Why You Should Use a Lawyer For Medicaid/MassHealth Planning
Dale Tamburro • November 27, 2024
The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.
1577 Spring Hill Road, Suite 310, Vienna, VA 22182 | 703-942-5711 | naela@naela.org | www.NAELA.org National Elder Law Month – May May is National Elder Law Month, a time designated by the National Academy of Elder Law Attorneys (NAELA) which I have been a member for over 25 years, to raise awareness about the legal, health, social, and financial issues faced by older adults and the resources available to support them. As a member of NAELA — the leading professional association dedicated to improving the quality of legal services provided to older adults and individuals with disabilities — I recognize the valuable public service that Law Office of Dale J. Tamburro provides to the residents of towns and cities that I provide seminar and workshops at. In light of our shared commitment to community support, I would like to invite you my seminars in May and June. These events are designed to educate the public on various topics related to elder law. In May we are focusing on Aging in Place, what to consider if you choose to stay home and alternatively if you decide to downsize what are the most important issues to be concerned with. National Elder Law Month is the perfect time for us to work together in raising awareness about these important issues and ensuring that older Americans, their families, and caregivers have access to the information they need. I would love the opportunity to discuss how we can partner on this initiative. Please let me know if you are interested or if you would like more details. I look forward to the possibility of working together to serve our community. Sincerely, Dale J. Tamburro
Owning a vacation home is a special privilege—but deciding what happens to it after you’re gone takes careful planning. Many parents hope to keep the home in the family, but doing so can be more complicated than expected. While meant to be fun and relaxing places to get away from everyday life, vacation houses can cause problems between siblings after their parents pass away. Some siblings may want to use the house, while others may need cash and want to sell. Disagreements can also arise over maintenance costs, taxes, and scheduling use of the home. One common option is to leave the property to your children in your will. However, if they inherit it equally as joint tenants or tenants in common and one sibling wants out, that sibling can force a sale if the others can’t afford to buy them out. Before deciding to pass the home on directly, consider holding a family meeting. Ask your children if they all want to keep the property and discuss logistics such as upkeep, taxes, and scheduling. Putting a written agreement in place, including a buyout plan, can help avoid future disputes. The buyout amount could be less than market value, and payments can be made over time; it's really completely up to the family. Other Options : Instead of giving the home outright, you could place it in a trust or a Limited Liability Company (LLC). LLCs are increasingly being used for vacations homes. Using an LLC allows parents to transfer interest in the LLC to their children while still retaining control. Parents can use the annual gift tax exclusion to slowly gift their children additional interest in the LLC each year. The LLC agreement can designate a property manager, provide instructions on maintenance costs and property taxes, and include buyout options. Property in an LLC is also protected from creditors. Another option is a Qualified Personal Residence Trust (QPRT), which allows parents to live in the home for a set number of years, after which ownership transfers to the children. QPRTs can offer significant tax savings, but they are complex and must be set up carefully to be effective.
