Inheriting an IRA from a parent has a unique set of rules you need to know, which will help you make the most of the money you inherit and avoid a tax-time surprise.
Estate Planning & Elder Law Blog
MEDICAID PAYS FOR NURSING HOME
The cost of a stay in a New Jersey nursing home can run anywhere between $125,000.00 and $150,000.00 per year. The primary payer for this is Medicaid. Medicaid, unlike Medicare is a welfare program, which covers the medical needs of New Jersey residents over 65, blind...
RETAINING INDEPENDENCE IN YOUR HOME
Eleanor Frenkel, the director of Visiting Homemaker Home Health Aide Service of Bergen County, is our guest blogger for the week of July 1, 2013. Her topic is retaining independence in your own home. Visiting Homemaker Home Health Aide Service is Bergen County’s only...
Will You Have To Pay New Jersey Estate Taxes?
The State of New Jersey imposes an estate tax that is separate from the federal estate tax. Under current law, estates with a total value of more than $675,000 are subject to the New Jersey estate tax. This is in addition to New Jersey inheritance tax....
Guest Blogger Elizabeth Davis of Bright Side Manor
Elizabeth Davis, LCSW, CALA has been Bright Side Manor’s Executive Director for more than 20 years. In her blog, Elizabeth details the benefits and advantages of an affordable assisted living facility in the heart of Teaneck, N.J. Bright Side Manor, with a diverse set...
THE COMPLEX MEDICAID APPLICATION PROCESS: DON’T GO IT ALONE
By: BENJAMIN D. ECKMAN, ESQ. Elder Law Attorney The Medicaid application process is complex. Have you ever been audited by the IRS? If you ever received an IRS audit notice the first thing you did was probably contact either your CPA or your lawyer. Either way I...
PROTECT YOUR IRA
In this article we detail how best to protect your IRA. On June 12, 2014 the United States Supreme Court issued a unanimous decision holding that an inherited IRA passing to a non-spouse beneficiary is not a “retirement fund” and thus does not provide creditor...
Annuities Protect Funds From Nursing Home
In this article, we detail how annuites protect funds from nursing home. Individuals often purchase annuities in order to provide a source of income during retirement. However, annuities should also be considered to shelter assets, allowing the purchaser to qualify...
Medicaid and the Primary Residence
The Problem: Will I Lose My Home If Nursing Home Care Is Ever Needed? What is the best way to protect your primary residence from Medicaid if nursing home care is ever needed? Many senior citizens are concerned with the thought “what will happen to my primary...