Life Becomes More Complicated, a column authored by Attorney Michael Hooker is a wealth of information. He covers everything from living wills to nursing home costs. We are happy to provide copies of his articles here.
In 1978 the federal government began to allow employees to save pre-tax earnings in a variety of retirement accounts. The accounts would then grow untaxed until they were withdrawn starting at mandatory age 70 and a half. (The age now for Required Minimum Distributions “RMD” is 72 years old). Many of you, myself included, have some sort of retirement fund whether it is a 401k, 403b, IRA or 457 plan.
Powers of Attorney (financial delegation of authority to be used while you are alive) are often more important than a Will. Always name an alternate agent on your Will, Health Care Proxy and Power of Attorney. Some brokerage firms require their own Power of Attorney, for example Merrill Lynch and Fidelity. Revocable Trusts don’t protect assets if nursing home placement occurs. Irrevocable Trusts might, but they are more complicated, expensive, and subject to Medicaid (aka Masshealth) scrutiny years down the road when seeking eligibility.
Increasingly couples are pairing up and living together in long relationships without getting married. What was once frowned upon in our society no longer is.
Have you ever thought to yourself “I need to do a Will, but really don’t feel like it”? You finally take action after the death of someone in your circle or a calamitous event such as the tragic motorcycle crash in northern New Hampshire recently where 7 bikers died.
