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About 1.5 million Americans become widows and widowers in a normal year, but the pandemic has boosted that significantly. The National Center for Family and Marriage Research at Bowling Green State University estimates that about 380,000 of more than 700,000 people in the U.S. who have died from Covid were married.
Most people have heard that each individual is allowed to gift $15,000 per year to another person without paying a gift tax. However, exactly what the gift tax is, and the consequences of going beyond $15,000, are less clear.
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.
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...
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...
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....
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...
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...
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...