Long Time Partners but Never Married
A recent call we received started with an increasingly common problem.  Mary had called because her partner, Bill had a stroke which landed him in the hospital.  He failed to make enough progress to be able to go home and would need to stay in a long term care facility. Mary told me
Medicaid When a Spouse Owns a Business – Part 2
In my blog post last week I wrote about a more frequent scenario we are seeing with married couple Medicaid applications.  It’s one in which one or both spouses own a business from which they derive income.  As I explained last week, Medicaid allows the healthy spouse to keep a certain amount
Another Home Based Medicaid Option? Part 2
Last week I wrote about another possible home based Medicaid option in New Jersey beyond the traditional one.  It’s called the Personal Preference Program or PPP.  It gives the Medicaid recipient and his or her family members more control over the type of care the recipient receives. As I stated last week the
Alternatives to 1st Party Special Needs Trusts – Part 1
I have written previously in this blog about situations that call for a 1st party special needs trust.  For example, we receive calls from personal injury attorneys who have achieved settlements for their clients who are on Medicaid.  In other cases clients on Medicaid receive an inheritance from a family member which
How the SECURE Act Changed Estate and Long Term Care Planning – Part 2
In last week’s post I reviewed the stretch provision of the tax laws that apply to retirement accounts such as IRAs and 401ks.  These laws allowed tax deferred accounts to remain tax deferred for a longer period of time by allowing certain beneficiaries to “stretch out” the time within which they
Alternate Care Facilities (Part 2)
In last week’s post I discussed lesser known facilities that provide some level of long term care. One is a residential health care facility and another is a dementia care facility. They are categorized differently by the State of New Jersey for licensing purposes. But paying for them can also
Tax Deductibility of Long Term Care Expenses (Part 2)
In last week’s post I was talking about the tax deductibility of long term care expenses. Some medical expenses can be deducted from gross income before calculating any tax due and owing. Long term care expenses can be deductible if within the definition set out by the IRS. (See last
Tax Deductibility of Long Term Care Expenses – Part 1
When clients seek out our advice on preserving assets while being able to pay for long term care, we spend much time discussing government benefits such as Medicaid and the VA Aid and Attendance programs and ways to qualify for them. There is, however, another important aspect to consider. When
Changing Demographics – Part 3
In last week’s post I explained the differences between domestic partnership, civil union and marriage when talking about the rights of same sex couples. So how does this impact the issues faced by aging LGBT seniors? Married vs. single has an impact on taxes. Different thresholds and rates apply to married
Changing Demographics – Part 2
In last week’s post I began discussing some of the unique issues faced by seniors who are part of the LGBT community.  Only within the past 20 years or so has marriage been an option for same sex couples. It is still an evolving area of the law as various