A Simple Estate Matter? Not so Fast (Part 2)
            Last week I was telling you about Mark’s call regarding the administration of his sister, Melanie’s estate.  He had gone to the Surrogate to get appointed as administrator of the estate but had listed only 4 of 5 siblings as heirs, thinking his brother, Frank should not be listed
A Simple Estate Matter? Not so Fast
    Mark called because he needed assistance with an inheritance tax return. The attorney he had hired to assist him in selling his sister, Melanie's home was unsure how to complete it.     A little bit of background is helpful. Melanie died without a will. She had never married and had
The Problem with Annuities and How to Solve It (Part 3) #ProblemwithAnnuities
               Last week I outlined for you the advantages of the Pension Protection Act (PPA), #PensionProtectionAct which became effective in 2010. The government has provided some pretty significant tax advantages as an incentive for Americans to self-fund their long term care. As a result, insurance companies have created varied products
The Problem with Annuities and How to Solve It (Part 2) #Annuities
               Last week I was outlining the problem with annuities. What I am specifically referring to is the tax deferred status of annuities. While the growth inside these investments is not taxed until monies are withdrawn, they are taxed as ordinary income and if left to heirs there is no
The Problem with Annuities and How to Solve It
               It’s an issue that we see time and again. Many of our senior clients have annuities that they purchased years ago. In its simplest form, an annuity is an insurance contract into which you can reposition a lump sum to an insurance company and in return the insurance company
Home Based Medicaid – A Deceiving Benefit – Part 2 #HomeBasedMedicaid
           I told you last week that Jim’s dad was running out of money. Living at home with aides providing him with round the clock care, Jim was thinking that once the cash runs out he can apply for Medicaid under New Jersey’s home based Medicaid program #NewJerseyMedicaid.            Jim’s plan
Home Based Medicaid – A Deceiving Benefit #HomeBasedMedicaid
           Jim called because his dad was running out of money. Dad is living at home with two aides that provide him with round the clock care. He owns the home he lives in but only has approximately $30,000 of liquid assets left.            Jim figured home based Medicaid would be
College and Long Term Care – ??? (Part 3) #LongTermCare
           The last two weeks I have been telling you about an increasing trend that we are seeing in cases that come through our office- grandparents who are paying for college, daycare, camp expenses etc. for their grandchildren. While a big help to the children of our clients who can’t
College and Long Term Care – ??? (Part 2) #LongTermCare
           Last week I was talking about an increasing trend that we are seeing in cases that come through our office- grandparents who are paying for college, daycare and camp expenses for their grandchildren. I told you that there is a danger for some who could be headed for financial
College and Long Term Care – ??? #LongTermCare
           I was reading the most recent Consumer Reports magazine cover story on the cost of college and how it is impoverishing young people who are borrowing huge amounts to pay exorbitant tuition bills and graduating with debt into six figures that they can’t pay on the salaries they are