Kathy L. McNair, Esq.
4 Things to Consider Before Making a Substantial Gift in 2020
With the holidays approaching, you may be feeling generous. Giving a gift is a great way to show your appreciation toward your loved ones.
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We are Elder Law and Estate Planning Attorneys in Boston, Massachusetts, providing Medicaid Planning, Estate Planning, Wills, Trusts, Planning for Solo Seniors, Guardianship, Conservatorship, and Probate of Estates. We are caring attorneys ready to help you, whether you are planning in advance or facing a crisis. Our Blog provides information that may be helpful to our clients.
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Kathy L. McNair, Esq.
- Mar 15, 2016
- 4 min
How to avoid becoming an "Orphan Elder"
There are many seniors that are on their own, with limited support. Some are single, widowed, or the last one alive in their family. Others have family, but they live far away and may not be able to help. The term "Orphan Elder" has been used to describe these seniors. Approximately 22% of people over 65 are considered "Orphan Elders". This is a sad term to describe the wonderful seniors that I have met that fall into this category. Planning in advance is the key to
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Pamela Crohan, Esq.
- Feb 11, 2016
- 3 min
SUPPORT FOR OUR AGING VETERANS AND SPOUSES: Special Benefits and Programs
Our veterans make the greatest sacrifice for the country. While there is no way to fully compensate them for this, there are several special benefits and programs aimed to offer assistance to our aging heroes. Listed below, are a handful of the programs and benefits that have helped these special clients and their spouses. Please note that this list is non-exhaustive, and each benefit requires the veteran or spouse meet specific clinical and financial requirements. FEDERAL
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Kathy L. McNair, Esq.
- Feb 4, 2016
- 3 min
How to start the conversation with your aging loved one...
It’s not easy to sit down and have hard conversations with your aging or sick loved one, but it is extremely important. Talking about this now will ensure everyone is on the same page and that there’s enough time to put a solid plan in place. Remember, even choosing a great nursing home or assisted living facility can seem almost impossible if you run up against waitlists or financial hurdles that prevent your loved one from getting great care. The time to plan is now! Gentl
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Kathy L. McNair, Esq.
- Jan 21, 2016
- 4 min
When do you need to meet with an Elder Law attorney?
As a Boston area elder law attorney, I often meet with clients that I wish had come to see me sooner. It is sad when clients wait too long to call me. I know that they would have had better options for their care and could have saved money, if only they had called sooner. Usually they didn’t think that there was anything that could be done. The cost of meeting with an elder law attorney is a small price to pay that can often result in significant savings and peace of mind.
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Kathy L. McNair
- Dec 3, 2015
- 4 min
Holiday Gift Giving: What to know before you make a gift.
With the holidays approaching, you may be feeling generous. Giving a gift is a great way to show your appreciation toward your loved ones. There are benefits and drawbacks that you should consider before you make any substantial gift. 1. Medicaid/ MassHealth Consequences of Gift Giving: Seniors with less than $1 million, should be aware of the Masshealth/ Medicaid consequences of gifting. Gifting for any reason (including education and medical expenses) may cause a prob
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Kathy L. McNair, Esq.
- Oct 29, 2015
- 2 min
Planning in advance for long term care is a gift to you and your loved ones
As elder law attorneys, we often meet with clients that are concerned about the high cost of nursing home care. In Boston, Massachusetts, the cost of nursing home care can be $12,000, per month or higher. We hope that clients will contact us in advance to plan ahead to remove fear and uncertainty about the future. Please consider why planning in advance can be a gift to you and your family: 1. Planning in advance gives our clients the greatest opportunity to protect thei
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Kathy L. McNair
- Sep 9, 2015
- 3 min
Do you need a need a Power of Attorney? Yes.
Whether you are young or old, healthy or sick, the Power of Attorney is a valuable document that allows you to choose who will handle your financial affairs, if you need help. A Power of Attorney allows you to designate someone to handle your financial affairs, during your life. This will be critical if you are ever in a situation where you can no longer manage your own finances. For example, if you are ever sick or injured and you are unable to pay your bills or make fina
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Kathy L. McNair, Esq.
- Aug 21, 2015
- 1 min
Do you need a trust?
Sometimes a will is enough to ensure that your estate is properly planned. In other cases, a trust is also recommended to give you greater control over your assets. The trust can be funded during your life or after your death. "Funding" the trust, means that you deposit a financial account in the name of the trust. Ask yourself these questions to find out if you may need a trust? 1. If you live in Massachusetts, do you have more than $1 million dollars in assets, including
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Kathy L. McNair, Esq.
- Aug 14, 2015
- 2 min
Why Estate Planning is still important even when you don't have children or close family
Estate planning is critical to ensure that those without children or close family members stay in control of their future. Without proper estate planning, a court may appoint a stranger (usually an attorney or social worker) to act as as your Guardian and/or Conservator, if you are unable to make decisions for yourself. Estate planning allows you to decide who will make health care and financial decisions for you, if you are unable. If you don't have anyone that you trust o
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Kathy L. McNair, Esq.
- Aug 7, 2015
- 3 min
Will you lose your house if you need nursing home care?
Nursing home care in Massachusetts can often cost $150,000 per year or more. Many clients are worried that they will not have enough money to pay for their care and that they may lose their home. It is best to prepare in advance to protect your most valuable asset. However, sometimes things happend that we don't expect. The following tips may help you to protect your home: 1. Plan now, since you need to wait five years after the planning is done to ensure that your home wi
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Kathy L. McNair
- Jul 31, 2015
- 3 min
How to talk with your parents about their estate plan
Talking with your parents about their own estate planning can be an uncomfortable topic. However, it is much better to have this conversation now, rather than waiting for a crisis. 1. Meet with them alone and/or with your siblings. Do not include your own spouse, unless your parents ask that he/she be included in the discussion, or your parents bring up the topic in front of your spouse. 2. If you have your own estate plan, tell them about it, and explain why you thought i
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Kathy L. McNair, Esq.
- Jul 17, 2015
- 3 min
10 considerations when your spouse needs nursing home care
1. Try to have your spouse stay in the hospital as an inpatient for a minimum of 3 nights before going to the nursing home. Medicare and/or private insurance will pay for a short term rehabilitation, up to 100 days, if you spend 3 nights in the hospital as an inpatient. This does not apply to a patient in the hospital under observation status. You should ask whether your spouse was admitted as an in patient. 2. When your spouse is discharged from the hospital for rehabil
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Kathy L. McNair
- Jul 8, 2015
- 3 min
Using a Life Estate Deed to Protect your Home
I meet with many clients that are concerned about losing their home, if they need nursing home care. Some people think that they can simply transfer the home to their children and it will be protected. This is usually not a good idea. If you transfer the house outright, you will lose all ownership and control. If your children get divorced or sued, you could lose your house. In addition, there are negative income tax consequences. In some cases, a life estate deed can
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Kathy L. McNair, Esq.
- Oct 15, 2014
- 3 min
7 Considerations Before Making a Gift
By Kathy L. McNair, Esq. The holidays will soon be here. You may be thinking about giving your loved ones a sizeable gift. It is very generous of you to consider making gifts to your family or friends, and they are likely to appreciate the gift. However, please consider the consequences of gifting, before deciding if this is appropriate for you. 1. Gifts should only be given if your needs are met: Please make sure that your own needs are met before making gifts to other
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Kathy L. McNair, Esq.
- Sep 30, 2014
- 1 min
The PACE Program- Helping Elders live in the Community
By Kathy L. McNair, Esq. I had the pleasure of spending a day at a PACE (Program of All Inclusive Care for the Elderly) Adult day program in Boston, while assisting one of my clients in applying for enrollment in the program. Although, I often advise clients on applying for MassHealth, this was my first opportunity to see the PACE program in action. I was very impressed by the comprehensive services offered and the care and attention of the staff. PACE is a wonderful way f
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