Planning for Life

Benson, Bloom and Margolis are (Still) Super Lawyers

Posted by Harry S. Margolis on December 1, 2016

Margolis & Bloom’s Rebecca J. Benson, Jeffrey A. Bloom and Harry S. Margolis have again been named among the 17 Massachusetts Super Lawyers in elder law and 30 in New England. Just 5 percent of lawyers are given this designation.

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Topics: super lawyers

Is Anyone Entitled to an Inheritance?

Posted by Harry S. Margolis on November 30, 2016

By Harry S. Margolis

David Karofsky of the Transition Consulting Group, who advises family businesses on succession planning, recently wrote about cases of entitlement he has run across in his business and elsewhere. They include:

The woman who was overheard talking on her cellphone about her father who had more than enough money with his three houses. She and her siblings, she said, had to take control of his finances so that he did not "waste" them before they got passed down to her generation.

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Topics: Estate Planning, estate taxes

The Difference Between SSI and SSDI

Posted by Elizabeth Stepakoff on November 29, 2016

by Karen B. Mariscal, Esq. 

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Topics: special needs planning

What Does a Trump Presidency Mean to Estate and Long-Term Care Planning?

Posted by Harry S. Margolis on November 22, 2016

By Harry S. Margolis

The election of Donald Trump along with Republican control of both houses of Congress undoubtedly will impact tax and benefit laws that affect citizens in their personal lives and in their estate and long-term care planning. The question is how? We can't answer for certain since during his campaign the president-elect stayed away from specific policy proposals. But there's still a lot we can glean both from what he has said and from Republican policies, especially those of Speaker of the House Paul Ryan. On the domestic front, Ryan appears much more radical than Trump in many ways.

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Topics: Medicare, social security, MassHealth, capital gains taxes, capital gains, estate taxes, Medicaid

The Massachusetts Estate Tax on Out-of-State Real Estate: Conflict, Quandary, and New Court Ruling

Posted by Harry S. Margolis on November 22, 2016

By Harry S. Margolis

If a Massachusetts resident dies owning real estate outside of the state or the country, can Massachusetts tax it in your estate? If you look at Massachusetts law, the answer is "yes." This is because the Massachusetts estate tax is calculated as the federal estate tax credit that was available under the federal estate tax in place back in 2000. Since the federal taxable estate includes all the decedent's property wherever held, the Massachusetts tax does as well.

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Topics: Probate Estate Administration, estate taxes

Housing for Your Special Needs Child: A Legal and Personal Perspective

Posted by Karen B. Mariscal on November 19, 2016

By Karen B. Mariscal

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Topics: special needs planning

Explaining the Inexplicable: The Massachusetts Estate Tax and Gifting

Posted by Harry S. Margolis on November 17, 2016

By Harry S. Margolis

As you may know, the threshold for taxing estates in Massachusetts is $1 million, much less than the current $5.45 million threshold for federal estate taxes. In addition, unlike the federal estate tax which only taxes the excess over the threshold, if an estate exceeds $1 million the entire amount above $40,000 is taxed. Fortunately, the rate is substantially less, ranging from 0.8% to 16%, whereas the federal rate is 40%.

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Topics: Estate Planning, estate taxes

SNAP (Food Stamp) Benefits for Disabled Young Adults Living at Home

Posted by Elizabeth Stepakoff on November 15, 2016

By Karen B. Mariscal

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Topics: special needs planning

Demented Patient Liable for Injuries He Causes

Posted by Harry S. Margolis on November 15, 2016

By Harry S. Margolis

In Mary Ellen Gioia v. Richard D. and Ann L. Ratner, the Essex County superior court in Massachusetts refuses to dismiss a lawsuit brought by a registered nurse who claims she was injured by a patient in her care. She brought the suit against the patient, Richard Ratner, and his wife and health care agent, Ann Ratner. Judge Diane M. Kottmyer rules that the suit against Mr. Ratner can move forward but dismisses the claim against his wife.

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Topics: caregiving, dementia, incapacity, seniors, deficit, hospital care, elder law

Margolis & Mariscal Chapter Published

Posted by Elizabeth Stepakoff on November 15, 2016

Margolis & Bloom, LLP, is pleased to report that Harry Margolis and Karen Mariscal co-authored a chapter in the book, Drafting Irrevocable Trusts in Massachusetts,  revised in September 2016 and published by the Massachusetts Center for Legal Education.  Drafting Irrevocable Trusts in Massachusetts includes sections from nearly two dozen experts from the Commonwealth's estate planning community, and addresses the essential issues in drafting irrevocable trusts. Harry and Karen’s chapter concerns supplemental needs trusts.  The book can be purchased online at the MCLE website: http://www.mcle.org/product/catalog/code/2050211EBK, and is also available on Amazon.   Read More

Topics: trusts

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