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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.
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...
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 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...
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...