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.
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 McNair, Esq.
- Jun 23, 2017
- 4 min
The Use of Immediate Annuities in Medicaid Planning for Married Couples
In Massachusetts, immediate annuities are often used to protect the spouse of a nursing home resident who applies for MassHealth. (MassHealth is the term used to describe the Medicaid program in Massachusetts. ) These types of annuities allow the nursing home resident to spend down assets and give the spouse a guaranteed income. To qualify for Medicaid, a nursing home resident must become impoverished under Medicaid's complicated asset rules. In Massachusetts, this means t
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Pamela E. Crohan, Esq. and Kathy L. McNair
- Mar 24, 2016
- 5 min
7 Tips for a Smoother MassHealth (Medicaid) Application Process
If you or a loved one need nursing home care, you may find yourself navigating through the often-overwhelming MassHealth application process for long-term care benefits. Often clients must spend down money before they will qualify for MassHealth benefits. Hiring an elder law attorney is an allowable way to spend down the excess money. In many cases, we are able to help clients by recommending the best way to spend down excess assets and protect assets for any spouse rema
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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, Esq.
- Jan 6, 2016
- 3 min
Annuities: Good or Bad?
As a Boston Elder Law Attorney, I often meet with clients that have invested their assets in annuities or may be thinking about it. In some cases, when used as a long term investment or Medicaid Planning tool, it may make sense to purchase an annuity. However, I often see annuities that are misused. Financial Advisors are motivated to sell annuities, because they receive a commission on the sale. Before purchasing any annuity, you need to make sure that the investment is r
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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.
- 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.
- 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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