Category: Elder Law

Navigating the Complexities of Estate Planning: Understanding IRS Rev. Rul. 2023-02 and Its Impact on Step Up in Basis
December 20, 2025
Table of Contents
Understanding Step Up in Basis:
IRS Rev. Rul. 2023-02: A Game Changer:
Estate Taxes vs. Capital Gains Taxes:
Implications for Estate Planning:
Navigating Trust Structures:
What is The Bottom Line?
In the constantly changing area of estate planning and taxation, understanding the implications of new tax rules is crucial for both estate planners and beneficiaries. The Internal Revenue Service (IRS) Revenue Ruling 2023-02, issued on March 29, 2023, brought significant changes to the treatment of assets held in irrevocable grantor trusts, particularly affecting the step up in basis provision. We will explore the nuances of this ruling, its impact on estate and capital gains taxes, and considerations for estate planning strategies, especially in light of current estate tax exemption amounts.

For a quick rule of thumb, if an asset is counted in a person’s estate, and subject to estate taxes, it would qualify for a step up in basis, though there are limited exceptions to this. Even if an asset is subject to estate taxation, the tax may be zero if the value is below the estate tax exemption.
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January 20, 2024
Retirees 65 and Older Face New Financial Cliff for Long Term Services and Supports.
Article Navigation
Long Term Services and Supports
Length of Long Term Care
Costs of LTSS
How to Pay for LTSS
Long Term Care Insurance for LTSS
Medicaid for Long Term Services and Supports
Long Term Services and Supports

Long Term Services and Supports (LTSS) are services which a person would need to perform activities of daily living (ADL) such as bathing, dressing, grooming, or eating. Retirees, specifically, will need LTSS due to age, physical, cognitive, developmental, or chronic health conditions that limit their ability to care for themselves. LTSS can be provided institutionally in nursing homes or through home and community-based services (HCBS).
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January 12, 2024
Medicaid Update: New Jersey’s 2024 Updated Income and Resource Standards Are Here. Find Out What’s New and How It Affects You?
Table of Contents
Income and Asset Caps for Medicaid Eligibility
Primary Residence Exclusion
Summary Table
New Jersey’s 2024 Income and Resource Standards for Medicaid Only and 2024 Rates for Home and Community Based Services were announced on December 26, 2023. Effective January 1, 2024 the new amounts will take effect. While the changes do not amount to much, the changes are still significant and relevant to Medicaid recipients, applicants, and their spouses. It is important to know these figures if you are in need of Medicaid or you are researching Medicaid Planning.
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January 3, 2024
Understanding the Five-Year Look-Back Period for Medicaid in New Jersey and 7 Proven Strategies for Planning
Table of Contents
What Is The Five-Year Look-Back Period?
Why Does It Matter?
Costs Of Care
What Assets Count?
Exempt And Non-Countable Assets
Countable Asset Limits
Strategies Used To Qualify
Spending Down Assets
Asset Conversion
Establishing Trusts
Caregiver Agreements
Utilizing Exemptions For Spouses
Gifting And The Look-Back Period
Purchasing Long-Term Care Insurance
When applying for Medicaid, the look-back period is often the most complex part of the process. There are plenty of misconceptions and a great deal of confusion about Medicaid’s five-year look-back period, especially when it comes to long-term care in New Jersey.

This article aims to explain this complex topic to those who are navigating these waters either for themselves or their loved ones. We must caution though that Medicaid planning is not a do-it-yourself process.
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December 19, 2023
4 Small Steps to Help Start an Effective Estate Plan for Your Parents
Table of Contents
Importance of an Estate Plan
Ask Them For Advice About Your Estate Plan
Ask Them About Where They Want To Live
What Should We Do If Something Happens?
Let’s Talk Finances
Did You Get Their Attention?
Importance of an Estate Plan

Estate planning isn’t only planning for what happens with our things after we die, but it is also about planning what to do with our things if we can’t tell anyone while we are alive. Having this talk with a loved one, parents in particular, can be difficult and confrontational, but it shouldn’t be. So how should this conversation be started and what can you do to get the process started? I’ll give you some ideas that can build on themselves and hopefully get your loved ones a full estate plan in place. Please keep in mind small steps over time can be very helpful, but trying to get this done in one day can be overwhelming.
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December 12, 2023
New York’s Big Medicaid Change For Community-Based Long-Term Care Services: 30 Month Look Back Coming Soon.
Table of Contents
New York proposed to amend its Medicaid section 1115 demonstration, also known as the New York Medicaid Redesign Team (MRFFCRAT) waiver.
What Are Community-Based Long-Term Care Services and Why Are They Important?
What is The 30-Month Transfer of Assets Lookback Period for Medicaid, Who Will Be Affected?
What Are the Penalty Periods?
When is The New Rule Effective?
What Should You Do If You Need CBLTC Services and Medicaid?
New York proposed to amend its Medicaid section 1115 demonstration, also known as the New York Medicaid Redesign Team (MRFFCRAT) waiver.

The amendment seeks to implement a 30-month transfer of assets lookback period for coverage of community-based long-term care (CBLTC) services, and approval to exclude certain enrollees from these rules. This is similar to the current 60 month look back period for institutional based (nursing home and assisted living) Medicaid benefits. Currently, New York does not consider assets transferred in determining eligibility for community based long-term care services.
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December 7, 2023
Understanding 12 Advance Directive and Healthcare Proxy Rules in New Jersey
Table of Contents
What Is A Healthcare Proxy and Advance Directive?
Advance Directive Execution (26:2h-56):
Reaffirmation, Modification, And Revocation (26:2h-57):
Designation Of Healthcare Representative (26:2h-58):
Operative Conditions (26:2h-59):
Determination Of Patient’s Capacity (26:2h-60):
Authority To Make Healthcare Decisions (26:2h-61):
Rights And Responsibilities Of Healthcare Professionals (26:2h-62):
Decision Making Under An Advance Directive (26:2h-63):
Effect Of Instruction Directive (26:2h-64):
Additional Rights And Responsibilities Of Healthcare Institutions (26:2h-65):
Resolution Of Disagreements (26:2h-66):
Circumstances For Withholding Or Withdrawing Life-Sustaining Treatment (26:2h-67):
What Is A Healthcare Proxy and Advance Directive?

In the state of New Jersey, individuals have the right to make decisions about their healthcare through an advance directive and a healthcare proxy. These legal documents allow individuals to specify their medical preferences, ensuring their wishes are respected, even if they become unable to communicate or make decisions.

Here we will go through some of the key provisions of New Jersey’s regulations governing advance directives and healthcare proxies. We hope this can help you and your loved ones understand and plan for the future. If you have any questions, please contact us.
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November 27, 2023
Navigating the SECURE Act and SECURE 2.0: Changes to Inherited IRA Rules and Guidance
Table of Contents
Introduction to The Acts
Key Secure Act 2.0 Highlights
Introduction to The Acts

Retirement planning underwent significant changes with the introduction of the Secure Act in 2020 and its subsequent enhancement, Secure 2.0, in 2023. These legislative updates brought about profound adjustments, especially concerning the rules governing inherited individual retirement accounts (IRAs). We will explore the reverberations of the secure act, highlighting key modifications, and delve into the additional guidance provided by the Secure 2.0 act.
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November 15, 2023