When Both Spouses Need Care – Part 1
In some of my past blog posts, I have often presented scenarios in which one spouse needs long term care but the other one does not. When we do long term care planning before any care is needed, we typically recommend placing assets in a trust to help insure they will
A Cautionary Tale about CCRCs – Part 2
In my blog post last week I was explaining about CCRCs. Continuing care retirement communities provide a continuum of care. The idea is that you make one decision to move to a CCRC and as your health declines and you need more care, you move from independent living to assisted living to nursing
A Cautionary Tale about CCRCs – Part 1
We received a call last week from Mary, whose dad had been in a CCRC but had since moved out. CCRC is shorthand for continuing care retirement community. The idea of a CCRC is that a family only needs to make one decision about a loved one’s care. That’s because the CCRC provides
AI Created Estate and Long Term Care Plans – Part 3
In my blog post for this week, I continue a discussion of AI and its impact on estate and long term care planning. This week I focus on the guidance that we provide to clients. Can AI replace the day to day or month to month guidance needed as clients navigate the
AI Created Estate and Long Term Care Plans – Part 2
In my blog post last week I asked the question whether an AI created and driven estate or long term care plan can work. More specifically, what place do I see it having when it comes to addressing the problems we help our clients solve every day. As I said last week,
AI Created Estate and Long Term Care Plans – Part 1
Since the early days of the internet, many callers to our office have reached out to us after having done some research on the internet. There is a lot you can find on the internet about any topic, however, that doesn’t mean it is all accurate. When it comes to long term
How Death Taxes Get Paid – Part 3
I ended last week’s blog post with a hypothetical estate left by John Doe. John died with an estate totaling $2,500,000. Because he had no spouse or children, he left his estate to nieces, nephews and friend, all Class D heirs. What they receive is subject to New Jersey inheritance tax at a
How Death Taxes Get Paid – Part 2
In this week’s blog post I continue discussing death taxes and how they get paid. Last week I explained how estate taxes and inheritance taxes are calculated. In each case the assets subject to the tax are not necessarily all within the control of the executor/administrator of the estate. That’s because non-probate assets
How Death Taxes Get Paid – Part 1
In this week’s blog post, I address death taxes - the taxes owed as a result of one’s passing - but more specifically how to pay them. It is not always as straightforward as one might think. First, let’s be clear what we are talking about. In New Jersey, we need to be
Medicaid Redeterminations Revisited – Part 3
In my blog post last week about Medicaid redeterminations, I wrote about the reasons why Medicaid conducts annual redeterminations. Recent changes in the written application, however, has caused some confusion. As I explained last week, the application has more than doubled in length. The new “redet” application now looks more like the application