While the importance of healthcare is a topic that is often discussed, many people fail to take long-term care insurance into consideration. Yet, long-term care insurance can be just as essential to your financial plan as any other preparation done for retirement. While no one wants to consider that they or their loved ones may need long-term care, it is a reality that is faced by many who have entered retirement with all of their bases covered – except for one. There are many reasons why discussions of long-term care coverage are often avoided. Long-termcare insurance can be pricey and is often thought an unnecessary financial expense, yet it may save you money and provide priceless piece of mind. Read more.
A solid estate plan is vital when considering the future of your loved ones. After all, you want to ensure that they are protected and provided for even when you are no longer there to do it personally. A standard estate plan will cover the basics, including wills, trusts, power of attorney and health care proxy – but sometimes circumstances require additional estate planning considerations. One such circumstance is considering the care of a child or grandchild with special needs. In these cases, the child may need care and support that surpasses financial concerns. If you are the parent, guardian or grandparent of a child with special needs then it is not only vital for you to have an estate plan, but that you also make additional provisions for the child’s future. In order to do this, there are three documents that will be integral to your estate plan. Read more.
October has been a busy month for Fields and Dennis, with both Sheryl Dennis and Jon Fields attending major conferences where they had the opportunity to keep apprised of the latest updates in their fields and share their own knowledge and experience with the legal community.
Jon Fields recently attended the International Academy of Collaborative Professionals Annual Networking and Educational Forum on “The Power of Our Collective Wisdom.” The IACP is an international community of professionals working in law, mental health and finance who work toward creating client-minded ways to settle conflict and resolve problems collaboratively. Now in its 14th year, the Forum welcomes more than 5,000 members from 20 countries
Jon Fields is a proponent of collaborative law and sits as a Director on the Board of the Massachusetts Collaborative Law Council (MCLC). He is skilled in this relatively new form of dispute resolution, and was excited to be a part of the IACP forum, where he had the opportunity to share his expertise with others in the field.
Sheryl Dennis recently attended the Special Needs Trust National Conference in St. Petersburg, Florida. Celebrating its 15th year in 2013, the conference provides an intensive discussion of the predominant concerns regarding special needs trusts. Events at the conference included a wide assortment of knowledgeable speakers presenting on a number of topics, both basic and advanced, of importance to lawyers working in the field.
From tax concerns to living arrangements, the conference is the go-to source for the latest information on estate planning for people with special needs, special needs trusts and trust administration. As one of the top Massachusetts estate planners, Sheryl Dennis makes it a priority to stay informed on the latest news in all aspects of estate planning. Fields and Dennis prides itself on their dedication and unique, compassionate approach to family law – and Sheryl surely benefited from, and enjoyed, her time at the recent conference.
After creating a will, circumstances may emerge that prompt a desire to change various aspects of the document. Divorces, new marriages, additional children, familial disagreements and shifting allegiances to charities can each impact a will. Adding a codicil is a way to amend the document without creating an entirely new document. A codicil is a supplement to your will which changes, revokes or adds a new provision. Yet, it is not necessarily easier to make a codicil than it would be to create a new will. The same formalities are required for both, including the presence of witnesses. The codicil becomes a part of the original will, and the codicils along with the will make up one complete document. Read more.
The tragic and untimely death of James Gandolfini shocked and saddened fans of the talented actor. And, since his will became public last month, there has been much commentary on the state of his affairs prior to his passing.
The actor’s will exposes common estate planning problems that can easily occur with blended families. Gandolfini had a 14-year-old son from a previous marriage and a one-year-old daughter with his second wife, who he was married to at the time of his death. Read more.
This week Sheryl Dennis will be attending the 2013 Planning for the Generations Symposium — a 3 day conference taking place in Denver, CO for estate, elder law and financial professionals.
While there, Sheryl will have the chance to collaborate with colleagues and other experts in the fields of estate planning and elder law, ultimately sharing in a profound opportunity to explore various beneficial approaches to developing and nurturing client relationships.
She is looking forward to connecting with others in the field and taking much from the experience. Please see there website to learn more about the symposium.
With the state of the economy, the low unemployment rate for graduates, and the general cost of living, many children are continuing to live with their parents long after they turn eighteen. Having an adult child live with you can simultaneously be a benefit and a burden. Children at home can assist with the tasks that it gets harder to complete as one gets older. They can care for a house and its maintenance; they can care for you during times of sickness and in old age. Read more.
Recently, with a landmark decision in U.S. v. Windsor, the U.S. Supreme Court has determined that a stipulation of the Defense of Marriage Act (DOMA) is unconstitutional. The decision in this benchmark case paves the way for gay couples to receive tax refunds on taxes paid because the federal government didn’t recognize their marriage. Read more.
Turning eighteen is a milestone for many reasons. You are legally an adult, with the ability to vote, and you may be heading off to college or starting a career. The future is upon you, the world is your oyster, and any other number of clichés. Regardless of where you are headed, it is most likely not to draw up an estate plan – but maybe it should be.
Especially for those high school graduates heading off to college, an estate plan could be just as important to bring along as a mini fridge and shower shoes. A recent article by Sheyna Steiner on NBC News delves in to the importance of estate planning for the college-bound or recently graduated. Read more.
In an interesting article, Fox Business delved into the “Monumental Estate Planning Blunders of 5 Celebrities.” The piece looks at estate planning mistakes made from some well-known, now-deceased stars who’s estate ended up out of their hands.
Leona Helmsley, widow of real estate tycoon Harry Helmsely, famously left a $12 million dollar trust to her dog, Trouble. Ultimately, this only served to cause trouble for her estate, since she simultaneously added the pup to her estate plan while nixing two of her own grandchildren. Because of the oddity of these actions, a judge awarded $6 million to each of the disinherited relatives and reduced Trouble’s trust to a measly $2 million. Read more.