on situations involving whether or not to administer life sustaining treatment in the event of irrevocable comma, permanent and severe brain damage or situations where care would only serve to delay the moment of death. Life sustaining treatment includes anything from feeding tubes, breathing devices, blood transfusions and major surgery. Other types of care may also be specified such as your desire for treatment and relief of pain or other discomfort.
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Homestead protection in Massachusetts
Every homeowner with a primary personal residence in Massachusetts should have a homestead declaration filed with the registry of deeds in the county where the property is located. A properly prepared and filed homestead declaration provides protection of your home of up to $500,000 in equity value against creditors. The protection is provided by Massachusetts law (Chapter 188 of the Massachusetts General Laws) but protection is not automatic. The homeowner must make the proper filing with the registry of deeds before it becomes effective.
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Why have a health care proxy?
In case you ever become incapacitated, it is important that someone has the legal authority to communicate your wishes concerning medical treatment. This is true especially if you were to disagree with family members or they were to disagree among themselves about your treatment. By executing a health care proxy, you ensure that the directions that you have given your agent will be carried out in the event of such disagreement.
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What is a trust?
A trust is a separate legal entity for holding and investing property. One or more persons (the “trustee”) holds property, usually real estate or investments, for the benefit of another or several other people (the “beneficiary”). The person who gives the property for the trust is known as the “donor” or “grantor.” The trustee holds legal title or interest and is responsible for managing, investing, and distributing the assets or property of the trust. The beneficiary holds an equitable or beneficial interest.
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