Medicaid When a Spouse Owns a Business – Part 1
If you are a regular reader of this blog you know that in the case of a married couple where only one spouse is applying for Medicaid, the healthy spouse, known as the community spouse, is entitled to keep a certain amount of countable assets. The assets of both spouses are
The Importance of Updating Your Will – Part 2
In last week’s post, I talked about two recent estate administration cases in our office. In each instance the decedent left a will but no living executor was available to serve. In the first case, the two children who inherited the estate equally were not named because at the time the will
The Importance of Updating Your Will – Part 1
A will is something everyone should have, but just as important is to update a will when it is clear that changes are necessary. No will can be designed to last forever, no matter what happens. By way of example, we have had two recent cases in our office in which the
2022 VA Aid and Attendance Numbers
In this week’s post I will review the updated numbers for 2022 for the VA program that provides a benefit to wartime veterans and their spouses. Known as the VA Aid and Attendance program, this benefit provides a special pension to eligible applicants who need long term care. The maximum pension amount
2022 Medicaid Numbers
Last month in this blog I updated you on some of the new Social Security and Medicare numbers for 2022. With a cost of living adjustment (COLA) of 5.9% as a result of higher inflation, next year’s increase is the largest in some time. Many other federal programs are tied to the
Binding Arbitration and Admissions Agreements – Part 3
In this week’s final post of three I will finish telling you about a recent court case concerning a dispute over the terms of a long term care facility admissions agreement. Last week I delved into the specifics facts of that case - the relevant terms of the various documents and
Binding Arbitration and Admissions Agreements – Part 2
In last week’s post I wrote about a New Jersey Appellate Division case that was handed down a couple of weeks ago concerning an arbitration clause in an assisted living facility contract. I explained that there is a federal law that favors and encourages arbitration but there is also a New
Binding Arbitration and Admissions Agreements
We frequently review long term care facility agreements for our clients. We want to be sure they understand what is contained in these agreements which can be 30 pages or more with multiple attachments and exhibits. It is a legally binding contract that contains rights and responsibilities for each party but the
Some Important Numbers for 2022
Much of the economic news recently has focused on inflation rates. The current rate of inflation is at the highest its been in the last 30 years, 6.2% on an annual basis. Against that backdrop, the Social Security Administration has announced it’s cost of living adjustment for the coming year 2022. The
New Tax Law Changes Coming? Part 2
In my post last week I talked about recent draft legislation which would make changes to federal income, gift and estate tax laws. Many of our clients have called asking what they should do and I must remind callers that nothing has changed yet. We are at the beginning of what is