Kristina, Author at Vickstrom Law

Congress Begins to Work on the Federal Estate Tax

September 11, 2009 by Kristina

Experts view the current Federal Estate Tax system as a ticking time bomb. Some don’t consider planning for estate taxes because the 2009 threshold is set at $3.5 million. In other words, if you die in 2009 owning less than $3.5 million in total assets, you are not subject to a Federal Estate Tax.

If you die in 2010, as the law currently is written, no one owes estate tax, even if they had one hundred billion dollars (Dr. Evil reference, couldn’t resist). But here’s the rub: if you pass in 2011, the threshold reverts back to $1 million dollars. [Read more…]

Guardianship Alternative for Minor Children Living With Non-Parent

August 14, 2009 by Kristina

Occasionally a minor child will end up living with someone else besides his or her parents. This could be temporary, semi-permanent, or permanent. Perhaps the parent is in the military and was called to active duty so the child goes to live with a grandparent. Maybe the parents have a health or substance abuse issues and an aunt/uncle take charge of the child. Or perhaps a child chooses to live with a relative so that they may attend a specific school.

In situations such as those it used to be that in order for the caregiver to have the authority they needed to deal with health care providers, medications, and the school systems, a guardianship was needed. This process was costly, time consuming, and actually replaced the parent’s rights to make decisions for their children during the time that the guardianship remained in effect. A trip to the Probate Court was needed to initiate and terminate the process. [Read more…]

States Moving to Expand Long-Term Care Insurance

July 27, 2009 by Kristina

Have you ever considered purchasing Long-Term Care Insurance (LTCI) but were unsure because of the seemingly high cost? Have you ever decided that you were willing to fund a LTCI policy just to find out that you were no long eligible? Several States across the nation have been working on expanding LTCI in their jurisdictions to increase coverage and make it more affordable and accessible. Hopefully Massachusetts will follow shortly.

MassHealth to Update Regs to Include Same-Sex Marriage Language

July 16, 2009 by Kristina

The Executive Office of Health and Human Services, Division of Medical Assistance, commonly known as MassHealth is making a much overdue amendment to their existing regulations. Finally same-sex marriages, which have been recognized in the Commonwealth since late 2003, will be officially recognized by MassHealth. Governor Deval Patrick also signed the MassHealth Equality Bill nearly one year ago.

So what does this mean to spouses in same-sex marriages? They can now receive the same benefits as heterosexual marriages when applying for MassHealth for longterm care, meaning their assets can be considered jointly for eligibility purposes and MassHealth will also not penalize transfers between spouses in same-sex situations, as they currently do for traditional marriages. The definition of “family member” is also slated to be amended under the change. [Read more…]

Michael Jackson’s Estate Plan Manages to Keep Some Private Matters Private

July 6, 2009 by Kristina

The media has been covering Michael Jackson’s death quite extensively and many regularly scheduled programs will not air tomorrow as his memorial service is broadcast live around the world. News outlets are digging, trying to answer many questions surrounding his untimely passing, including estate and guardianship issues involving his children. However distasteful, it isn’t surprising that Michael Jackson’s Will was made available for anyone to see online within hours of it being filed with a Los Angeles Probate Court. [Read more…]

Major Life Events Provide an Opportunity for your Estate Plan Review

June 22, 2009 by Kristina

Last night I spoke at the Lutheran Health Care Center in Worcester. One attendee asked, “How often should I review my current estate plan?” It is very important to review your family’s financial and estate plan at least every 3-5 years. The general rule is that the older you are, the more frequent your reviews should be. [Read more…]

The Value of a Health Care Proxy for Your College Student

June 14, 2009 by Kristina

Who do you know that is getting ready to go off to college this fall? Perhaps it’s your own child, a niece/nephew, grandchild, or son/daughter of a friend. Families will soon be shopping for bedding, mini-fridges, Easy Mac, and textbooks. With the myriad of things to be done before the fall, I’ll bet you very few family “to-do” lists include a check off box for Get Junior a Health Care Proxy. This often overlooked necessity is something that should, at the very least, be considered.

When your child turns 18 they are a bona-fide adult and Mom and Dad cannot step in to make medical decisions for their now “adult” children. In Massachusetts, the only document legally recognized to name a substitute decision maker is a Health Care Proxy. However, the overwhelming majority of college students do not have a Health Care Proxy in place. [Read more…]

Elder Abuse Often Goes Unreported

June 8, 2009 by Kristina

Many elderly people rely entirely on family or other trusted individuals to help them. Whether it is for physical or emotional needs, as people grow older they tend to need more and more help from others. This dependence on caregivers or family members makes an older person more vulnerable to abuse.

For example, an older person relying on her children to provide meals, transportation and help her with financial decisions finds it difficult to complain when one of her children takes advantage of her. If, for instance, the child takes her money, hits her or neglects her care, the parent may be threatened with loss of support from the child if the parent complains. The child may also use threats of violence to keep the parent in line. [Read more…]

Why I Also Make Housecalls

June 1, 2009 by Kristina

While some clients book traditional consultations at my office, I always make myself available for home visits with my clients. While the idea of a housecall has gone the way of black & white televisions, I find that meeting clients in their home, on their “turf,” helps make what is usually an emotional process, a bit more comfortable. In their home, clients tend to be more relaxed and at ease. The conversation goes a different way and I can sense the pride they have in sharing their home with someone. Coffee and tea flow more easily and taste better from your favorite mug than a styrofoam cup. [Read more…]

Congress Begins to Work on the Federal Estate Tax

Guardianship Alternative for Minor Children Living With Non-Parent

States Moving to Expand Long-Term Care Insurance

MassHealth to Update Regs to Include Same-Sex Marriage Language

Michael Jackson’s Estate Plan Manages to Keep Some Private Matters Private

Major Life Events Provide an Opportunity for your Estate Plan Review

The Value of a Health Care Proxy for Your College Student

Elder Abuse Often Goes Unreported

Why I Also Make Housecalls

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