New York Long Term Care Trust Act – Part 2
In last week’s post I wrote about a bill introduced in New York that we may eventually see in New Jersey. Modeled after a Washington state law, if passed it would mandate a payroll tax on all employees to cover an insurance policy that will provide coverage for their long term
Happily Married or Something Else? Part 2
In last week’s post I went back to the topic of Medicaid and more specifically how the need for long term care might affect both spouses. The assets of both spouses are counted for eligibility purposes even if only one spouse is applying for benefits. I always remind people that a second
Longtime Partners but Never Married (Part 2)
In my post last week I began to tell you about Bill and Mary. Partners for 50 years, they never actually tied the knot. Bill had a stroke and they are now faced with $14,000 per month in long term care expenses. The home they live in is owned by Bill. Mary is not
2022 Medicaid Numbers
Last month in this blog I updated you on some of the new Social Security and Medicare numbers for 2022. With a cost of living adjustment (COLA) of 5.9% as a result of higher inflation, next year’s increase is the largest in some time. Many other federal programs are tied to the
Binding Arbitration and Admissions Agreements – Part 3
In this week’s final post of three I will finish telling you about a recent court case concerning a dispute over the terms of a long term care facility admissions agreement. Last week I delved into the specifics facts of that case - the relevant terms of the various documents and
Binding Arbitration and Admissions Agreements – Part 2
In last week’s post I wrote about a New Jersey Appellate Division case that was handed down a couple of weeks ago concerning an arbitration clause in an assisted living facility contract. I explained that there is a federal law that favors and encourages arbitration but there is also a New
Don’t Forget About the Elective Share – Part 2
Last week I wrote about Jim’s call to our office. His dad died leaving everything to Jim, including the task of taking care of his mom who had been living at home needing nursing home level care. Jim had found a nursing facility who would take her in. It would cost him $100,000
Aging Seniors Who Own Real Estate
So often when we receive a call from a child of an aging parent in crisis, it’s about the signs of declining mental and physical capabilities leading to the discovery of a financial crisis. This decline in health and cognition usually means a decline in the ability to manage assets such as keeping
How SECURE Act Changed Estate and Long Term Care Planning – Part 3
In the past 2 weeks’ posts I have been talking about the SECURE Act and how it has changed the tax laws with respect to retirement accounts such as IRAs and 401ks. With limited exceptions (as noted in my post last week), beneficiaries who inherit these accounts upon the owner’s death
How SECURE Act Changed Estate and Long Term Care Planning – Part 1
At the end of 2019 Congress passed the SECURE (Setting Every Community Up for Retirement Enhancement) Act which made some significant changes to retirement accounts - some positive and some negative. I wrote about it a bit when the law was passed (See posts 1/5/20 and 1/13/20). In the year plus since