Funeral Preplanning as Part of Your Estate Plan in Massachusetts
Preplanning Funerals and Your Estate PlanIn times of loss or when preparing for the inevitable, navigating the intricacies of final arrangements can be overwhelming. It's not just about saying goodbye; it's also about understanding how preplanning funerals can seamlessly integrate with your estate plan. This guide sheds light on the essential aspects of preplanning funerals and their connection to estate planning.
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Why Preplan a Funeral Within Your Estate Plan
Many opt for preplanning funerals for various reasons, one of which is the assurance that arrangements are in place well in advance. Another compelling motive is the potential eligibility for long-term care or assisted living assistance. Medicaid/Mass Health, for instance, typically requires you to deplete your assets to a certain level before providing financial aid. Most assets must be spent or protected at least five years before applying for benefits.
However, pre-paid funeral expenses are an exception to this five-year look-back rule. This means that preplanning funerals allows you to allocate assets, even when you're nearing the point of needing assistance. It's a strategic way to manage your finances for future care while ensuring your final wishes are met.
However, pre-paid funeral expenses are an exception to this five-year look-back rule. This means that preplanning funerals allows you to allocate assets, even when you're nearing the point of needing assistance. It's a strategic way to manage your finances for future care while ensuring your final wishes are met.
It's Probably Not Too Late to Adjust Your Estate Plan
If you're currently in the process of planning for elderly parents or family members who are still alive, there may still be opportunities for them to simplify matters for the entire family when they pass away. The legal standard for competency to create or modify estate planning documents can be more attainable than you might think, making it possible to make changes that help avoid probate or estate taxes.
While making major substantive changes may not be advisable if there are concerns about competency, strategies such as placing assets into a trust for probate or estate tax avoidance may remain feasible options. Seeking guidance from an experienced estate planning attorney is crucial to assess your loved one's legal capacity for making these adjustments.
While making major substantive changes may not be advisable if there are concerns about competency, strategies such as placing assets into a trust for probate or estate tax avoidance may remain feasible options. Seeking guidance from an experienced estate planning attorney is crucial to assess your loved one's legal capacity for making these adjustments.
Reflecting on Your Own Estate Plan
Whether you're coordinating funeral arrangements with loved ones or making plans following the loss of a loved one, it's an ideal time to consider your own estate plan.
Your loved ones might be prepaying for final arrangements to meet eligibility criteria for long-term care assistance. Alternatively, if you plan well in advance (five years or more before needing assistance), you can explore alternative strategies.
As you navigate this process, you may identify aspects that your parents overlooked in their planning, elements you wish they hadn't missed. Consult with a qualified attorney to explore ways to streamline matters for your heirs in the future.
Moreover, the passing of a parent can have an impact on your own financial situation, potentially pushing you beyond the estate tax threshold. Proper planning can effectively address these changes and provide peace of mind for you and your loved ones.
Your loved ones might be prepaying for final arrangements to meet eligibility criteria for long-term care assistance. Alternatively, if you plan well in advance (five years or more before needing assistance), you can explore alternative strategies.
As you navigate this process, you may identify aspects that your parents overlooked in their planning, elements you wish they hadn't missed. Consult with a qualified attorney to explore ways to streamline matters for your heirs in the future.
Moreover, the passing of a parent can have an impact on your own financial situation, potentially pushing you beyond the estate tax threshold. Proper planning can effectively address these changes and provide peace of mind for you and your loved ones.
Conclusion
Preplanning funerals and estate planning may seem complex, but they are essential steps to ensure a seamless transition during difficult times. By understanding the benefits of preplanning and knowing when it's not too late to adjust estate plans, you can simplify the process for yourself and your loved ones.
Meet Our Estate Planning and Probate Lawyers
Emily Smith-Lee is the owner and founder of slnlaw. She is a 1996 graduate of Boston College Law School. She was previously a partner at the Boston office of a large international firm, where she worked for thirteen years before starting the firm that became slnlaw in 2009. She has been recognized as Massachusetts Superlawyer each year since 2013, and in 2018 earned recognition as one of Massachusetts Lawyers Weekly's Lawyers of the Year.
Jenna Ordway: Jenna is a 2013 graduate of Quinnipiac Law School, and also earned an LLM in Taxation from Boston University in 2015. She has been affiliated with slnlaw since 2011, first as a law clerk and then as an attorney. Jenna has been recognized since 2019 as a "Rising Star" by Massachusetts Superlawyers. Jenna wrote a book on estate planning: The Road to Peace of Mind: What You Need to Know About Estate Planning. Jenna has helped many individuals and families with planning to protect their legacies and loved ones, and planning for the future and succession of their businesses.
Sharleen Tinnin: Sharleen is a 2010 graduate of Northeastern University School of Law, and earned her LLM in estate planning from Western New England Scool of Law in 2016. She has been with slnlaw since 2023. Prior to joining slnlaw, she worked with King, Tilden, McEttrick & Brink, P.C. on complex civil litigation matters. She previously worked for the United States Department of Justice, and received an "Excellence in Justice" award in 2017. Sharleen has helped many clients with planning for their legacies and their future, and navigating the probate process in Massachusetts after the death of a loved one.
How We Can Help
Our experienced team is here to guide you through the intricacies of estate planning. We can help you make informed decisions, navigate legal requirements, and create a comprehensive plan tailored to your needs. You can use the button below to schedule a free information call, or simply give us a call at 781-784-2322.
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