Family Estate Planning Law Group

Family Estate Planning Law Group

Header Social

CTAs

(781) 246-8200Plan From Your Home

CONTACT US
CALL US NOW

Medicare Annual Enrollment Period is Here!

By

By: Scott Maibor, CFE

This week, here at Family Estate Planning Law Group we are excited to have Scott Maibor, of Senior Benefits Boston, guest blogging for us.  We know many of our families have questions about Medicare coverage, and we think Scott has some great experience and expertise to share with you.   

After 12 years in the Insurance Industry Scott founded Senior Benefits Boston to help clients with their Medicare health insurance needs.  He enjoys simplifying an overly complex system with the goal of maximizing coverage and reducing costs. 

In 2017 Scott decided to focus exclusively on Medicare and on helping clients approaching eligibility age. He is a Certified Financial Educator and Medicare (AHiP) Certified for 2021.  As an independent Advisor he works with multiple carriers to enable him to serve as a fiduciary for his clients.

[Read more…]

Infographic: Choosing the Right In-Home Caregiver for You

By

It’s no surprise that many seniors would much prefer living in their own homes as opposed to facility care. Family members who fully understand the benefits associated with aging in place—a sense of independence, better health outcomes, and the comfort home can provide—may consider an in-home caregiver for their elderly loved one. Check out our recent infographic and see some tips on how to choose the right caregiver for your loved one. [Read more…]

Last Chance to Return Required Minimum Distributions for 2020 (under the CARES Act)

By

We recently blogged about how the CARES Act waived required minimum distributions (RMDs) for 2020 and even allows for an IRA owner or a beneficiary under an inherited IRA who had taken an RMD from their IRA to put it back.  But here’s the catch: it has to be returned before August 31, 2020, which is approaching very quickly.

We highly recommend checking out the full blog here, but here are the highlights:

  • The CARES Act waived RMDs for 2020 for both IRA owners and beneficiaries under inherited IRAs.
  • For inherited IRAs: This only applies to beneficiaries of inherited IRAs from people who died prior to January 1, 2020.  For those inheriting money under the new SECURE Act, you still have to liquidate the IRA within 10 years.
  • If you already took an RMD for 2020 and do not actually need or want to use the money, you can put it back (but only the RMD amount, not any additional distributions you may have taken).
  • You only have until August 31, 2020, to return the money, or you will have to keep it, so if you want to return any RMDs, please contact your accountant and/or financial advisor right away to figure out the best way to return this money.

As always, our team here at Family Estate Planning Law Group would love to help you think holistically about estate planning, from how to set up a plan to make sure your assets are aligned and your whole team of financial professionals and/or caregivers or loved ones are involved.  To learn more about how we can help you take care of your loved ones, visit our website, check out our blog, or schedule your complimentary consultation today!

Required Minimum Distributions Waived for 2020 (CARES Act)

By

On March 27, 2020 the president signed the CARES Act as part of an effort to ease the adverse financial consequences of the COVID-19 pandemic.  While a lot of attention has been paid to the unemployment benefits, the payroll protection plan (PPP), and other portions of the CARES Act, the relief Congress provided to those who must take required minimum distributions from their qualified retirement plans (which we’ll call IRAs), and beneficiary or inherited IRAs (which we’ll call inherited IRAs) received very little attention.  The CARES Act provides that required minimum distributions have been suspended for the year 2020.

files in a drawer

[Read more…]

Are You Setting Your Family Up for an Estate Planning Dispute?

By

couple sitting on couch with dogs

Perhaps because of Hollywood or other fictional portrayals—Knives Out being a recent (and fun) cinematic example—wills and inheritances seem to not bring out the best in people. Most people don’t want to think about the potential for a family fight when it comes to planning their estate.

But, as the old saying goes, ‘failing to plan is planning to fail.’ It’s not just planning for animosity or sibling rivalry—what if your wishes aren’t clear? What if your estate goes through probate and causes misunderstandings opening the family to a stressful and public process? Probate is something you can avoid with the right planning, but you have to take care of now to prevent probate from happening through smart planning and communication.

[Read more…]

Elderly Loved One Moving In? How to Make Your Home Accessible

By

woman washing her hands at kitchen sink

According to agingoptions.com, the number of aging parents living with adult family members is rising dramatically, with between five and six million elderly adults currently living in a household headed by their adult child. This is a 67 percent increase since 2007. While such a living arrangement is often due to economic considerations, others simply have a strong desire to care for those who cared for them. There are many issues to consider when an elderly loved one moves in; one of those issues is making your home accessible. While the specific upgrades you undertake will depend on the health and needs of your loved one, some of the top home renovation suggestions for seniors include:

[Read more…]

Choosing the Right In-Home Caregiver For You

By

According to an AARP survey, about 90 percent of American seniors want to live in their own homes as long as possible. Known as “aging in place,” it’s no surprise that most seniors would much prefer living in their own homes as opposed to facility care. Unfortunately, physical or cognitive issues can often make this a difficult option.

Family members who fully understand the benefits associated with aging in place—a sense of independence, better health outcomes, and the comfort that only “home” can provide—may consider an in-home caregiver for their elderly loved one.

Your loved one might benefit from an in-home caregiver for medical needs as well as with assistance in light housekeeping, routine errands, and other daily living activities. Once you have made the decision to hire a caregiver, it is important that you understand how to choose the best in-home caregiver for your elderly loved one. [Read more…]

Infographic: What to Consider When Choosing a Guardian for Your Children

By

It can be difficult to plan for the unthinkable, but if you have minor children, not only is choosing a guardian a “must-do,” it can also afford you peace of mind. You may find choosing a guardian to be challenging, but it does not need to be overwhelming. In a recent blog post, we went over some aspects to consider when choosing a guardian and we’ve also compiled them into an infographic for you.

[Read more…]

Top Ten Estate Planning Mistakes You Can Make During Covid-19: And How You Can Avoid Them – Part 3

By

This is Part 3 of the Top Ten Mistakes blog series.  Click here to catch up on Part 1 and here for Part 2.

Today we’re going to wrap up our series on the mistakes we often see in estate planning.  While we’re all about planning here at Family Estate Planning Law Group (it’s even in our name), we know that some plans work better than others.  Here are our last three reasons why:

Mistake #8: My Estate Planning Attorney Does Not Need to Know My Other Advisors

Many people come to this conclusion because they know that if their estate planning attorney spends an hour talking to their financial planner, they are going to get billed for it.  Perhaps you have learned this the hard way.  While financial planners, CPAs, insurance professionals, and attorneys practicing in other areas all concentrate on different things, they often overlap, particularly when it comes to your estate plan.  Doesn’t it make sense for your team of professionals to start talking to each other now, instead of having to try to figure it out once you are not around to make decisions to clarify things anymore?

The solution to this problem is both simple and challenging.  The simple part is to get your team of professionals talking to each other now.  The challenging part is to find professionals who won’t charge you by the hour.  Working with an estate planning attorney with an ongoing care program allows you to feel confident that they are coordinating with the people they need to in order to make sure your plan is going to work without always having to worry about what the bill is going to be at the end. [Read more…]

Social

Come see what we're doing for our community by following us on social media!

Location

Family Estate Planning Group
6 Kimball Lane, Suite 130
Lynnfield, MA 01940

Contact Us

(781) 246-8200
[email protected]
Disclaimer | Privacy Policy

Subscribe to Our Weekly Blog Digest | Review Us
Contact Us
close slider

Request a Complimentary Consultation with Family Estate Planning Law Group

Click Here to Request Your Consultation