Fraud Prevention – Part 3
In this third post of three, I talk again about financial fraud, something it seems that has become more prevalent with each passing year. Last week I discussed some basic do’s and don’ts with respect to emails. But if my mom walks into her bank and wants to withdraws a large amount
Fraud Prevention – Part 2
In last week’s post I wrote about the increasing number of our senior clients falling victim to online financial scams. Once money has left your account the chances of recovering it are remote. So, the best defense is to prevent it from happening in the first place. As I stated last week, there
Fraud Prevention – Part 1
As internet use and online business have increased, so has online financial theft and fraud. Seniors are especially susceptible for a number of reasons. For one thing, criminals go where the money is. Much of the country’s wealth is held by the older population. Secondly, as we age, our cognitive skills are not what
Recent Trends in Medicaid
I have always said that the desire to quickly file a Medicaid application should be tempered by the ability to provide the documentation that is required for an application to be successful. The State is now scrutinizing every single transaction in and out of every single account that existed in
Sunset Provision for Social Security and Medicare? – Part 2
In last week’s post I started to discuss clauses found in some laws that are called “sunset provisions”. They are essentially expiration dates for a law. We’ve seen them in estate tax laws. The current federal estate tax exemption is scheduled to “sunset” in 2025, unless Congress votes to extend. The key here is
Unintended Consequences – Part 2
In my post last week, I started to tell you about an interesting estate administration case involving an heir who had legally adopted the decedent a number of years before the decedent died. This was an adult adoption in which the adopted parent was only 10 years older than the adopted
Unintended Consequences (Part 1)
In this week’s post I’ll tell you about an interesting issue that came to our office involving an estate administration matter. The decedent left a portion of his estate to his friend. What I also learned is that the friend who was 10 or so years older than the decedent, legally adopted
The Executor who is Neither a Resident nor a Citizen (Part 2)
My post last week was about a call we received from someone named as executor in a sibling’s will. While the decedent was a New Jersey resident and U.S. citizen, the executor was not. As I explained last week, there is no New Jersey statute or rule requiring it, however, there are
The Executor Who is Neither a Resident Nor a Citizen (Part 1)
We received a call the other day regarding an estate administration matter. A New Jersey resident died leaving a home and other assets in her name. She named her her sibling as the sole heir as well as her executor. Sounded pretty straight forward. An inheritance tax return would need to be filed
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