Alternatives to 1st Party Special Needs Trusts – Part 1
I have written previously in this blog about situations that call for a 1st party special needs trust. For example, we receive calls from personal injury attorneys who have achieved settlements for their clients who are on Medicaid. In other cases clients on Medicaid receive an inheritance from a family member which
How the SECURE Act Changed Estate and Long Term Care Planning – Part 2
In last week’s post I reviewed the stretch provision of the tax laws that apply to retirement accounts such as IRAs and 401ks. These laws allowed tax deferred accounts to remain tax deferred for a longer period of time by allowing certain beneficiaries to “stretch out” the time within which they
Alternate Care Facilities (Part 2)
In last week’s post I discussed lesser known facilities that provide some level of long term care. One is a residential health care facility and another is a dementia care facility. They are categorized differently by the State of New Jersey for licensing purposes. But paying for them can also
Tax Deductibility of Long Term Care Expenses (Part 2)
In last week’s post I was talking about the tax deductibility of long term care expenses. Some medical expenses can be deducted from gross income before calculating any tax due and owing. Long term care expenses can be deductible if within the definition set out by the IRS. (See last
Tax Deductibility of Long Term Care Expenses – Part 1
When clients seek out our advice on preserving assets while being able to pay for long term care, we spend much time discussing government benefits such as Medicaid and the VA Aid and Attendance programs and ways to qualify for them. There is, however, another important aspect to consider. When
Changing Demographics – Part 3
In last week’s post I explained the differences between domestic partnership, civil union and marriage when talking about the rights of same sex couples. So how does this impact the issues faced by aging LGBT seniors? Married vs. single has an impact on taxes. Different thresholds and rates apply to married
Changing Demographics – Part 2
In last week’s post I began discussing some of the unique issues faced by seniors who are part of the LGBT community. Only within the past 20 years or so has marriage been an option for same sex couples. It is still an evolving area of the law as various
Changing Demographics – Part 1
In past blog posts I have written about the changes in the demographic makeup of our aging population and the issues they face. The LGBT community encompasses lesbian, gay, bisexual and transgender individuals. Historically, this community has experienced disapproval of and discrimination against its members although much has changed in
The Right Way and the Wrong Way to Help Out Parents
Families look after each other. They pitch in when a member needs help. As an elder law attorney, I see this quite often. It can be an aging parent helping out an adult child in need due to financial difficulties caused by illness, job loss or divorce.
The Dreaded Diagnosis – Part 2
In my blog post last week I was discussing the answer to the question “when is the right time to plan for long term care.” I also noted that we are seeing more people dealing with long term care at a younger age, often in their 50’s