How Jane’s Simple Estate Matter Turned into a Complicated Mess
There are many misconceptions about estate administration and probate. So often when someone asks me about it, they’ll typically tell me that their family member’s estate matter is not that complicated, that they can handle it themselves. The following is a cautionary tale for the do-it-yourselfer. Mary died without a
Are You Putting All Your Eggs in One Long Term Care Basket?
Last year on this blog I wrote about the financial risks of investing in a continuing care retirement community (CCRC) . Late last year Erickson Retirement Communities, which operates CCRCs in 10 states, including New Jersey, filed for Chapter 11 bankruptcy, reinforcing many of the concerns I have often expressed
How Does Medicaid View Same Sex Partnerships?
The past year has seen failed attempts by supporters of same sex marriage to have the definition of marriage expanded to include gay and lesbian unions. However, some states have passed laws creating domestic partnerships and civil unions, which then carry with them some of the benefits of marriage. New
Hope For Haiti — Despair for Mom?
The recent outpouring of support for the victims of the earthquake in Haiti highlights a question often asked about gifting and charitable contributions as it relates to Medicaid. For example, last week Mary called me to ask whether it is OK for Mom to make a charitable contribution to help
How the Medicaid System Differs From the Criminal System
“Mom and Dad have always been big believers in paying cash for everything. They don’t use credit cards”, John tells me. “Don’t buy on credit”, they always said. While that’s a pretty sound financial approach, it can get Mom and Dad into hot water when it comes
How a Call From Mary’s Attorney Saved Her $90,000
One of the common themes I repeat often, when it comes to Medicaid, is that timing is everything. A recent call we received from Mary’s personal injury attorney, Bill, illustrates the point. Mary’s husband, John has dementia and is about to enter a nursing home. Mary and John don’t have
What’s So Good About Eliminating Federal Estate Tax?
Many of us didn’t think we’d see 2010 but I guess we were wrong. I’m not talking about any apocalyptic predictions of the end of the world but, rather, about the elimination of federal estate tax under the 2001 tax bill that President Bush signed into law. Elimination
Retirement Accounts – More Than the Minimum Required Distributions?
The fact that we are living longer than our parents and grandparents is changing so many aspects of our lives. One area that will be impacted by this longevity is retirement accounts. So many of our clients have it ingrained in their minds that they must not touch their retirement
How We Recovered $240,000
Jane called because she was flat out of money and desperate. Dad had been in a nursing facility for almost 4 years now. He had spent down his money and Jane had paid the $11,000 per month expense after that, until she was tapped out of her home equity line
How $250,000 Went Up in Smoke
Mary’s husband Joe, passed away several years ago but she continued to live in the home where they had raised their family. Mary was now struggling with the effects of dementia. But she wouldn’t hear of it when her children talked about moving her to a safer environment. So they