The Problem with Out of State Documents – Part 2
    In last week’s post I was telling you about a situation with a client who has a North Carolina power of attorney that his wife needed to use here in New Jersey where they currently live. The document is a springing power of attorney, meaning it does
The Problem with Out of State Documents – Part 1
    I am often asked whether moving from one state to another requires someone to redo their legal documents. While I obviously don’t have knowledge of the laws in every state, my general answer is that I am not aware of any state that invalidates a will, power
What the New Tax Law Means for Seniors – Part 2
In last week’s blog I told you about some of the changes in the new tax bill. This week I’ll cover some more as well as some changes that were discussed but didn’t happen.     The mortgage interest deduction has been reduced. Now taxpayers can deduct the interest on
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