Michael Monteforte, Jr.

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The Three Main Roles Involved in Estate Planning

While some may choose to purchase an estate planning kit from an online retailer for a small fee, others know that getting valuable information based on their specific factors makes a huge difference. That valuable information typically comes from an estate planning team made up of three groups of knowledgeable professionals: Estate Planning Attorney: Estate […]

Can an Adult Child Be Held Personally Liable for Assisted Living Costs of a Parent?

If the adult child signs the agreement, then yes, they may be personally liable for payment according to a recent out-of-state court decision. Reversing a trial court, a Connecticut appeals court rules that a residency agreement signed by the daughter of an assisted living facility resident making the daughter personally liable for her mother’s care […]

New Rules Will Impact Veteran’s Aid

The Veteran’s Administration, commonly referred to as the VA, announced three years ago that the rules for qualifying for Veteran’s Aid and pension benefits would be changing. It has taken longer than anticipated to finalize the proposed rules which will be going into effect on October 30, 2018. These rules will make qualifying for certain […]

How to Transfer Wealth Using GRATs (Grantor Retained Annuity Trusts)

A low-risk tool to transfer wealth and help mitigate taxation is called a Grantor Retained Annuity Trust (GRAT).  GRATs have several advantages: -they can eliminate gift tax liability on transfers to family members -they have minimal legal and administrative costs -grantors can exchange assets with the GRAT without income tax or capital gains consequences -they […]

What is a Spendthrift Provision?

A “spendthrift provision” is a clause in a Trust or a Will, enforceable under Massachusetts law,  that protects a beneficiary against a creditor attaching prior debts against the beneficiary’s inheritance as well as preventing the beneficiary from acquiring debt based on the future inheritance. The protection offered by a spendthrift provision prevents a beneficiary’s creditors […]
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What to do when a loved one passes - a checklist

If a loved one has passed away - a checklist