New York Long Term Care Trust Act – Part 2
In last week’s post I wrote about a bill introduced in New York that we may eventually see in New Jersey. Modeled after a Washington state law, if passed it would mandate a payroll tax on all employees to cover an insurance policy that will provide coverage for their long term
Happily Married or Something Else? Part 1
Through the years we have had many clients who have been happily married for the second or third time. When it comes time to address a long term care crisis, however, navigating the long term care system and determining how to get the best care for the ill spouse while not
Longtime Partners but Never Married (Part 3)
In this 3rd post on longtime partners living together but never married, Bill needed long term care and Mary was concerned about how to pay for it and at the same time be able to afford her own living expenses.  As I explained last week, the house they lived in and
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
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
We frequently review long term care facility agreements for our clients.  We want to be sure they understand what is contained in these agreements which can be 30 pages or more with multiple attachments and exhibits.  It is a legally binding contract that contains rights and responsibilities for each party but the
Don’t Forget About the Elective Share
Jim’s dad had  recently died leaving him to care for his mom.  His dad knew that Jim would need to place his mom in a facility.  She could not longer be cared for at home.  He wanted to provide for that care but he also wanted to leave Jim an inheritance. Dad went to an
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
NJ Response to COVID’s Impact on Long Term Care Facilities
Approximately half of New Jersey’s coronavirus related deaths occurred in long term care facilities. A state funded health report has made some recommendations on how to improve facilities’ responses to the virus, especially with the potential of a much talked about second wave this winter. The Manatt Health report found that the