Possible Tax Law Changes after the Election – Part 2
Last week I wrote about the questions we have been receiving from clients about tax law changes coming after next month’s election and what to do now. As I stated last week and I’ll say again, it is impossible to know now what changes may come, therefore, we can’t recommend any
Possible Tax Law Changes After the Election (Part 1)
Taxes are always a topic of conversation during elections, especially presidential elections. This one is no different. At the same time, our clients have begun to ask us about certain changes they have read about and what they should do now. Our answer at this point is that any talk about changes
NJ Response to COVID’s Impact on Long Term Care Facilities
Approximately half of New Jersey’s coronavirus related deaths occurred in long term care facilities. A state funded health report has made some recommendations on how to improve facilities’ responses to the virus, especially with the potential of a much talked about second wave this winter. The Manatt Health report found that the
The Power of the Power of Attorney – Part 2
In my post last week, I wrote about 2 recent calls from former clients of ours that highlight the importance of a power of attorney. Our power of attorney is very detailed and designed to cover as many different situations as possible - even though as I always say that as to any one
The Power of the Power of Attorney – Part 1
Two recent calls to our office highlight once again the importance of the power of attorney - a deceptively simple document that can be obtained off the internet but which, if it is to be at all useful, must be carefully tailored and specific to the anticipated tasks that the agent may be called
VA Benefits and QITs – Part 2
In my post last week, I started to tell you about how tricky it can be when applying for Medicaid benefits while currently receiving VA Aid and Attendance benefits, a non service connected pension available to certain wartime veterans and their widowed spouses. While it is not taxable income for tax
VA Benefits and QITs – Part 1
We have many clients who first qualify for the VA Aid and Attendance benefit to help pay for their long term care and then when their remaining assets are spent down, they must apply for Medicaid. As I have written about previously, Medicaid has a strict income cap ($2349 in 2020). If
Funeral Expenses and Medicaid – Part 2
Funeral Expenses and Medicaid (Part 2) This week’s post details the more common option when it comes to setting aside funds for a funeral before spending down towards Medicaid eligibility. Last week I explained that $1500 can be set aside for burial as long as it is specifically designated and not commingled
Funeral Expenses and Medicaid
Whenever I talk to a family whose loved one is close to spending down the required amount of assets to qualify for Medicaid, the topic of burial expenses comes up. Most people are aware that Medicaid permits setting aside funds to cover the burial but many are a bit fuzzy on
Out of Crisis Perhaps Change?
The global pandemic has caused havoc in everyone’s life. The immediate effects of the current crisis are obviously negative. Out of every crisis, however, there are often some positive changes. New York was the first region in the country to be hard hit by Covid. Hospitals were overwhelmed and as