Creating a will should be the first step in a comprehensive estate planning process, since it allows you to make sure that your wishes are properly carried out after your death.
What Happens When You Die Without A Will?
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Estate Planning & Elder Law Blog
Navigating the Increase of the Penalty Divisor in New Jersey for Medicaid Applicants
Medicaid plays a crucial role in covering the costs of long-term care, especially for the elderly and disabled. A recent update from the New Jersey Department of Medical Assistance and Health Services has brought significant changes to the penalty divisor—a key...
The Digitalization of Estate Planning
Why is a Digital Estate Plan Important? In today's digital age, the digitalization of estate planning is crucial as a significant part of our lives and assets exist online. This article will explore the importance of including digital assets like social media...
New Jersey Increases Medicaid Penalty Divisor for 2024
As of April 1, 2024, the New Jersey Department of Human Services, Division of Medical Assistance and Health Services has increased the Medicaid penalty divisor from $384.57 to $440.10 per day[1]. This change affects individuals applying for Long Term Services and...
Guide to Preserving Assets with Medicaid Compliant Annuities in New Jersey
What is a Medicaid Compliant Annuity? A Medicaid compliant annuity is a specialized financial product designed to help individuals qualify for Medicaid coverage while preserving a portion of their assets. As the costs of long-term care and nursing home stays continue...
The Advantages Of Using Annuities In Estate Planning
There are many different ways to plan your estate, and one option you may want to consider is using annuities. Annuities can provide a number of advantages, including tax benefits and the ability to create a stream of income for your heirs. If you're looking for a way...
Medicaid Planning: Strategies, Costs, and Eligibility
Understanding Medicaid Planning What is Medicaid Planning? Medicaid planning is a crucial process for individuals and families navigating the complexities of long-term care and the financial challenges that accompany aging. It involves legal and financial strategies...
Navigating Guardianship in New Jersey
Guardianship in New Jersey is a significant legal process designed to protect individuals who are unable to manage their own affairs due to incapacitation. This comprehensive guide, prepared by the Law Firm of Benjamin Eckman, delves into the intricacies of New Jersey...
Grantor vs. Non-Grantor Trusts: Which Is Best For Your Estate Plan?
Defining a Trust A trust is a formal arrangement where a trustor or settlor assigns another party, the trustee, the authority to hold title to property or assets for a beneficiary's advantage. The primary purpose of a trust is to safeguard the trustor's assets, ensure...