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March 2014

I Am In Trust With Myself And Wife And A Church I Understand We Can Break The Trust If Both Party Agree What Type Of Attorney Do I Need

ADDITIONAL INFORMATION: The Trust Has 375.00 In It What Would Be A Fair Asking Price I Am 70 and My Wife Is 64? ATTORNEY ANSWER BY MARGARET L. CROSS: Most trusts have a small share article which allows the Trustee to make a final distribution to the beneficiary of a trust if the cost of administration of the trust is disproportionate to the value of the trust. With only $375, it certainly qualifies. Is it even

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My moms deed was written in 2011, can it changed to an irrevocable trust now in 2014 without Medicaid problems?

ADDITIONAL INFORMATION: The deed on my moms house is written as “tenants in common” to all her children. It was written up in 2011 like that. She wants an irrevocable trust written now on the deed. So that, if she goes into a nursing home, then Medicaid can’t take it. Can that be done without a problem if she goes into a nursing home within 5 years? or since it was written in 2011, does it

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If my mom goes into a nursing home next month, can her house be taken?

ADDITIONAL INFORMATION: this is what the deed is saying I,…,individually for consideration paid $1.00 grant to myself, for my life and the remainder in fee simple to my children as tenants in common. Also, if the daughter is living with the mom before she goes into a nursing home, can the house be taken? ATTORNEY ANSWER BY MARGARET L. CROSS: I believe that you are trying to determine if you mother can qualify for MassHealth and

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Have an estate plan? Great – but you need to follow through

One of the most common mistakes people make in estate planning is that they finally create a complete, thorough, highly advantageous estate plan – and then forget to follow through and put it all into effect. It’s not uncommon for people to have detailed documents drawn up, and then not get around to signing them. Or they create a trust, but forget to transfer assets in order to fund it. Or they decide whom to name

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Be careful if you donate to charity for a specific purpose

Bernard and Jeanne Adler donated $50,000 to an animal shelter in their hometown of Princeton, N.J. The gift was to finance a new structure for large dogs and older cats (whose prospects for adoption are limited), and the structure was to be named for the Adlers. Before construction began, however, the shelter merged with another organization. After the merger, the new organization announced plans to build a smaller structure in another town, without specific facilities for

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The danger of waiting too long to do estate planning

Some people never get around to writing a will or planning their estate until the last minute, when they have grown old and have a serious illness. Other people write a simple will when they’re young, but never review or update it until something happens that makes them think that death is imminent. While any estate planning is better than none, the vast majority of mistakes and problems occur when people procrastinate planning their estate and

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What you need to know about the new ‘trusteed IRAs’

If you don’t need all the money in an IRA after you retire, there can be big tax advantages in carefully leaving it to your children or other heirs. If it’s done right, the heirs can take out only the minimum required distribution each year, and the assets in the IRA can continue to grow tax-deferred for decades – and in some cases, for generations to come. The problem with this planning technique is that it

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Long-term low interest rates are wreaking havoc on many trusts

For decades, it was very common for trusts to be set up like this: “The trust income will go to the first beneficiary, and when the first beneficiary dies, the trust assets will go to a second beneficiary.” Here are some common examples: A couple sets up a trust with the income going to a child, and when the child dies, the assets go to their grandchildren. A wife’s will creates a trust that pays income

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Be Careful When Stating the Reason for Terminating an Employee

By: Geoffrey B. McCullough, Esq. Question:  When an employer misstates the reasons for terminating an at-will employee is the misstatement a violation of public policy? Answer:  If the termination “fall[s] within the scope of any of the recognized categories of public policy exceptions[,]” yes  In Massachusetts a general rule is non-union employees are employees-at-will and may be terminated at any time.  Exceptions to that rule are when the termination is unlawful, for example, when the termination

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Here’s what to think about in a distributorship agreement

If you’re a manufacturer who’s thinking about using a distributor to expand your reach into new areas – or if you’re a distributor who wants to sell products for a new company – a good contract is the key to making the relationship work and avoiding misunderstandings and conflicts. Here’s a brief list of the issues that you’ll want to think about and make clear in the agreement before you sign on the dotted line: Does

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