Planning for Life

Elizabeth Stepakoff

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Avoiding Massachusetts Taxes: So You Want  to Move to Florida?

Posted by Elizabeth Stepakoff on November 1, 2016

By Harry S. Margolis

If you've thought of establishing residence in Florida or another low-tax state to save on income and estate taxes, a recent New York state case sheds light on what steps you need to take. In the case of the Matter of Campaniello, the taxpayer, Thomas Campaniello had extremely high income, over $10 million in 2007, the year in question, including profits on the sale of real estate. This no doubt motivated him to seek to avoid New York state and city income taxes and motivated the New York tax authorities to go after him.

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Topics: Estate Planning, estate taxes

Favorable Decision from Appeals Court on Irrevocable Trusts

Posted by Elizabeth Stepakoff on April 19, 2016

By Sarah Foster

Masshealth-court-ruling-irrevocable-trusts-Wellesley-MA

In the latest decision on irrevocable trusts, Heyn v. Medicaid, the Appeals Court concludes that MassHealth erred in determining that property in an irrevocable trust was a “countable” asset and overturned the lower court’s decision affirming MassHealth’s holding.

The Trust

In 2003, Everlenna Roche established the Everlenna Roche Irrevocable Trust and transferred her Westborough home into the trust, retaining a life estate interest. The trust mandated payment of income to Ms. Roche but not principal. Pursuant to the terms of the trust, principal could only be paid to those persons who would be otherwise entitled to the trust assets after Ms. Roche’s death.

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Topics: trusts, MassHealth planning, MassHealth

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