What the New Tax Bill Means for Seniors
Ok, now that the new tax bill has been passed by Congress and signed into law by President Trump how will it affect us? Will it mean paying more or less in income tax? The answer depends on many variables but one thing is for sure. These
The Problem with Springing Powers of Attorney
We rarely use springing powers of attorney in our office. A recent case with a client who has one reminds me why. George’s son, Jim came to us because his dad is in a nursing home. He will need to stay there on a long term basis. George has
New Medicaid and VA Figures for 2018 #2018Medicaidnumbers
The cost of living adjustment for 2018 for many of the government programs that affect our clients’ lives has been announced so let’s go over those numbers. For 2018, the Social Security Administration announced that Social Security recipients will receive an increase of 2%, after
What Happens When a Reverse Mortgage Borrower Dies
A home equity conversion mortgage, commonly known as a reverse mortgage, allows seniors to tap into the equity in their home. Unlike a traditional mortgage, the borrower does not make ongoing monthly payments to pay off the loan. Repayment is not required until the home is sold,
How the Republican Tax Bill Might Affect Seniors
With the Republican Congress and President Trump determined to push thru their tax bill at warp speed, there has been much discussion about how it will provide a big tax cut for corporations and the wealthy and super wealthy while it could hurt the poor and middle class who
ABLE vs. SNT (Part 2)
Last week I was telling you about a call I received about the benefits of an Achieving a Better Life Experience (ABLE) account vs. a special needs trust (SNT). Joan called about her sister Mary, who is receiving an inheritance from their uncle’s estate. Mary is in
ABLE vs. SNT (Part 1)
I received a call from Joan. She told me that her sister Mary is named as an heir to part of their uncle’s estate. Mary is disabled and living in a group home. Joan was concerned that the inheritance Mary would receive of approximately $200,000 would jeopardize
Found Money (Part 2)
Last week I was explaining what happens to abandoned or unclaimed property. New Jersey has in its possession more than $1 billion of property that people have abandoned, usually because they have forgotten about the accounts. Nationwide, there is well over $50 billion in unclaimed funds. Financial
Found Money (Part 1)
In today’s world, change comes at a pretty rapid rate. That is certainly true when it comes to our assets and financial accounts. Many people move jobs and change financial institutions frequently. It is easy to understand how assets can be overlooked or forgotten. Maybe I never
What Constitutes a Validly Executed Will (Part 2)
Last week I was telling you about an Australian case in which the court held that a deceased man’s unsent text message found on his phone was considered to be a valid will. How might a New Jersey court rule on these facts? New Jersey law generally establishes that