Reverse Mortgages Can be Great, but be Sure your Spouse is Protected
Reverse Mortgages are a very useful tool for people who are running low on liquid assets but wish to remain in their homes. These non-recourse loans are designed to give seniors over age 62 access to the equity in their homes, and unlike the traditional mortgage or Home Equity Line of Credit, monthly payments are not required. However, when the homeowner/borrower vacates the premises (such as,...
Agent under Power of Attorney Can’t Stand in for Party to a Divorce Action in NJ
In a decision published yesterday, a New Jersey judge has ruled that a party to a divorce case cannot avoid the need for their personal participation by having their agent under Power of Attorney appear on their behalf. The case of Marisco v. Marisco, Chancery Div.-Ocean Cy., docket no. FM-15-1152-13-N (Jones, L. R., J.S.C.) involved a divorce action between a husband and wife in their...
Reverse Mortgages and Real Estate Taxes
Yesterday, the Secretary of the US Department of Housing and Urban Development (HUD) announced a new policy designed to help reverse mortgage borrowers who are behind on their real estate taxes.
http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2011/HUDNo.11-001
With a conventional mortgage, your monthly mortgage payment typically includes an amount which the...
Was it a Gift or a Loan? What do your Other Kids Think?
Many times over the years, as we work on their estate planning, my senior clients have told me that they gave a substantial sum to one of their children to help them with a specific need. Perhaps it was to pay off debt, or buy a house, or start a business, or pay for college expenses for their own children. Whatever the reason, an important legal question comes up: “Was this a gift or a...
More on Medicaid Liens
As explained yesterday, the NJ State Medicaid Program cannot assert a lien against the Medicaid recipient’s property during his lifetime, unless the individual had wrongfully received benefits and the State sued and obtained a judgment. In all other cases, a lien can only be asserted after the death of a Medicaid beneficiary, and certain conditions must apply: the Medicaid recipient had...
CAVC Decision on Partial Knee Replacement under DC 5055
On June 27, 2014, the Court of Appeals for Veterans Claims (CAVC) published a decision in Hudgens v. Gibson. The critical operative regulation the CAVC was interpreting was 38 C.F.R. § 4.71a, Diagnostic Code (DC) 5055 (knee replacement (prosthesis)) and whether DC 5055 applies to partial knee replacement (PKR). This is a question commonly posed by veterans on popular veteran social media...
If you go into a Nursing Home, Does the State Take your House?
Nursing home care can be necessary when a person who is medically fragile or has severe memory impairment, confusion & dementia is unable to be effectively cared for in a home care setting. It could be that the home has too many stairs, inaccessible bathrooms or other hazards. It could be that the patient needs higher skilled nursing attention. It could also be that there is no family...
Sometimes Social Security Benefits Can be Garnished
Are you a grandparent who lovingly agreed to co-sign your grandchild’s college loans? Do you have unpaid alimony obligations under an old court order? You may have been under the impression since you retired that “Social Security Benefits are secure against all creditors,” and that they cannot be attached to satisfy a judgment. This is certainly the general rule. 42 USC...
Affordable Care Act (Obamacare) Coverage – Automatic Renewal Available
More than 5.4 million people enrolled in health insurance plans through the federally subsidized health insurance exchanges that were established by the Affordable Care Act (ACA), and 86% of them were eligible for subsidies, according to the NY Times on June 27th. The Department of Health and Human Services has issued regulations that enable most ACA enrollees to have their policies...
Medicaid Applications: Finish the Spend-down first
When a Medicaid application is denied due to “excess resources,” many procedural tangles can ensue. Individuals who require long-term care in nursing homes, assisted living or at home may apply for Medicaid when their countable available resources have been reduced to a low level, typically $2,000 for an unmarried person plus a protected share for their spouse. (Income is treated...