Comments for Massachusetts Estate Planning, Probate & Elder Law

Comment on What Are the Mechanics of Obtaining a Step-up in Basis in 2010 under Internal Revenue Code Section 1022? by Brian E. Barreira

Brian E. Barreira — Tue, 15 May 2012 11:30:45 +0000

Sorry, but this blog is not intended to give legal advice to anybody. You should obtain specific advice geared to your own particular situation from a CPA or an estate planning or elder law attorney in your state.

Comment on Should You Place Restrictions on the Organ Donation Process (in Case Pain Can Still Be Felt)? by Kim

Kim — Sun, 13 May 2012 12:45:33 +0000

i want to thank you for this article. I am changing my donor status on my drivers license and updating my Health Care POA paperwork.

Comment on What Are the Mechanics of Obtaining a Step-up in Basis in 2010 under Internal Revenue Code Section 1022? by Cathy

Cathy — Sun, 13 May 2012 04:04:46 +0000

What steps are required, if any, when an heir has recived property from a T.O.D.. Do they get the new step up price? A person suggested to me that the T.O.D. negated the steped up benefit when transfering proeprty.

Comment on What Can Happen If You Become Mentally Incapacitated in Massachusetts But Have Not Executed a Durable Power of Attorney? by Lasting Power Of Attorney Singapore | LPA Singapore

Lasting Power Of Attorney Singapore | LPA Singapore — Sat, 12 May 2012 15:15:15 +0000

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Comment on What Can Happen If You Become Mentally Incapacitated in Massachusetts But Have Not Executed a Durable Power of Attorney? by Power of Attorney: The Powers of Protection | Elder Abuse / McCandless Law Firm

Fri, 11 May 2012 14:42:27 +0000

[...] What Can Happen If You Become Mentally Incapacitated in Massachusetts But Have Not Executed a Durabl… (elderlawblog.info) 38.017951 -122.135262 Share this:TwitterFacebookLike this:LikeBe the first to like this post. This entry was posted in Uncategorized by timothymccandless. Bookmark the permalink. [...]

Comment on Should a MassHealth Applicant Accept Help from the Nursing Home’s Lawyer to Appeal a MassHealth Denial? by Power of Attorney: The Powers of Protection | Elder Abuse / McCandless Law Firm

Fri, 11 May 2012 14:42:24 +0000

[...] Should a MassHealth Applicant Accept Help from the Nursing Home’s Lawyer to Appeal a MassHealt… (elderlawblog.info) [...]

Comment on Internal Revenue Service Releases 12/16/2010 Advance Proof Copy of Form 8939 Required for Step-up in Basis for 2010 Deaths by Don’t you dare be late – but the IRS, well…. - :

Don’t you dare be late – but the IRS, well…. - : — Wed, 25 Apr 2012 16:52:03 +0000

[...] Internal Revenue Service Releases 12/16/2010 Advance Proof Copy of Form 8939 Required for Step-up in… [...]

Comment on When Is a Special Needs Trust Considered a Qualified Disability Trust for Federal Income Tax Purposes? by Brian E. Barreira

Brian E. Barreira — Mon, 16 Apr 2012 15:47:11 +0000

Sorry, but this blog is not intended to give legal advice to anybody. You should obtain specific advice geared to your own particular situation from an elder law attorney or special needs attorney in your state.

Comment on When Is a Special Needs Trust Considered a Qualified Disability Trust for Federal Income Tax Purposes? by Nick

Nick — Sun, 15 Apr 2012 21:33:52 +0000

1. Is the Special Needs Trust allowed to claim Qualified Disability Trust status in the year in which the beneficiary turns 65?

2. What status is appropriate after the beneficiary reaches age 65?

Thanks!

Comment on Is Your Massachusetts Durable Power of Attorney Still Valid? by Stan

Stan — Mon, 09 Apr 2012 12:56:50 +0000

Hello Brian,
From your article, it appears then that any DPOA after July 1, 2009 would be valid as there is no law regarding them in the General Laws. Is that correct or am I missing something.
Thanks, keep up the excellent blog.
Stan Nowak, Esq.

Comment on Can the Surviving Spouse Roll Over an IRA Payable to the Deceased Spouse’s Estate? by rollover ira

rollover ira — Sat, 31 Mar 2012 13:09:19 +0000

This is really informative….thanks a lot for sharing it

Comment on Is Your Massachusetts Durable Power of Attorney Still Valid? by Nicholas F. Ortiz

Nicholas F. Ortiz — Mon, 26 Mar 2012 19:38:13 +0000

Thanks for this article. I found it helpful and commented on it (linking back) in one of my own on the use of powers of attorney for bankruptcy filings in Massachusetts (http://www.bkmass.com/blog/index.php/can-you-file-bankruptcy-with-a-durable-power-of-attorney-in-massachusetts/)

Comment on Is Your Massachusetts Durable Power of Attorney Still Valid? by Can you File Bankruptcy with a Durable Power of Attorney in Massachusetts? | Massachusetts Bankruptcy Blog

Mon, 26 Mar 2012 19:28:01 +0000

[...] of attorney law in 2009 and replaced it with our customized version of the Uniform Probate Code. At least one attorney commentator believes that this invalidates pre-2009 POAs. Consequently, it may be prudent to update your POA, if possible, before filing bankruptcy based on [...]

Comment on Supreme Judicial Court Rules That Trusts Were Ineligible for Homestead Protection Under Pre-March 25, 2011 Massachusetts Law by Declarations of Homestead Filed Before March 16, 2011 by Trusts Are Legally Ineffective « Client Alerts: Estate Planning, Probate, MassHealth & Elder Law in Massachusetts

Fri, 16 Mar 2012 11:56:47 +0000

[...] information see my post at my Massachusetts Estate Planning, Probate and Elder Law blog, entitled Supreme Judicial Court Rules That Trusts Were Ineligible for Homestead Protection Under Pre-March 25… Like this:LikeBe the first to like this post. Leave a Comment by Brian E. Barreira on March 16, [...]

Comment on Protecting Assets and Maximum Income for the Community Spouse When Applying for MassHealth in 2012 to Help Pay for the Unhealthy Spouse’s Nursing Home Bills in Massachusetts by Amount of Assets that the At-Home Spouse Can Keep When Applying for MassHealth Long-Term Care for Spouse in Nursing Home Has Increased to $113,540 for 2012 « Client Alerts: Estate Planning & Elder Law in Massachusetts

Tue, 13 Mar 2012 18:01:04 +0000

[...] see my detailed post at my Massachusetts Estate Planning, Probate and Elder Law blog, entitled Protecting Assets and Maximum Income for the Community Spouse When Applying for MassHealth in 2012 t… Like this:LikeBe the first to like this post. Explore posts in the same categories: 2012 Law [...]

Comment on Protecting Assets and Maximum Income for the Community Spouse When Applying for MassHealth in 2012 to Help Pay for the Unhealthy Spouse’s Nursing Home Bills in Massachusetts by Amount of Assets that the At-Home Spouse Can Keep When Applying for MassHealth Long-Term Care for Spouse in Nursing Home Has Increased to $113,540 for 2012 « Client Alerts: Estate Planning & Elder Law in Massachusetts

Tue, 13 Mar 2012 18:01:04 +0000

Comment on A Primer for Elder Law Attorneys on Avoiding the Inadvertent Creation of General Powers of Appointment in Durable Powers of Attorney and Trusts by William M. Gatesman

William M. Gatesman — Mon, 05 Mar 2012 15:46:02 +0000

A five and five power is an ascertainable standard, and hence does not give rise to a power of appointment. I believe $5,000 or 5% also is supported by case law. 5 and 5 powers typically are used in credit shelter trusts because they do not cause estate inclusion with respect to the beneficiary

Comment on End-of-Life Care: Nursing Home Residents Rights by Peter Keim

Peter Keim — Thu, 23 Feb 2012 12:25:06 +0000

I suspect that the children of my aunt are keeping her incommunicado in some nursing home in Mass. I am not sure why they are doing this. I suspect that it may have to do with money. I would like to know if there is a way to find out what facility my aunt lives in so that I can talk to her and make sure she is all right. Is there a way to accomplish this? Your help would be greatly appreciated.

Comment on Protecting Assets and Maximum Income for the Community Spouse When Applying for MassHealth in 2012 to Help Pay for the Unhealthy Spouse’s Nursing Home Bills in Massachusetts by bmurraylaw

bmurraylaw — Wed, 08 Feb 2012 16:34:33 +0000

Thanks Brian — It is so important for people to get some assistance when going through this process. Not only is it incredibly complex, even for those who practice in this area, it also comes at a time when many elders are feeling overwhelmed and vulnerable.

Comment on Are You Personally Responsible for Your Spouse’s Nursing Home Bills in Massachusetts? by Protecting Assets and Maximum Income for the Community Spouse When Applying for MassHealth in 2012 to Help Pay for the Unhealthy Spouse’s Nursing Home Bills in Massachusetts « Massachusetts Estate Planning, Probate & Elder Law

Wed, 08 Feb 2012 16:21:26 +0000

[...] been) successfully sued by the nursing home if timely MassHealth benefits are not obtained; see Are You Personally Responsible for Your Spouse’s Nursing Home Bills in Massachusetts? Share this:TwitterFacebookLinkedInPrintEmailStumbleUponRedditDiggTumblrLike this:LikeBe the first [...]

Comment on Is Your Massachusetts Durable Power of Attorney Still Valid? by Evelyne Gerson

Evelyne Gerson — Tue, 07 Feb 2012 21:37:05 +0000

Rattling clear website, regards for this post.

Comment on Minimum Monthly Maintenance Needs Allowance for Nursing Home Resident’s Spouse Increased to $1,839 during 7/1/2011-6/30/2012 by natural coconut cream relaxer

natural coconut cream relaxer — Wed, 01 Feb 2012 09:27:53 +0000

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Comment on Why Is It Important that a Massachusetts Power of Attorney Be “Durable” and Detailed? by Don O'Clair

Don O'Clair — Wed, 11 Jan 2012 17:09:36 +0000

Nicely written; makes many of the points I usually give my clients.

Comment on Can a “Retained” Life Estate Be Eligible for a Step-up in Basis under Internal Revenue Code Section 1022? by Brian E. Barreira

Brian E. Barreira — Tue, 10 Jan 2012 21:58:10 +0000

Sorry, but this is a blog, and is not intended to give advice to anybody. You should obtain specific advice geared to your own particular situation from an estate planning lawyer in your state.

Comment on Can a “Retained” Life Estate Be Eligible for a Step-up in Basis under Internal Revenue Code Section 1022? by Marianne W

Marianne W — Wed, 28 Dec 2011 15:57:55 +0000

What happens if the life estate is relinquished before death of grantor? The house has since been sold. Can the proceeds of the sale still be included in the estate when the parent dies or are they subject to capital gains taz?

Comment on Life Estate Can Be “Retained” for Estate Tax Purposes under Internal Revenue Code Section 2036 without Being Reserved in Deed by Brian E. Barreira

Brian E. Barreira — Thu, 22 Dec 2011 00:00:10 +0000

Sorry, but this is a blog, and is not intended to give advice to anybody. You should obtain specific advice geared to your own particular situation from an estate planning lawyer in your state.

Comment on Why DOESN’T a Reserved Life Estate Get a Step-up in Basis under Internal Revenue Code Section 1022? by Brian E. Barreira

Brian E. Barreira — Wed, 21 Dec 2011 23:56:01 +0000

Yes.

Comment on Life Estate Can Be “Retained” for Estate Tax Purposes under Internal Revenue Code Section 2036 without Being Reserved in Deed by larry barsher

larry barsher — Fri, 16 Dec 2011 02:02:30 +0000

I set up a GRIT 17 years ago and on Dec 19, 2010 my home was transferred to my 2 sons. Wife & I have been paying fair market rent since then. Until the Feds decide on the exemption (which is now 5 million each) I will continue the fair market monthly rent payments.
.
If the final (permanent?) exemption is more than our net worth including the home, I think I should reduce the monthly rent down (to less than fair market rent) to where the rent equals my sons expenses etc, which means they pay no income tax on the rent income. What are the ramifications if I do this?

Based on your “Life Estate Can Be “Retained” for Estate Tax Purposes under Internal Revenue Code Section 2036 without Being Reserved in Deed” would this “less than fair market rent” put the home back into our estate after the death of my wife and I? If so then my sons get it at a stepped-up basis. This sounds to good to be true. Your comments would be greatly appreciated.

Thanks, Larry

Comment on Why DOESN’T a Reserved Life Estate Get a Step-up in Basis under Internal Revenue Code Section 1022? by Jerome Savino

Jerome Savino — Mon, 05 Dec 2011 19:57:28 +0000

Live in NYork. If you inherit a house through a conventional will, do you inherit the stepup in the value of the house so as to value the house at the time of death of the decedent?

Comment on Minimum Monthly Maintenance Needs Allowance for Nursing Home Resident’s Spouse Increased to $1,839 during 7/1/2011-6/30/2012 by Mike Torres

Mike Torres — Mon, 26 Sep 2011 17:52:14 +0000

This post seems to prove the fact that anyone can attempt to do the process on their own but it is very wise to at least get an attorney involved. There are many details that an attorney can make sure are attended to and if not taken care of, there could be dire outcomes at the end.

Mike Torres

Comment on New Massachusetts Law Allows Trusts to Be Established to Take Care of Pets by Longmont Lawyers

Longmont Lawyers — Tue, 20 Sep 2011 16:35:55 +0000

How fortunate the pets could be. I will definitely check your pettrust.info site. I think it is interesting.

Comment on Form 8939 May Eventually Be Due for Estates of Some 2010 Decedents, But the IRS Still Has Not Finalized the Form, Instructions or Due Date by Michael

Michael — Mon, 08 Aug 2011 08:39:55 +0000

What is your position on whether non resident aliens who died during 2010 are subject to estate tax?

Comment on Form 8939 May Eventually Be Due for Estates of Some 2010 Decedents, But the IRS Still Has Not Finalized the Form, Instructions or Due Date by Peter Yikes

Peter Yikes — Fri, 15 Jul 2011 14:24:49 +0000

Any update on when the IRS will finalize this form or how to opt out of the estate tax

Comment on Preserving Assets and Maximum Income for the Healthier Spouse When the Other Spouse Enters a Nursing Home by Minimum Monthly Maintenance Needs Allowance for Nursing Home Resident’s Spouse Increased to $1,838.75 during 7/1/2011-6/30/2012 « Massachusetts Estate Planning, Probate & Elder Law

Thu, 30 Jun 2011 13:39:46 +0000

[...] the community spouse has no choice but to purchase an immediate annuity with excess assets. See Preserving Assets and Maximum Income for the Healthier Spouse When the Other Spouse Enters a Nursing…. tweetmeme_url = [...]

Comment on How Does the Massachusetts Medicaid Program Treat a Sale of a Life Estate? by Jonathan

Jonathan — Tue, 28 Jun 2011 02:12:23 +0000

Great information here. Give it up!

Comment on New Massachusetts Law Allows Trusts to Be Established to Take Care of Pets by Do you have a pet? What kind of pet do you have? Why did you choose that pet? « Post A WEEK 2011 | Wordpress Challenge

Sun, 29 May 2011 15:59:03 +0000

[...] New Massachusetts Law Allows Trusts to Be Established to Take Care of Pets (elderlawblog.info) [...]

Comment on Executors of 2010 Estates Now Have Choice of Two Different Tax Laws, and Obtaining a Step-up in Basis is Much Easier by Don O'Clair

Don O'Clair — Tue, 19 Apr 2011 16:01:05 +0000

I, too, wish to express thanks for your sorting through to this latest version on this.
Even following the changes in the law, you provided a quick article about how it’s done, or what needs to be done, to get the step up in basis for a 2010 decedent (3 different articles in 2010, I believe) -Nice work.

Comment on When Are Assets in an Irrevocable Trust Eligible for a Step-up in Basis in 2010 under the Modified Carryover Basis Rules? by Brian E. Barreira

Brian E. Barreira — Thu, 31 Mar 2011 18:51:08 +0000

This blog is not meant to give legal or tax advice or as a means for the solicitation of free legal or tax advice. Please make an appointment with a qualified lawyer or CPA for your specific questions.

Comment on When Are Assets in an Irrevocable Trust Eligible for a Step-up in Basis in 2010 under the Modified Carryover Basis Rules? by Marcia Sullivan

Marcia Sullivan — Thu, 31 Mar 2011 18:01:08 +0000

More of a question. My father recently passed away and there is stock in a trust he established that we are to receive. For financial aid planning purposes, I would prefer that the trust sell the stock for me and distribute the cash to me rather than receive the stock and sell it myself. If the trust sells the stock for me is this transaction eligible for stepped-up basis or will it be subject to taxation at the trust tax rate?

Comment on What Is the Adjusted Basis of Common Stock Received from Demutualized Life Insurance Companies? by Brian E. Barreira

Brian E. Barreira — Fri, 25 Mar 2011 18:23:21 +0000

I suggest that you hire a CPA to handle this issue for you.

Comment on What Is the Adjusted Basis of Common Stock Received from Demutualized Life Insurance Companies? by Everett Clift

Everett Clift — Fri, 25 Mar 2011 02:53:44 +0000

I found your posting just in time. I am in the process of preparing my 2010 income tax return and was puzzeled over the method of determining the reportable income on the sale of stock received as a result of demutualization of John Hancock. The demutualization took place in the year 2000 which somehow involved Manulife I sold the stock in 2010 but cannot get information from John Hancock or Manulife regarding how a basis was to be determined.

Their answers were incredible! They said there was no basis and had no explanation on how the value of my shares were determined. My response was, “well then, why not send me a million dollars if there is no basis.”

My question now is, how do I report the income and on what form? Do I use: the capital gains form schedule D, supplemental Income schedule E or just throw it in the mix somewhere?

Sincerly yours,
(but puzzled)

Ev Clift

Comment on Executors of 2010 Estates Now Have Choice of Two Different Tax Laws, and Obtaining a Step-up in Basis is Much Easier by BOBBY RING

BOBBY RING — Wed, 02 Mar 2011 00:00:19 +0000

FOR A 2010 ESTATE, THE OPTION TO USE THE 2011 ESTATE LAWS SEEMS TO WORK VERY WELL. MY ONLY QUESTION WOULD BE IS ANYTHING REQUIRED TO BE FILED? WHAT DOES THE EXECUTOR NEED TO DO TO ESTABLISH THE STEP-UP BASIS AND PROVIDE THIS INFORMATION TO THE BENEFICIARIES. WHAT WILL SATISFY THE IRS IN FUTURE YEARS WHEN THE BENEFICIARIES BEGIN TO USE THE ASSETS OF THE ESTATE.

THANKS FOR YOUR HELP. GREAT ARTICLES SO FAR ON THIS MATTER

Comment on Internal Revenue Service Releases 12/16/2010 Advance Proof Copy of Form 8939 Required for Step-up in Basis for 2010 Deaths by American Bar Association Sections Comment On Draft Form 8939 - Hani Sarji - Estate of Confusion - Forbes

Tue, 01 Mar 2011 02:42:24 +0000

[...] E. Barreira, Internal Revenue Service Releases 12/16/2010 Advance Proof Copy of Form 8939 Required for Step-up in…, Massachusetts Estate Planning, Probate & Elder Law, Dec. 16, 2010 (“Until we see specific [...]

Comment on Using a Charitable Remainder Annuity Trust to Pay for Long Term Care Insurance by Wyatt

Wyatt — Sat, 26 Feb 2011 20:14:07 +0000

Actually hard to find well-informed persons for this matter, you seem like you understand what you are dealing with! Thx

Comment on Massachusetts Supreme Judicial Court Rules Favorably on Validity of Postnuptial Agreements by Mark Boyer

Mark Boyer — Tue, 15 Feb 2011 16:37:17 +0000

Is there anything new on the ramifications of this decision and whether there is any one who might have more information/opinions on “limited post-nuptial agreements” that cover estate planning issues only. I do not have access to the Advanced Legal Seminar with Attorney Lee and Professors Sandoe and Kindregan.

Thank you

Comment on Executors of 2010 Estates Now Have Choice of Two Different Tax Laws, and Obtaining a Step-up in Basis is Much Easier by b hadsel

b hadsel — Tue, 15 Feb 2011 05:18:25 +0000

Hello. I just wanted to thank you so much for providing this article on your blog. I spent most the day on the phone with the IRS; the representatives tried their best but could not answer questions relating to the 2010 basis of the property I inherited from my mother. They kept mentioning publication 4895. This publication is not available now on the IRS website and they had no idea when it would be. Thanks to your information I am reassured that I can use the automatic step-up in basis on my 1040 schedule D!

Comment on Preserving Assets and Maximum Income for the Healthier Spouse When the Other Spouse Enters a Nursing Home by Are You Personally Responsible for Your Spouse’s Nursing Home Bills in Massachusetts? « MassHealth: Medicaid in Massachusetts

Mon, 07 Feb 2011 13:58:59 +0000

[...] For some basic information about the at-home spouse’s ability to retain assets under MassHealth (i.e., Medicaid) law, see http://elderlawblog.info/2010/04/05/preserving-all-assets-and-maximum-income-for-the-community-spous… [...]

Comment on Using Reserved Special Powers of Appointment in Medicaid Planning by World Spinner

World Spinner — Mon, 31 Jan 2011 04:29:04 +0000

Using Reserved Special Powers of Appointment in Medicaid Planning ……

Here at World Spinner we are debating the same thing……

Comment on Using Reserved Special Powers of Appointment in Medicaid Planning by Dui Massachusetts Law

Dui Massachusetts Law — Sun, 30 Jan 2011 07:55:42 +0000

[...] Using Reserved Special Powers of Appointment in Medicaid Planning … [...]

Comment on Using Reserved Special Powers of Appointment in Medicaid Planning by Using Reserved Special Powers of Appointment in Medicaid Planning

Using Reserved Special Powers of Appointment in Medicaid Planning — Sat, 29 Jan 2011 12:42:35 +0000

[...] this article: Using Reserved Special Powers of Appointment in Medicaid Planning Related Posts:“In re BENTON. SMITH v SMITH.” | 73 WireA Genealogy Hunt | Part 407s – Smith [...]