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Simmons & Schiavo, LLP
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The new fiduciary rule for financial advisers has caused a lot of confusion about what is and is not allowed with retirement accounts. On June 9, a controversial new Department of Labor rule went into effect. The rule seems simple enough. Financial advisors who give investment advice to consumers about... Continue reading
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One of the biggest questions in estate planning today, is whether a trust is the best option for your family. If you were to conduct a representative poll of middle class Americans about the best way to plan for your estate, it is almost certain that the majority of respondents... Continue reading
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Even though a vote over the Senate's bill to repeal Obamacare (Affordable Care Act) has been delayed, it is important to know whether or not it cuts Medicaid. The answer depends on how you look at it. Very little in government is ever straightforward. One example is the Senate Republican... Continue reading
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Early signs indicate that Social Security benefits could see a dramatic increase next year. That will be welcome news for seniors whose benefits have lagged far behind their buying power. Every year the Social Security benefits that millions of senior citizens receive on a monthly basis are supposed to increase... Continue reading
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Senate Republicans are planning to hold a vote on their version of repealing Obamacare by the end of June. No one knows yet what their bill contains. Republicans in Congress are moving forward with their plans to repeal the Affordable Care Act. The House of Representatives previously passed a bill... Continue reading
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There are two schools of thought for parents to wrestle with, when deciding how large of an inheritance they should leave for their children. In a typical American family, the expectation has always been that when the parents pass away, everything they have left will be inherited by their children.... Continue reading
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We received this testimonial from a satisfied client: Marco did a great job explaining the different types of wills and answered all my questions. I was able to decide which one best suited my needs at this time. Tim M., Swampscott, MA For additional testimonials: Continue reading
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People who are eligible for Medicare and who do not sign up on time can face stiff penalties. Some of them have been granted a small window to have those penalties waived. The federal government has always been particular about Medicare. Eligible people either sign up at the right time... Continue reading
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Baby Boomer parents with millennial children should talk to their children about their inheritances. The millennials might be counting on larger inheritances than they will actually receive. Sometimes differences between generations are greatly overblown. Small differences in the percentage of people in one generation that believe something different than a... Continue reading
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The state of New Jersey is currently considering proposals to offer tax credits for blood and organ donations. They might be in violation of federal law, if passed. All over the U.S. many people die unnecessarily. This includes many elderly. Why? It is because of a lack of organ donations.... Continue reading
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Many people who think that there is no reason that they need to plan for the estate tax, will have estates that face large estate tax bills because they have not thought about state estate taxes. When most people think about estate taxes, if they think about them at all,... Continue reading
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It is often noted that great family wealth has a tendency to disappear after a generation or two. That is because the same mistakes in handling that wealth are made over and over again. There is little doubt that an ever increasing amount of America's total wealth is being concentrated... Continue reading
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There is possibly no greater blow to a person, than losing all of their assets to creditors. It can happen to anyone, but you can protect against it by utilizing estate planning tools. You have probably noticed at some point or another, that the U.S. is a very lawsuit happy... Continue reading
Most people would prefer to stay where they currently live when they retire. That means that they need to do some planning. Generally speaking, the longer elderly people can remain in their homes, the better off they will be. It is good for the elderly to stay where they are... Continue reading
Alan Thicke's sons are fighting with their stepmother over their father's estate. Two of deceased actor Alan Thicke's sons have entered the probate case to settle their father's estate with a unique claim. They have filed a claim suggesting that Thicke's third wife, Tanya Callau, is attempting to get more... Continue reading
Elderly people in the early stages of dementia would be well advised to take walks. Alzheimer's disease receives a lot of attention. However, that attention often comes at the cost of other forms of dementia. While treatments and cures for Alzheimer's are widely sought after and discussed, there is often... Continue reading
“Forget finances, you’ll never be ready to retire, unless you've thought through exactly what you want your next chapter to be like.” In the past, people usually retired when they reached 65. They stayed near their family homes and died after just a couple of years. We now see retirement... Continue reading
Most Americans pass away owing debt. What happens to that debt after they pass away? It is not a secret that most Americans owe money to someone. The people of the U.S. are used to buying things on credit and, as a consequence, they have debts. Most people would like... Continue reading
When you make a move out of state, be sure to review your estate plan with an estate planning at­torney in your new domicile, as trust and estate laws have some differences from state to state. In most states, the probate court will recognize a will from another state. But... Continue reading
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The dynamics of a blended family, defined as one where at least one spouse has at least one child from a prior marriage or relation­ship, can complicate financial and estate planning because no off-the-shelf plans apply. It’s important to contact your estate-planning lawyer to ensure complete review of all personal... Continue reading
Many wealthy people are torn between wanting to leave a large inheritance for their children and fears that their children will not be able to handle the wealth. Wealthy parents whose children do not get independently wealthy on their own, often fear that leaving those children a large inheritance would... Continue reading
There are many ways to leave a charitable legacy. One of the best is the increasingly popular donor advised fund. Giving to charity is not as simple as writing a check and sending it in the mail. Sure, it can be done like that, but if you want to make... Continue reading
President Trump has made an official proposal to repeal the estate tax entirely, as expected. That raises more questions than it answers. While campaigning for the Presidency, Donald Trump frequently said that, if elected, he would repeal the estate tax entirely. As with all political campaign promises, that did not... Continue reading
Studies continue to show that the how and when Americans would prefer to pass away, is not how they actually pass away. That needs to change. Most of the time, the medical profession treats its patients in keeping with what the patients want. If someone has a broken leg, for... Continue reading
When dealing with irrevocable trusts the ability to effect change can be difficult to understand, pre­senting more questions than answers. The correct answers often depend on a variety of factors, but a good starting point is state law and the trust document itself. When modification or termination of an irrevo­cable... Continue reading