It is a term that some might find intimidating: probate. But what exactly is the probate process?
From cons, to scams, to thefts, to fraud, to false promises, to coercion, to scare tactics, to forgeries, elder financial abuse can take all manner of different forms. Whatever its particularly type, elder financial exploitation can wreak havoc on an elderly individual and their family, financially and emotionally.
When a big change happens in a person's life, such as a marriage, the birth of a child, a major change in employment situation or a big financial gain or loss, a lot of the person's thoughts might be on the present and the immediate ramifications of the change. However, in the wake of these sorts of events, thinking about issues regarding the future can also be extremely important, as these events can have big impacts on the future as well as the present.
One of the needs individuals can have as they grow older are long-term care needs. Federal estimates predict that, currently, the likelihood of needing some sort of such care at some point in the future is about 70 percent for individuals turning 65.
When it comes to the Massachusetts estate tax, a very critical number is $1 million. This is the state's exclusion amount. Whether or not a deceased's estate will be subject to the state estate tax depends on whether this threshold is crossed.