Medicaid Redeterminations Revisited – Part 1
There are many misconceptions about Medicaid and the application process. One of them is that after Medicaid is approved, ”we are home free”, so to speak, meaning no more worries about the eligibility requirements. Unfortunately, not true. As I often tell new clients and their families, we first must focus on meeting all
A Capital Gains Tax Mistake (Part 3)
In my blog post last week, I was explaining the large and unexpected capital gains tax a client faced. I explained that capital gains is paid on an asset that has appreciated when it is sold. In my client’s case, he had sold real estate that his mother had given him after
A Capital Gains Tax Mistake (Part 2)
In my blog post last week I told you about a call I received from a client facing an unexpectedly large income tax bill. The increased tax resulted from real estate that he inherited from his parents - or so he thought. An inheritance is what one receives from someone as a
A Capital Gains Tax Mistake – Part 1
A client called recently after receiving his income tax return from his accountant. Much to his surprise, he was facing a significant 6 figure income tax bill. So why was he calling us? We don’t prepare and file income tax returns. The reason had to do with the sale of real estate that he
Significant Change to New Jersey Guardianship Law
As part of the long term care planning guidance we provide to clients, we often file guardianship applications on behalf of families. A typical scenario is one in which an elderly parent needs assistance but did not execute a power of attorney or health care directive designating a family member to
Second Marriage Issues – Part 5
In last week’s blog post, I was in the midst of telling you about a dispute between Husband and his deceased Wife’s children regarding the sale of their home. Although 50% of the home was titled Husband and Wife joint with rights of survivorship (the other 50% owned by Wife’s children),
Second Marriage Issues – Part 4
In this week’s blog post I continue with a second marriage story. Wife had added Husband’s name to the deed to her home along with her children. Her intention was to allow him to remain in the home if she died first and then, when he died, the property would pass to
Second Marriage Issues – Part 3
My past two blog posts have focused on second marriages. Because spouses in such marriages more often than not have different heirs they wish to leave their assets to, closer attention needs to be paid when putting together an estate plan. Last week I told you about Husband and Wife in a
Second Marriage Issues – Part 2
In last week’s blog post, I began a discussion about second marriage issues. This week I will tell you about a specific second marriage problem in our office. Husband and wife each had children from a first marriage and no children as a result of their marriage the second for both. They did
Second Marriage Issues – Part 1
I have written often in my blog about second marriage issues. The reason is the potential that such marriages present different heirs for each spouse. In some cases one spouse has children from a previous marriage and the other does not. In other cases, the second marriage results in children as well as