Second Marriage – Happily Ever After? (Part 2)
Last week I was telling you about George and Mary. Mary has dementia and may soon need nursing home care. George had gone to an elder law attorney who told him that once Mary spent down her assets she’d qualify for Medicaid. That advice came at a time when
Second Marriage – Happily Ever After?
George called me because his wife, Mary wasn’t doing well. She has dementia and he is facing the prospect of needing long term care for her, possibly in a nursing home, although he would like to do everything possible to keep her at home. As the conversation always does,
Confusing Medicaid with Other Government Programs (Part 2)
Last week I was telling you about the call I received from Lou. His dad had been living in senior housing but now needs nursing home care. Dad has $80,000 left in assets which he plans to spend down and then apply for Medicaid. When I asked Lou about
Confusing Medicaid with other Government Programs
The other day, Lou called me about his dad, who had been living in senior housing for a few years. His health has deteriorated and he now needs nursing home care. Lou’s plan is to spend down the $80,000 his dad has left, applying it towards the nursing home
A Personal Story
About a month ago, my parents’ health took a sudden turn and it led me down the path that many of our clients and their families face, tackling long term care. In our case, it was an accident outside their home. My mom broke her leg. My dad suffered
VA Pension not Income for Medicaid Purposes (An Update)
Last year I wrote about an important court ruling in a case that impacts Medicaid and VA Aid and Attendance benefits. Several elder law attorneys filed a lawsuit against the State of New Jersey which, despite being in clear violation of federal law, insisted on counting VA Aid and
Are We in Danger of Losing the Step Up in Basis (Part 2)
Last week we were discussing potential changes to the tax laws proposed by President Obama that would eliminate the step up in basis. Obama claims the target is wealthy Americans but the change could have a much bigger impact on average middle class citizens. That’s because with
Are We in Danger of Losing the Step Up in Basis?
A few weeks back, President Obama proposed, in his State of the Union address, that the “step up in basis” provision of the capital gains tax be eliminated. While Obama claims that he wants to eliminate a loophole for the rich, such a change could
How to Lower New Jersey’s Estate Tax
New Jersey has one of the worst, if not the absolute worst, estate taxes in the country. It is one of two states that has an estate tax and an inheritance tax. Over the past 15 years the federal estate tax exemption, that amount
Medicaid Isn’t Just About the Finances
It’s something I always remind clients when we talk about Medicaid eligibility. Meeting the income and asset limits are not the only requirements. An applicant must also be medically eligible. What does that mean? An applicant must establish the need for nursing home level