The Home and Not Much Else (Part 3)
In this week’s post, I continue to discuss a common fact pattern we see in our office. The case involves someone who needs long term care, doesn’t have enough to pay for it but does have a house. As I explained last week, the available government benefit programs don’t always cover the
The Home and Not Much Else (Part 2)
In last week’s post I laid out a common fact pattern we see in our office. In short, it’s a case where long term care is needed and there is not much in the way of liquid assets to pay for it but there is a house which the senior owns
The Home and Not Much Else (Part 1)
In this week’s post, I address a common problem we see often in our office. An elderly client owns a home but very few other liquid assets. Income from Social Security and pensions is enough to meet monthly expenses - but then things change. Long term care becomes necessary. That’s when the status quo
The Time and Expense of Having No Will
People will sometimes ask me why they need a will if they don’t have any probate assets. This might be because they believe everything is owned jointly with right of survivorship or because they own nothing. It usually turns out, however, that they do own something. It might be a car that is
How Not to Lose Medicaid (Part 5)
In last week’s post I explained that when the non-Medicaid spouse dies, the Medicaid spouse must receive at least a minimum amount of assets from the deceased spouse. This is known as the elective share and in New Jersey is determined to be 1/3 of the deceased spouse’s estate less what
How Not to Lose Medicaid (Part 4)
In last week’s post, I explained that when a Medicaid recipient’s spouse dies the estate administration process can take time to complete. This process impacts the Medicaid spouse because - like it or not - that spouse must receive a minimum amount of assets under New Jersey’s elective share. Obviously, this could
How Not to Lose Medicaid (Part 3)
In last week’s post, I was explaining that the death of the non Medicaid spouse impacts the continued eligibility of the Medicaid spouse. That’s because the Medicaid spouse’s income and/or assets may change. The asset change is the more complicated one, in part because the estate administration process takes time. An application must
How Not to Lose Medicaid (Part 2)
In my post last week I explained that once a Medicaid application is approved, everything isn’t on autopilot. What I mean is that you must be vigilant so as not to lose the benefits once you have them. That can happen a number of ways such as a change in circumstance.
How Not to Lose Medicaid (Part 1)
Whenever I talk to families about how to get Medicaid approved, there are so many elements to a successful application and so many confusing requirements that the tendency is to relax a bit, thinking the job is done when we first get the application approved. One example is with respect to
Real Estate Tax Problem – Part 3
In this third post of three, I go back to the problem caused by the death of an owner of real estate and the subsequent deaths of the next two people who were to inherit that property. As I explained last week, A died in 1994 and her interest in