Category: Elder Law
-
Navigating the Complexities of Estate Planning: Understanding IRS Rev. Rul. 2023-02 and Its Impact on Step-Up in Basis
In this article we’ll discuss the impact IRS Rev. Rul. 2023-02 on the Step-Up in Basis for assets in irrevocable trusts.
-
Retirees 65 and Older Face New Financial Cliff 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.…
-
Medicaid Update: New Jersey’s 2024 Updated Income and Resource Standards Are Here. Find Out What’s New and How It Affects You?
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…
-
4 Small Steps to Help Start an Effective Estate Plan for Your Parents
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,…
-
New York’s Big Medicaid Change For Community-Based Long-Term Care Services: 30 Month Look Back Coming Soon.
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…
-
Understanding 12 Advance Directive and Healthcare Proxy Rules in New Jersey
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…
-
Navigating the SECURE Act and SECURE 2.0: Changes to Inherited IRA Rules and Guidance
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,…