Blog: News & Insights

Poorly written Wills (or revocable trusts) can create enormous headaches for the Executor (or successor Trustee) who has to track down Beneficiaries and interpret what the document requires. “Simple Wills” that don’t address the details can lead to expensive legal troubles later. Here are some issues to think about when you are designing your estate plan,  so that your lawyer...

Could this be you? You’re in your thirties or forties, with several active children and a busy social and business life. You’ve got volunteer activities and school programs to keep track of. Your parents are in their seventies or eighties, have their own home, and appear to pay all their bills when due. You have no idea what your parents’ income or assets are because they don’t want to bother...

I had a meeting recently with a client whose spouse had set up an irrevocable life insurance trust (ILIT).  The client is the beneficiary of the Trust. The Trust owned a substantial life insurance policy on the spouse. The spouse died 15 years ago, and the insurance policy was promptly paid to the Trust. The client is the Trustee, and established a brokerage account with the funds. The client...

In 2020 according to one set of data, there were about 550,000 2- and 3-family rental properties in New Jersey. Many seniors own such buildings and live in one of the units. At a certain point in later life, they may be depending on their children (or others) as Power of Attorney or court-appointed Guardian to manage their finances and property.  An important deadline is fast approaching that...

Home health care is a huge industry in the USA with over 3 million workers in 2022. The US Bureau of Labor Statistics estimates that jobs will grow by 22% over the next 8 years. New Jersey has thousands of in-home caregiver employees. Many seniors are trying to “age-in-place” and they hire caregivers to help them with their functional tasks of daily living. On January 12, 2024, New...

The Medicaid program which pays for nursing home costs and for care in the community is called MLTSS – Medicaid Long Term Services and Supports. An applicant has to meet the specific financial requirements for income and assets (resources). These financial limits get updated every year. Some numbers go up in January, and others in July.  This post reviews the numbers that are changing...