Nearly a quarter of the baby boomer generation is childless. As this large segment of the population continues to age, concern is rising over who will care for the boomers who never became parents. As an article in the New York Times explains, however, studies show that childless adults are not receiving any less care[...]
While most Americans are aware of the distinct possibility that they will require long-term care after reaching the age of seniority, it is next to impossible to determine when this care will be needed, and what the extent of it will be. It is therefore vital for everyone to have a plan for the potential[...]
Despite the fact that the federal government has rolled out a generous federal estate tax law, certain states still levy estate taxes on amounts much lower than the federal threshold. As a recent article explains, New Jersey is one of those states. (In the article states with an "estate tax" are one color, and those[...]
When considering estate planning, many people understandably zero in on what should happen after death. However, an equally important part of estate planning considers what should happen towards the end of a person’s life. This is important, as one in eight Americans will deal with Alzheimer’s disease in their lifetime. Even more will deal with[...]
If you are a New Jersey resident and believe that you do not qualify for Medicaid benefits, think again. Governor Christie’s decision to expand Medicaid under the Affordable Care Act is projected to provide coverage to 395,000 uninsured New Jersey residents. In addition to providing expanded coverage for those who need it, the expansion is[...]
Many elderly New Jersey residents are considering making financial gifts to family and friends at this time of year. If you are considering making such a gift, it is important to understand how the rules applicable to lifetime transfers will impact your gift, otherwise your gift may be subject to a gift tax liability of[...]
The number of people who will require nursing home care will continue to rise as the baby boomer population continues to age. Although there are a myriad of programs that may assist these people in paying for that care, often times people need help navigating their way through these options. A recent article discusses several[...]
As a recent article explains, the Obama administration has recently announced that the Department of Veterans Affairs would begin to provide spousal benefits to the spouses of gay and lesbian veterans for the first time. This announcement came despite a current federal statute that limits the receipt of veteran spousal benefits to spouses “of the[...]
Medicaid is a means-tested government benefit program. For those who qualify, Medicaid will provide payment for long-term care services. A recent article discusses three estate planning maneuvers that may assist a person in qualifying for Medicaid. Gifting Assets Although gifting assets is the most obvious way to reduce the value of a person’s estate, this[...]
Even for Americans who are not dealing with cognitive disability, managing finances can be very difficult at times. It is therefore no wonder that, for a patient dealing with Alzheimer’s disease, managing money can become an impossible task. A recent article offers several tips to assist a loved one with Alzheimer’s disease to protect his[...]