AIP First Quarter 2025 Update
It has been a productive 1st quarter of the year for our Aging In Place group.
In February, AARP presented a talk on “Preparing to Care”. An interesting and thought-provoking hour was spent leaving us to consider both the opportunities and challenges that arise as we age here together at the Esplanade.
When we met in March we discussed how we might create a non-medical, helping community at the Esplanade. Many of the group were interested in helping each other in small ways, as neighbors often do, and found the idea very appealing.
Between March and April’s meetings a few of us put our heads together to investigate what various “community helping” applications might have to offer our particular group. With the help of current research being done by ECG as well as our own, we decided that the free and very private service provided by “Lotsa Helping Hands” (LHH) might best fill our needs.
At our April meeting
Mary Day and Pam McLemore presented our LHH site and discussed how it might work for us.
We are calling it: Esplanade AIP Helping Hands
The Welcome Announcement to those on the AIP Listerv states:
“This is a private site established by the Aging in Place Group here at the Esplanade for residents interested in building a sense of community and support as we age in place here together. As a member you can ask for help and/or volunteer for a task, send well wishes, share photos or join one of the following groups: Meals, Errands, Wellness Check or Advice.”
At the April meeting the decision was made that several of the attendees would help us test the capabilities of this site. Those who have signed up are helping us to better understand this program and its foibles. So far it is going well.
We look forward to presenting our findings at our next meeting on May 15.
Hope to see you there!
Remember, AIP always meets on the 3rd Thursday of the month at 4:00 pm in the Tye Room.
-Pam McLemore
“The Perils of Probate and Strategies for Estate Planning,”
Esplanade Aging in Place Group Meeting,
Thursday, March 21, 2024
Probate can be a daunting process, often misunderstood and sometimes laden with unexpected challenges. In the Esplanade Aging in Place Group’s March 21 meeting, attorneys Abigail (Abby) Poole and Brittany Hinojosa Citron, elder law and estate planning attorneys at Samuel, Sayward & Baler LLC in Dedham, shed light on the intricacies of probate and offered us valuable insights into estate planning strategies.
Understanding Probate: Probate, Abby noted, is a court-supervised process that involves the administration of a deceased individual's assets. The appointed Personal Representative, also known as the Executor, manages the deceased's estate, paying debts and distributing assets according to the will or state law if there is no will. There are various types of probate in Massachusetts – voluntary administration, informal probate, and formal probate -- each with its own procedures.
Assets Subject to Probate: Assets held in one’s name that do not have a beneficiary – including real estate, certain financial accounts (bank accounts and investments), and tangible personal property -- are among the assets that typically go through probate. This underscores the importance of understanding one's asset portfolio, realizing the importance of having a beneficiary on each account, and considering how assets will be handled upon death.
Ways to Avoid Probate: Fortunately, there are strategies to bypass probate, such as joint ownership, beneficiary designations, and establishing trusts. These mechanisms offer flexibility and efficiency in asset transfer while potentially minimizing complications and costs associated with probate.
Key Considerations: Both Abby and Brittany emphasized that it is essential to have a comprehensive understanding of one's assets and consider how they align with one’s preferences for asset distribution. While avoiding probate may seem appealing, it is also crucial to weigh the pros and cons and seek professional guidance from an estate planning attorney to craft a tailored plan.
Attendee Feedback: The presentation received accolades from our 30 or so attendees, who expressed gratitude for the speakers' expertise and their ability to demystify complex legal concepts surrounding probate and estate planning. Our knowledge base was expanded so much through their approach, their slides, and their way of presenting their topics.
Thanks to Abby and Brittany, we are hopefully a little smarter about this challenging subject. Their presentation enhanced our understanding of how to make better informed decisions toward safeguarding our assets and ensuring a smoother transition for our loved ones.
We hope to have this talented duo back to speak on other aspects of estate planning in the future. In the meantime a list of their firm’s most recent “Smart Counsel for Lunch Series” is available in this link: https://ssbllc.com/welcome-to-our-smart-counsel-for-lunch-series/