A Personal Story
About a month ago, my parents’ health took a sudden turn and it led me down the path that many of our clients and their families face, tackling long term care. In our case, it was an accident outside their home. My mom broke her leg. My dad suffered
VA Pension not Income for Medicaid Purposes (An Update)
Last year I wrote about an important court ruling in a case that impacts Medicaid and VA Aid and Attendance benefits. Several elder law attorneys filed a lawsuit against the State of New Jersey which, despite being in clear violation of federal law, insisted on counting VA Aid and
Are We in Danger of Losing the Step Up in Basis (Part 2)
Last week we were discussing potential changes to the tax laws proposed by President Obama that would eliminate the step up in basis. Obama claims the target is wealthy Americans but the change could have a much bigger impact on average middle class citizens. That’s because with
Are We in Danger of Losing the Step Up in Basis?
A few weeks back, President Obama proposed, in his State of the Union address, that the “step up in basis” provision of the capital gains tax be eliminated. While Obama claims that he wants to eliminate a loophole for the rich, such a change could
How to Lower New Jersey’s Estate Tax
New Jersey has one of the worst, if not the absolute worst, estate taxes in the country. It is one of two states that has an estate tax and an inheritance tax. Over the past 15 years the federal estate tax exemption, that amount
Medicaid Isn’t Just About the Finances
It’s something I always remind clients when we talk about Medicaid eligibility. Meeting the income and asset limits are not the only requirements. An applicant must also be medically eligible. What does that mean? An applicant must establish the need for nursing home level
Alert – Veterans Administration New Regulations Propose 3 Year Look Back
On January 23, 2015, the VA took the initiative in proposing new regulations that would penalize wartime veterans and their spouses up to 10 years for making gifts, if they wish to qualify for the VA’s Aid and Attendance program. As many readers of
Retitling Assets to Healthy Spouse to Qualify for Medicaid (Part 2)
Last week we were discussing Mary’s dilemma. Her husband, George, has Alzheimer’s Disease and is going to need some care at home. Mary is concerned that soon he will need nursing home level care and she wants to preserve their primary home and their second home.
Retitling Assets to Healthy Spouse to Qualify for Medicaid
It’s something I have written about in past blog posts but just last week we received a call from Mary on this exact issue. Her husband, George, has Alzheimer’s and now needs care at home. She is concerned that as his condition worsens it won’t be long before he
The ABLE Act – The Drawbacks
Last week I told you about the ABLE Act that was passed by Congress and signed by President Obama just before the Christmas holiday. It sounds great, allowing disabled individuals to set up savings accounts, similar to a 529 plan, without losing government benefits. But is it all its