Purpose of a Trust

trusts and estate lawyer Wayne, New JerseyThe main purpose of every trust is to preserve assets that will eventually pass or transfer to beneficiaries. In order for the trust to be valid, the terms must clearly recognize that the assets will be transferred to beneficiaries. In addition, trusts are also used to: Continue reading Purpose of a Trust

Authorization for Final Disposition

Estate Planning Lawyer Wayne, NJAn authorization for final dispositions is a document that allows a person to designate who will be in charge of their body and funeral arrangements upon his or her death. In addition, the document provides family members and loved ones with specific instructions regarding a person’s wishes for their funeral and body disposition. The document may include information regarding: Continue reading Authorization for Final Disposition

Peggy’s Law

elder abuse lawyer Wayne, New JerseySoon, nursing homes in New Jersey will be required to have employees notify the local police department within hours of a suspected claim of abuse. This law, also known as Peggy’s Law, was adopted to provide protection to residents of nursing homes who are being abused. The law was named after Peggy Marzolla, who died at 93 years of age, after sustaining injuries while in the care of a nursing home. In 2010, Ms. Marzolla was brought to the hospital where doctors discovered she had a broken jaw, eye socket, cheekbone, and wrist. She also had bruises on her elbows, welts on her back and a gash on her leg. Continue reading Peggy’s Law

Trust Basics

estate planning lawyer Wayne, New JerseyEstate planning is a complex process. Estate planning often includes a Last Will and Testament and may also include utilizing a trust as well as advance directives such as a power of attorney, health care proxy, living will, and HIPPA release form, among others. While these concepts may be foreign, these estate-planning tools assist with creating a comprehensive estate plan. One of the most important tools in every estate plan is a trust. A trust is created to protect property and assets. In order for a trust to be valid it must: Continue reading Trust Basics

Utilizing A Pre-Paid Irrevocable Funeral Contract (or Trust) To Qualify For Chronic Care Medicaid

using a pre-paid irrevocable funeral trust to qualify for medicaidWhen an individual is entering a skilled nursing facility, it may be necessary to complete an application for Chronic Care Medicaid. A skilled nursing facility may cost anywhere from $15,000.00 to $25,000 per month, which can quickly lead to the depletion of available resources. Medicaid is a need-based program that assists with the cost of care in a skilled nursing facility. To qualify for Medicaid, an individual must meet certain asset and income requirements. Continue reading Utilizing A Pre-Paid Irrevocable Funeral Contract (or Trust) To Qualify For Chronic Care Medicaid

Do Not Use Funds from an Irrevocable Trust to Cover the Cost of an Assisted Living Facility

New Jersey irrevocable trust lawyerOftentimes, individuals will put the proceeds from the sale of a house into an irrevocable trust.  When the time comes, an elderly person may move into an assisted living facility, which can be expensive. A trustee of an irrevocable trust may look to use the funds in an irrevocable trust to cover the cost of the assisted living facility. However, the money in an irrevocable trust should not be used to pay for care in an assisted living facility.  The reason being is that an irrevocable trust is only exempt for Medicaid purposes when there are no principal distributions being made to a grantor or in this case to an assisted living facility on an individual’s behalf because doing so would violate the terms of a trust.

Continue reading Do Not Use Funds from an Irrevocable Trust to Cover the Cost of an Assisted Living Facility

Should You Contest a Family Members Will?

familyWhile some people are pleased with the way a decedent allocated assets to his or her beneficiaries, others may not be. However, just because a person was not given what he or she felt they were entitled to, does not necessarily provide them with the grounds necessary to challenge a decedent’s will. An individual must determine whether challenging a decedent’s will is both valid and will succeed in the eyes of the law because the process is timely and expensive. It is worth mentioning that a decedent has a right to allocate his or her assets or other meaningful possessions to those of their choosing.  This includes leaving assets or large sums of money to a charity or other institution. However, this does not preclude a beneficiary or heir from challenging the decedent’s will.

Continue reading Should You Contest a Family Members Will?

Protect Your Financial Future with a Comprehensive Estate Plan

New Jersey estate planning lawyerRegardless of how many assets you own, estate planning is an important component of your overall financial plan. A properly expected estate plan can help to secure a financial legacy for loved ones and express medical decisions if you are unable to do so. Estate planning can be complex, so it is important to consult the guidance of an experienced estate planning lawyer.

Continue reading Protect Your Financial Future with a Comprehensive Estate Plan

Housebound For Veterans

Housebound for New Jersey veteransAccording to the 2012 U.S. Census brief, there are more than 12.4 million veterans age 65 and older living in the United States. The Department of Veterans Affairs (VA) is responsible for adjusting the level of benefits that veterans are entitled to receive. In addition, the Department of Veterans Affairs provides a pension service program to elderly veterans known as Housebound. Housebound entitles a veteran to receive additional monetary compensation on a monthly basis.

Continue reading Housebound For Veterans

Transfers of Assets Affect Medicaid

New Jersey Medicaid planning lawyerIf a Medicaid applicant is married and his or her spouse resides in the primary residence, then the home is an exempt resource. The spouse is entitled to keep resources of $120,900. The applicant must have less than $2,000. Any additional resources above these limits must go toward the cost of his or her nursing home care. If the applicant has a spouse, he or she may retain a portion of the other spouse’s income under certain circumstances.

Continue reading Transfers of Assets Affect Medicaid

View Map and Driving Directions