How We Saved Brenda $30,000 and Got Her Granddad Medicaid (Part 2)
Last week we were talking about Brenda, who tried to apply for Medicaid for her grandfather, but ran into a snag. She provided the New Jersey Medicaid caseworker with 5 years of financial records and was told that Granddad still had to spend down another $30,000 from accounts that Brenda
How We Saved Brenda $30,000 and Got Her Granddad Medicaid (Part 1)
Brenda needed help. She had looked after her grandfather for years. When he needed nursing level care she found a nursing home nearby, arranged for him to be admitted and, as agent under his Power of Attorney, spent down his remaining assets. A dutiful granddaughter, she then scheduled an appointment
New Jersey Medicaid and VA Benefits – 2013 Numbers
Every year brings change, sometimes small sometimes big. Many of the government benefit programs that we, as elder law attorneys, work with frequently, such as New Jersey’s Medicaid program and the VA Aid and Attendance program, underwent slight changes as the clock turned to 2013. Let’s review them. Medicaid and VA
How Does a Life Estate Affect New Jersey Medicaid?
For New Jersey Medicaid purposes, a transaction involving a life estate is considered a transfer of assets, but only insofar as the remainder interest is concerned. A Medicaid penalty is assessed on the part that was transferred. If Mom transfers her home to her children but keeps the life estate
Averting the Fiscal Cliff – What Does it Really Mean?
All anyone was talking about in the last days of 2012 was whether Congress and President Obama would work together to avoid an increase in taxes caused by the expiration of a number of tax breaks dating back to President Bush. An agreement was reached at the 11th hour. But
What is a Life Estate . . .
A life estate is a legal right to live in a home as long as the life estate holder lives. That right is reflected on the deed so it is more than simply a lease for life. The ownership, in essence, is divided into two parts. An individual who owns
What if the Medicaid Applicant’s Family is Living at Home?
If a family member is living in the home, New Jersey Medicaid has a policy of not forcing the sale but, again, someone other than the applicant must pay the taxes, insurance, maintenance etc. on the home. This remains an option, however, for holding onto the home. When the Medicaid
Must a single New Jersey Homeowner Sell the Home to Qualify for Medicaid?
In the case of a single homeowner, it may also be advisable to keep the home as long as possible, although it is a bit more complicated. The reason for this is that Medicaid rules allow the applicant’s home to remain an exempt asset as long as there is a
When Does Selling the Home Hurt When it Comes to New Jersey Medicaid?
In the case of a married couple the mistake families often make is to sell the home when funds begin to dwindle. They may very well desire to downsize, move in with a child, rent, etc. and we may agree that this is the best plan under normal circumstances. However,