Binding Arbitration and Admissions Agreements – Part 3
In this week’s final post of three I will finish telling you about a recent court case concerning a dispute over the terms of a long term care facility admissions agreement. Last week I delved into the specifics facts of that case - the relevant terms of the various documents and
Binding Arbitration and Admissions Agreements – Part 2
In last week’s post I wrote about a New Jersey Appellate Division case that was handed down a couple of weeks ago concerning an arbitration clause in an assisted living facility contract. I explained that there is a federal law that favors and encourages arbitration but there is also a New
Don’t Forget About the Elective Share – Part 2
Last week I wrote about Jim’s call to our office. His dad died leaving everything to Jim, including the task of taking care of his mom who had been living at home needing nursing home level care. Jim had found a nursing facility who would take her in. It would cost him $100,000
Aging Seniors Who Own Real Estate
So often when we receive a call from a child of an aging parent in crisis, it’s about the signs of declining mental and physical capabilities leading to the discovery of a financial crisis. This decline in health and cognition usually means a decline in the ability to manage assets such as keeping
How SECURE Act Changed Estate and Long Term Care Planning – Part 3
In the past 2 weeks’ posts I have been talking about the SECURE Act and how it has changed the tax laws with respect to retirement accounts such as IRAs and 401ks. With limited exceptions (as noted in my post last week), beneficiaries who inherit these accounts upon the owner’s death
How SECURE Act Changed Estate and Long Term Care Planning – Part 1
At the end of 2019 Congress passed the SECURE (Setting Every Community Up for Retirement Enhancement) Act which made some significant changes to retirement accounts - some positive and some negative. I wrote about it a bit when the law was passed (See posts 1/5/20 and 1/13/20). In the year plus since
Withdrawing IRA Funds Before Year End – Part 2
This year has been unlike any other. The pandemic has resulted in hundreds of thousands of deaths and many Americans continue to face economic hardships caused by the government imposed shutdowns and restrictions. At the same time Congress did pass a relief package back in March called the CARES Act. As I said
Withdrawing IRA Funds Before Year End – Part 1
As we get to the close of the year, many seniors if they haven’t done so already must withdraw enough from their retirement accounts to meet required minimum distribution requirements. The tax deferred status of these accounts can increase their value substantially, however, eventually the government wants its share in taxes. The
Funeral Expenses and Medicaid
Whenever I talk to a family whose loved one is close to spending down the required amount of assets to qualify for Medicaid, the topic of burial expenses comes up. Most people are aware that Medicaid permits setting aside funds to cover the burial but many are a bit fuzzy on
Medicaid Married Couple Redetermination Challenges – Part 1
Last year I wrote about the challenge of keeping Medicaid after you’ve been approved. Whenever I give prospective clients an overview of the Medicaid rules and what is necessary to qualify, I also explain that the rules must be followed even after Medicaid eligibility is achieved. You can’t let your guard down and