Remote Notary Revisited
Last year in response to the COVID crisis, first New York and then New Jersey temporarily allowed for the execution of documents that must be signed before a notary to be done remotely. Legal documents such as powers of attorneys and wills could now be signed with a notary looking on
Why a Will is so Important in a Second Marriage – Part 2
In my post last week I began telling you about Mary’s call. Her husband, John passed away without a will so for the probate assets - those held by John individually with no co-owner and no beneficiary upon death - New Jersey’s intestacy laws would control. As I explained last week, these
Why a Will is So Important for Spouses in a 2nd Marriage (Part 1)
I have often heard people say that they don’t need a will. “My wishes are known by my family”, they’ll say. But a recent call to our office shows how wrong that can be. Mary’s husband John had passed away from a long illness. Although he had time to prepare a will he never
How Scrutinizing is Medicaid Really? Part 2
Last week I wrote about a question I hear often about Medicaid. Isn’t there a certain amount of gifting that is allowed under Medicaid regulations? The answer as I stated last week is that there really isn’t. Any gift or transfer for less than fair value is subject to a penalty. In practice, however,
How Scrutinizing is Medicaid Really? Part 1
I had a conversation with a client recently about avoiding potential Medicaid penalties if and when she is ready to file a Medicaid application. She asked me a question I get often. “Is there an amount I can gift that is small enough that would not trigger a Medicaid penalty, say for
Alternatives to 1st Party SNTs – Part 2
In my blog post last week I wrote about 1st party special needs trusts, which are helpful in maintaining Medicaid benefits for someone who may receive an unexpected inheritance or the proceeds of a personal injury settlement. 1st party SNTs, however, can only be funded when the beneficiary is under age
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
What Makes an Annuity Medicaid Compliant – Part 3
In last week’s post, I explained how a Medicaid compliant annuity (MCA)works in a married couple situation. This week we’ll see how it can be helpful in the case of a single Medicaid applicant. An MCA can be useful in preserving some assets when there is no chance of waiting out a
What Makes an Annuity Medicaid Compliant? (Part 2)
In last week’s post I explained what makes an annuity a Medicaid compliant annuity (MCA). This week I’ll explain how MCAs are helpful in qualifying for Medicaid. If you are a frequent reader of this blog you know that Medicaid is a needs based benefit with an asset limitation and also income
What Makes an Annuity Medicaid Compliant?
We have recently received a number of calls inquiring about Medicaid compliant annuities. Similar to QITs which I wrote about here a couple of months ago, there is much misunderstanding of what is and is not a Medicaid compliant annuity (MCA) and when it can be used. First, let’s clearly define an