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LAW OFFICE OF RAYMOND J. CANNON, JR., P.C.
Estate Planning, Elder Law, Medicaid-Long Term Care Planning,
Asset Protection Planning, Tax Planning, Real Estate,
Probate and Estate Administration |
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Our mission is to preserve and protect your assets. | |
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THE NUMBERS
Since June, 2006, the growth in total MassHealth enrollment for individuals with incomes above 200 percent of the federal poverty level through December, 2010, is 24%
Most of this growth occurred prior to the reform in the Massachusetts Health Reform Law and much of that was attributable to the growth in MassHealth Essential, a program for long-term unemployed adults.
Source: In Brief, Massachusetts Medicaid Policy Institute, May, 2011 |
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LAW OFFICE
OF
RAYMOND J. CANNON, JR., P.C.
Admitted
Massachusetts Bar
United States Tax Court
Federal District Court of MA
United States Supreme Court
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 3 YEAR REVIEWS We encourage you to take advantage of our free one-hour consultation to review your estate plan on your plan's third year anniversary. Please call 978-989-9999 for an appointment.
Please notify us at ray@rjcannonlaw.com
if your contact information has changed since your last visit.
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Please feel free to forward this Newsletter to your family, friends and associates who may be interested in a one-hour free consultation to discuss these topics. |
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JANE INHERITS A PIECE OF REAL ESTATE
Jane called to tell me that as a result of the death of her uncle, she now has a one-fourth interest in undeveloped real estate in Palm Beach, Florida. She has no use for the real estate, but realizing its potential value one day, has decided to keep it. She asked me what would be the best way to hold the title.
I explained to Jane that in the event of her death, her estate might be subject to two probate actions: one in Massachusetts, where she lives and the other in Florida where the real estate is located. I suggested that she hold the property in trust naming her daughter as successor trustee. In the event of Jane's passing, legal title to the real estate would pass to her daughter as trustee and there will be no need to probate the real estate in either Florida or Massachusetts.
Ideally, the entire piece of real estate should be held in trust, not just Jane's interest. I explained to Jane that this could avoid future title issues, particularly if one or more of the other owners were to pass away. Jane indicated that it might be possible to do so and that she would talk to her cousins about it.
LESSON:Any foreign real estate held solely in a person's name should be held in trust in order to avoid the cost and expense of two probate actions. Real estate held with others should also be held in trust in order to avoid future title issues.
If you are new to the Jane Chronicles, you may read past issues by going to our website:
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The federal sequester is biting the IRS now that filing season is over. The entire agency will close down on five separate days...May 24, June 14, July 5, July 22 and Aug. 30. Three of the five are just before or after federal holidays. Employees, including the commissioner and other agency bigwigs, will be required to take unpaid leave on the five days. The only exceptions are for security personnel and employees needed to keep the agency's computer systems up and running. If these measures don't save enough money, two more furlough days are possible.
So if you call IRS on any of the furlough days, operators won't be standing by.
Source: Kiplinger Tax Newsletter, April 26, 2103
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Among the revenue-raising proposals in President Obama's fiscal year 2014 budget is a return of the estate tax to its 2009 level beginning in 2018. The White House budget plan also calls for eliminating "a number of loopholes that currently allow wealthy individuals to use sophisticated tax planning to reduce their estate tax liability."
In January, as part of the fiscal cliff deal, Congress set "permanent" estate tax parameters, including a $5 million exemption (now $5.25 million due to inflation) and a 40 percent maximum rate. Under the President's proposed budget, the exemption would drop to $3.5 million in 2018 and it would not be indexed for inflation. The top estate tax rate would rise to 45 percent. The generation-skipping transfer tax and the gift tax would also fall to 2009 levels ($1 million in the case of the gift tax).
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Employing horses in a working farm environment, Challenge Unlimited at Ironstone Farm provides beneficial therapy for people with a wide range of physical, emotional and cognitive disabilities. The two primary programs are Challenge Unlimited and Ironstone Therapy - both using the horse's unique ability to enhance a person's movements and touch a person's heart, inspiring strength, hope and encouragement.
Ironstone Farm, 450 Lowell Street - Andover, MA 01810
For more information or to schedule a visit to the farm, call 978-475-4056
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