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Hugg & Associates PLLC is a boutique law firm providing client-centered services to individuals and businesses. Our practice focuses on all aspects of elder law, estate planning, asset protection, business succession planning, probate and trust administration. If you are a business owner, in addition to the above services, we are experienced business, real estate, and contract law attorneys.

The Benefits of House Sharing as a Senior

A recent study examined a new trend; among seniors who rent out a portion of their home.  House sharing is an economical option for seniors who lack sufficient retirement funds, or for those wanting to stay in their homes as long as possible.  The study notes that more than half of all working age households haven’t saved enough to replace their income in retirement. While renting provides a financial advantage, it also provides a social benefit.  Seniors seeking to meet new people or share their retirement with another retiree find renting an attractive option.  In addition, almost half of all seniors say they would consider sharing their house in exchange for minimal assistance with everyday activities.  In considering a house sharing option, it is important recognize potential pitfalls.   Personal privacy and general independence will change with the addition of a renter.   Additionally, rental agreement terms must be concisely defined to avoid future conflict if the renter wants to include various household responsibilities as conditions of the contract.  All things considered, renting and house sharing can be a great opportunity for retired individuals.  If this is something you are looking into, let us help make sure all your bases are covered.

All Back to Normal!!!

Office Closed Temporarily

Due to a residential gas leak next door, Hugg & Associates is temporarily closed. We hope to be back in our offices this afternoon and we apologize for any inconvenience.  Once we return to our office we will return phone calls to all who leave us a message. Thank you for your patience.

PLANNING AHEAD: ELECTRONIC RESOURCES

As discussed in previous posts, sorting through a parent or grandparent’s affairs and finances can be daunting, but planning ahead and making use of some tools and strategies to help organize and collect vital information can prevent a lot of stress later on.  Electronic storage of important documentation and record keeping can be very helpful.Continue Reading

Can Your Estate be Divided Unequally and Still be “Fair”?

A recent estate column in the Wealth Matters section of the New York Times caught our attention.  The article asks, “Is there ever a time when inheritance should be uneven?  And if so, can uneven still be fair?  The answer to both questions is yes.”  But, good, clear, timely communication is essential to avoid hurtContinue Reading

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