Estate Planning is for Everyone in New Hampshire and Massachusetts
No matter what your age is or how great your finances are, you have an estate. You may have more assets than you think; retirement accounts, life insurance, and the equity in your home are assets of your estate in Nashua, New Hampshire, Woburn, MA, and surrounding areas. If you don’t have an estate plan in place, your passing will create a legal headache for those you leave behind.
Our compassionate Hillsborough County and Middlesex County legal professionals can create comprehensive estate plans that avoid the vast majority of problems with inadequate estate planning. You can protect your assets and your family while simultaneously addressing significant issues that may impact the value of the inheritance you pass down. Let Annutto Law Officein Nashua, New Hampshire and Woburn, Massachusetts guide you in building your financial future.
Legacy Planning in New Hampshire and Massachusetts
Everyone’s goal in life is to leave behind a legacy; this is your chance to do so. Legacy planning prepares you to have control over passing on the family legacy to the next of kin or loved one in the event of your passing. Joseph Annutto, a Nashua, New Hampshire estate planning lawyer, can help you formulate a plan so your wealth and asset are protected fromcreditors, leaving your legacy for future generations.
Probate in Hillsborough County and Middlesex County
What happens to your assets between the time of your passing and when your loved ones receive them? If you don’t place your assets into a trust, they go through probate court in New Hampshire.
The probate process determines the validity of your will and the amount of debt that needs settling before passing your assets to your heirs. First, you name an executor in your will who will hold onto your items and distribute your assets on your behalf. Theexecutorof your will is in charge of contacting the creditors about your passing.
The probate process in Hillsborough County or Middlesex County can be confusing and costly. An experienced New Hampshire probate administration attorney like Joseph Annutto at Annutto Law Office in Nashua, NH or Woburn, MA, can ensure a solid legal argument to protect your assets in probate court.
Wills in New Hampshire and Massachusetts
A will is a document created to name whom you want to handle your final affairs and whom you’d like to receive your assets after you pass. If you do not have a will, the state of Massachusetts or New Hampshire’s laws of intestacy disperses your property.
A will can do more than just pass property; it also has the power to assignGuardianship, a Custodian, or an Executor upon your passing.
What is a Living Will?
A living will documents your legal wishes and is enforceable when you are still alive in New Hampshire or Massachusetts. A living will is crucial if you currently are or become disabled (does not include terminal illness) and functions to name a loved one as your advocate. A living will gives them the authority to make medical decisions on your behalf. If you are terminally ill, the living will allows you to decide on end of life choices before you are unable to communicate your wishes yourself.
Durable Powers of Attorney in Hillsborough County and Middlesex County
Financial Power of Attorney
A Durable Power of Attorney for Financial Affairs is a document that nominates a representative to act on your behalf in matters of finance in New Hampshire or Massachusetts. This person will have the authority to buy and sell assets, file your taxes, and handle all other finances. This legal document can be essential if you become disabled or incapacitated, to help protect you and your family from taking these steps through the court system in the future.
Medical Power of Attorney
A Durable Power of Attorney for Health Care allows you to select a person to make all your medical decisions if you become incapacitated. An experienced Hillsborough County or Middlesex County estate planning attorney can help you identify the right agent for Medical Power of Attorney. It is important to have the living will in place along with the Durable Medical Power of Attorney so the agent can communicate your wishes through your Living Will.
Revocable and Irrevocable Trusts in New Hampshire and Massachusetts
Trusts serve many purposes and are an essential tool in your estate plan. Trusts can decrease tax liabilities in Massachusetts and New Hampshire, protect your assets from creditors, and help keep your estate out of probate.
Revocable trusts are the most common kind of trust. This type of trust has a level of flexibility; once created, it can change or become revoked. Once you pass, the trust distributes the property to their designated loved ones. If there is a trust in place at the time of death, family members can skip Hillsborough County and Middlesex County probate court and directly receive their inherited items.
On the other hand, an irrevocable trust gives you the option of putting assets into a trust that nulls your ownership and responsibilities. Once you create this kind of trust, there is no modifying it or revoking it. An irrevocable trust does not have the same flexibility as a revocable trust, but your loved ones have the advantage of not paying taxes on your assets in New Hampshire and Massachusetts.
Massachusetts and New Hampshire Medicaid Planning
Medicaid planning is an essential part of estate planning; this prepares you or a loved one, so all your hard-earned assets don’t end up spending down on medical care. New Hampshire Medicaid provides coverage for necessities most insurance companies do not cover, such as short-term and long-term nursing home, assisted living care, or at-home care. It is vital to understand that New Hampshire and Massachusetts Medicaid qualifications are particular about for whom they will provide coverage. It is crucial to start Medicaid planning in advance of needing it, preferably five years before, to ensure your eligibility when care becomes necessary in Hillsborough County and Middlesex County.
Medicaid Trust in Hillsborough County and Middlesex County
As we age into our later phase of life, we will eventually need more care from professionals in New Hampshire and Massachusetts. Unfortunately, the care required for the elderly is expensive and most people cannot afford it. A legal strategy goes a long way toward protecting your assets and helping you to qualify for Medicaid benefits. One legal option is to establish a Medicaid trust in Nashua, New Hampshire and Woburn, Massachusetts. A Medicaid trust is a type of irrevocable trust into which you can transfer your assets to increase your chances of qualifying for Medicaid and protecting your earnings.
NEW HAMPSHIRE ANNUAL MEDIAN COST OF CARE (2019)
| IN-HOME CARE | COMMUNITY/ASSISTED LIVING | NURSING HOME FACILITY |
| Homemaker Services. $62,920 | Adult Day Health Care $21,320 | Semi-Private Room $114,975 |
| Home Health Aide $64,636 | Assisted Living Facility $84,255 | Private Room $125,925 |
Resource:https://www.genworth.com/aging-and-you/finances/cost-of-care.html
MASSACHUSETTS ANNUAL MEDIAN COST OF CARE (2019)
| IN-HOME CARE | COMMUNITY/ASSISTED LIVING | NURSING HOME FACILITY |
| Homemaker Services $62,234 | Adult Day Health Care $17,680 | Semi-Private Room $149,672 |
| Home Health Aide $62,920 | Assisted Living Facility $67,680 | Private Room $158,545 |
Resource:https://www.genworth.com/aging-and-you/finances/cost-of-care.html
Elder Law in New Hampshire and Massachusetts
As you or a loved one enter your golden years of life, the growing cost of health care becomes a significant concern. The estate planning lawyers at Annutto Law Office in Nashua and Woburn take a holistic approach in working with seniors and your families – from estate planning to long-term care planning. Our New Hampshire and Massachusetts elder law attorneys can address your legal, medical, financial, social, and family concerns.
Annutto Law Office is here to support your Massachusetts and New Hampshire legal needs with estate planning, family law, bankruptcy, criminal defense, and personal injury representation. We offer legal advice with experience you can trust in Hillsborough County, Middlesex County, and surrounding area communities. Joseph Annutto and his expert legal team welcome you to contact us to learn more about how our Nashua and Woburn law firm can help meet your estate planning goals.
