Real Estate and Medicaid – Part 1
As I have written about many times on this blog, Medicaid is a needs based benefit.  Assets must be spent down below $2000.  Not every asset, however, is countable.  There are exempt or non countable assets.  These are assets that do not count against the $2000 limit.  Additionally, in the case of married couple the
What is the Meaning of Per Stirpes? Part 2
In last week’s blog post, I explained the term “per stirpes”, which is typically found in a last will and testament.  It is meant to cover the possibility that the person who I name in my will to receive a bequest has died before me.  As I explained last week, the term
In Terrorem Clauses – Enforceable or Not? Part 2
In my post last week, I explained the concept of an in terrorem clause.  These clauses are designed to discourage will challenges, however they do have limitations.  They work by providing that if someone challenges the will they would receive nothing.  This acts as a disincentive to challenging the will if the person
In Terrorem Clauses – Enforceable or Not? (Part 1)
In this week’s post I discuss in terrorem clauses, more commonly known as no contest clauses which can be found in a last will and testament.  In terrorem is a Latin term meaning “in fear”. The purpose of such a clause is to discourage will challenges. The clause states that if an heir
2025 Social Security Cost of Living Adjustment
When we get to the end of the year, it’s time to look ahead to what numbers may change in 2025 for the government programs from which our clients receive benefits.  It starts with the Social Security Administration, which announces its cost of living adjustment (COLA).  Other government programs then adjust their
What Qualifies as a Last Will and Testament? Part 3
In my last 2 blog posts I have explained the elements of a last will and testament.  New Jersey law clearly sets out the requirements which, if followed, make the probate process much easier than when the law is not followed. While I am always an advocate for consulting with an experienced
What Qualifies as a Last Will and Testament? Part 2
In my blog post last week, I explained the elements of a validly executed will.  When someone dies with a will, it must first be admitted to probate before the executor named in the document can begin to do what is required to administer the decedent’s assets. In New Jersey, if the
What Qualifies as a Last Will and Testament? Part 1
What Qualifies as a Last Will and Testament? Part 1 In my first conversation with family members after a loved one dies, not infrequently someone will tell me that the decedent (person who died) verbally expressed his or her wishes about how they wanted their estate to be distributed. In some cases
Social Security Benefits and Taxes (Part 2)
In last week’s post I talked about Social Security.  I specifically focused on how, for many Americans, Social Security benefits are the sole source of income but most of these benefits are subject at least in part to income tax.  That is the case for a single person who has more than
Social Security Benefits and Taxes (Part 1)
Social Security benefits are the primary source - and in some cases the sole source - of income for a majority of Americans.  Many Americans have little to no retirement savings.  Company pension plans have become rare and even when available, most people do not stay with a single company long enough