Why You Want to Avoid Intestacy Laws – Part 1

                In the past few months we have had calls regarding how to distribute assets of a person who dies without a will.  This is what is known as dying “intestate”, without leaving a will or set of instructions as to how you want your assets distributed.   Keep in mind that some assets may have […]

Read More

What Exactly am I Authorized to Do with a POA? Part 2

       In last week’s blog post I started talking about the different types of powers of attorney. While it is important to have a power of attorney in place it is equally important to understand what it covers – what powers it confers upon the agent.        We had two calls […]

Read More

What Exactly am I Authorized to Do with a POA? (Part 1)

                In my blog post this week I want to talk about the different types of powers of attorney and the confusion people sometimes have concerning what exactly each document allows them to do.  Although different people may choose to use different names, I prefer to categorize the ability each of us has to choose […]

Read More

What If I Can’t Find the Original Will? Part 2

                In my blog last week I discussed a question I have heard often enough in my practice.  “What if I can’t find the original will”, meaning “can we probate a copy”?   I explained last week that in the normal case in New Jersey there is no need for a judge to be involved unless […]

Read More

Gift or Theft? – Part 3

       In this week’s post I give you the conclusion to John’s saga with Medicaid. As you will recall, we have applied for Medicaid for John’s sister, Mary. In reviewing the 5 years of records which we must submit to the State, we found that John’s brother, Jerry took $200,000 of Mary’s money […]

Read More

Gift or Theft ? (Part 2)

       In last week’s post I told you about John’s call about Medicaid for his sister, Mary. During our review of her 5 years of financial records we discovered transfers of funds while their brother, Jerry was handling her finances. Jerry admitted that he took the money without Mary’s knowledge so we have […]

Read More

Gift or Theft (Part 1)

                The call from John involved another crisis planning case.  His sister, Mary was already in a nursing home and had a minimal amount of assets remaining to be spent down.  Before entering the facility she had lived for many years with her other brother, Jerry. Although she was able to attend to her activities […]

Read More

An RMD and Tax Waiver Problem (Part 2)

                In my blog post last week I laid out Mary’s problem trying to draw out the required minimum distribution for 2018 from her deceased aunt’s IRA.  June died in November and had not yet taken the minimum necessary (RMD) to avoid a 50% penalty.  The bank holding the IRA, however, has refused to allow […]

Read More

An RMD and Tax Waiver Problem -Part 1

       Although New Jersey no longer has an estate tax we still have an inheritance tax and with it a tax waiver. Last week we received a call from Mary who had been appointed executrix of her Aunt June’s estate. June had not taken her required minimum distribution (RMD) amount for 2018 from […]

Read More

Possible Long Term Care Insurance Legislation on the Horizon? (Part 2)

                In my post last week, I talked about new legislation that is still in the drafting phase but that may be the next government attempt to provide a long term care benefit to Americans.  The last attempt, known as the CLASS Act, was a voluntary program.  This new program looks like it would be […]

Read More