Baker Law Group PC

08/02/2022

https://mbakerlaw.com/dynasty-trust-estate-planning/
Future generations may avoid estate, gift, and generation skipping transfer taxes with a Dynasty Trust

Using a Dynasty Trust to pass your estate to your children, grandchildren, and future generations with minimal restrictions

07/12/2022

https://mbakerlaw.com/2022-updated-guidance-nursing-home-care/

Just released by the Centers for Medicare and Medicaid - Updated guidance to improve nursing home care

Updated guidance has been released in June 2022 for state agencies to improve the quality of care in nursing homes and long-term care facilities

06/23/2022

Estranged Child? Know your estate plan options when ties have been cut between parents and a child

https://mbakerlaw.com/estranged-child-estate-plan/

06/16/2022

Survey of long-term care costs provides an easy tool to compare prices across states. It also shows a sharp increase in all categories - in-home, community, assisted living, and nursing home care.

https://mbakerlaw.com/cost-of-long-term-care-increases/

06/06/2022

When you don't need your IRA required minimum distribution (RMD), make a qualified charitable donation directly from your IRA to receive tax benefit

https://mbakerlaw.com/required-minimum-distribution-ira/

Not everyone needs their required minimum distributions from their retirement accounts to make ends meet. If you don’t need your distribution, one option is to donate it to charity and not pay taxes on it.

06/01/2022

Comparing nursing homes gets easier - staff turnover rates and weekend staffing levels are being added to the Care Compare online comparison tool.
https://mbakerlaw.com/compare-nursing-homes-2022/

An online comparison tool of nursing homes will include info on the staff turnover rate and weekend help. Adequate staffing may effect quality of care.

05/23/2022

For high net worth estates, take advantage of the current estate tax exemptions before they are cut
https://mbakerlaw.com/estate-tax-exemption-cut/

The estate and gift tax exemption is set to be cut in half in 2026. Proper planning may be necessary to make sure you are taking full advantage of the current exemption.

05/16/2022

Sharing a few highlights of revocable vs. irrevocable trusts

https://mbakerlaw.com/grantor-vs-non-grantor-trust/

Understanding the difference between grantor trusts and non-grantor trusts will help you to make the best decision for your estate plan

04/25/2022

When MassHealth denies your Medicaid application for long-term health care...
https://mbakerlaw.com/medicaid-denied-next-steps/

If you have been denied Medicaid (MassHealth), read the denial notice carefully to identify the reasons and how long you have to appeal the decision.

04/18/2022

Succession planning for small businesses can help to avoid problems for your business and your family. Topics to consider include tax planning, trusts, buy-sell agreements, and life insurance.

https://mbakerlaw.com/small-business-estate-plan/

Succession planning and a small business estate plan can identify strategies to keep business running smoothly, provide for your family, and minimize taxes.

04/15/2022

Are there taxes for a surviving spouse selling their home? Doing so within 2 years could make a difference.

https://mbakerlaw.com/selling-house-surviving-spouse/

As a surviving spouse, review the tax rules about selling your home. Surviving spouses may get the full capital gains exclusions if they sell within 2 years

04/06/2022

Thinking about when to start social security? A few things to consider.

https://mbakerlaw.com/delay-social-security-benefits-age-70/

For those planning to delay Social Security retirement benefits until age 70, details about your 1st claim, working beyond 70, medicare high-erner surcharge