What is a QLAC? (Part 2)

       In last week’s post I told you about QLACs, qualified longevity annuity contracts.  This week I’ll delve into the pros and cons.  As I stated last week distributions under a QLAC begin at a specified starting date that you choose but no later than age 85.  There are no benefits under the […]

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What is a QLAC?

       Chances are a QLAC is not something you’ve heard of but over time that may change. It stands for Qualified Longevity Annuity Contract and it’s a relatively new investment option. The term “qualified” may be a tip off to some that it is a type of retirement account investment. That is true. It was […]

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The Latest Republican Efforts to Repeal and Replace Obamacare

       Several months ago I wrote about the first attempt to repeal and replace Obamacare since the 2016 elections, which failed.  The latest attempt, revived by New Jersey Congressman Tom MacArthur, passed thru the House of Representatives.  The Senate, in secret meetings that have stirred more controversy, put out its own version which has yet […]

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Assisted Living Medicaid is Still Not Retroactive (Part 2)

                Last week I was telling you about an important difference between assisted living Medicaid and nursing home Medicaid.  I explained this to my client but she heard – or thought she heard – something different from the facility.                 I had said that ALF Medicaid is not retroactive, meaning if I apply for Medicaid […]

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Assisting Living Medicaid is Still Not Retroactive (Part 1)

                There are some very important differences in the Medicaid regulations and coverage for nursing home vs. ALF Medicaid.  ALF Medicaid is a community based “waiver” program.  It is not part of the basic Medicaid coverage that all states must agree to provide when they accept federal funds.  Rather, this is additional coverage that they […]

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Sobering Story About Lack of POA

       June is a month for celebrations.  Whether it’s friends or family it seems there is always a prom, high school or college graduation or wedding to celebrate every year.  It’s the good stuff in life.  While I certainly don’t want to ruin the party, this week I do want to share a call we […]

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Anatomy of a Scam

                As far as scams go, it is not one that will cause anyone to lose their life savings.  Maybe calling it a scam is not entirely accurate.  At the very least the letter Joan received was misleading and confusing.  As part of an asset protection plan we placed Joan’s home into a trust.  We […]

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Dad Gets Knocked Off of Medicaid (Part 2)

                Last week I was telling you about John’s dad who was about to be knocked off of Medicaid.  His mom had recently died.  Her will stated that should Dad survive Mom her estate would pass to him.  Included in the estate was the marital home which she was able to keep as an exempt […]

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Dad Gets Knocked Off Medicaid

                John called because his dad, who had been receiving Medicaid in a nursing home for several years, had just received a notice that his benefits were being terminated at the end of the month.  He told me he had hired one of the companies that does Medicaid applications because it was less expensive than […]

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New Jersey Issues Updated Medicaid Penalty Divisor

                The last time New Jersey updated it’s Medicaid penalty divisor was two years ago.  The divisor is the State’s determination of what the average daily cost of nursing home care is across the State of New Jersey.   Although it is supposed to be updated annually the last adjustment occurred 2 years ago.                 What […]

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