Everyone hopes that their elderly years will be relatively uneventful health-wise. Sadly though, it is not at all uncommon for a health crisis to strike a senior. Such a crisis can lead to an individual needing extensive home care or having to move into a nursing home.
When it comes to estate taxes, much of the discussion tends to focus on the federal estate tax. However, if a loved one who resides here in Massachusetts passes away, know this is a state with its own estate tax in place. This means the state can sometimes take a percentage of the value of an estate. This state estate tax can affect those estates worth upwards of $1 million.
A major concern that a person may have as they get older is: What will happen with my assets as I continue to age and after I pass away? One of the main aims of elder-law-related estate planning is to help address such concerns.
One of the things that generally needs to happen for a Massachusetts will to be valid is for the will to meet the state's witness requirement. To meet the state’s witness requirement, the signing of the will or an acknowledgment of the will/signature must be witnessed by two or more people. These witnesses must then add their signatures to the will.