According 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.
If 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.
For many teens across the country, college has finally begun! Many students are beginning their freshman year of college at 18 years old. This means that they are considered an adult. Due to this, parents or guardians no longer have the right to access their child’s medical information even though they are likely paying tuition and have the adult child on their health insurance. Many estate-planning attorneys are advising parents and guardians to obtain a health care proxy with a HIPPA waiver, as well as a Power of Attorney.
An in terrorem is a Latin word meaning “in fear”. It refers to a provision within a Decedent’s Will to disinherit a beneficiary if he or she challenges the Will in any way. Instead of a beneficiary receiving what he or she may have been entitled to within the Will, the individual will receive nothing, due to challenging the Will. He or she will essentially have forfeited any inheritance they were entitled to. This provision is intended to dissuade a person from contesting a Decedent’s Will. Further, an in terrorem provision is strictly construed by the courts.
Today, it is common for retirees to have residences in multiple states. Some choose to keep his or her family home and acquire a small home in Florida to visit during the cold months. When a person who owns residences or financial accounts in two different states passes, an ancillary probate proceeding must be commenced where the other real property is located. An ancillary proceeding is an administrative proceeding that is required in addition to the original probate process of a Last Will & Testament. Usually, this administrative proceeding is required because a person owns real property outside of his or her home state.
A gross taxable estate includes assets that maintain an interest upon an individual’s death, regardless of whether the assets pass by way of a last will and testament. A gross taxable estate includes gifts made during an individual’s lifetime that exceed $14,000 per person per year. Also, a gross taxable estate includes property transferred during a person’s life that he or she retains an interest in. This means that, if the property is transferred to another individual but one retained a life estate in the property, then it is part of the gross taxable estate. Also, the interest that is payable upon someone’s death, such as a property or life insurance policy, may be deemed as part of the gross taxable estate.
A health care proxy is a signed document that gives an agent or agents the power to make medical decisions for someone in the event that he or she becomes incapacitated. Oftentimes, many people ask whether or not an attorney is required to sign a health care proxy for it to be valid. The answer to that question is no. An attorney is not required to sign a health care proxy. In order for a health care proxy to be valid, two adult witnesses must sign it. It is worth noting that a named health care agent cannot be a witness. In addition, it is important to name alternate agents in the event that the first agent is unable, unavailable, or unwilling to act.
Many estate-planning mistakes involve retirement accounts. If you or a loved one has rolled over an employer sponsored 401(k) plan into an existing IRA, it is imperative that you update the beneficiary designation form that is on file. The failure to do so may result in an unintended beneficiary. Many individuals unintentionally fail to update the intended beneficiary on file in accordance with life situations such as divorce, death, or birth of a family member or another loved one.
When couples who have a child or children divorce, one of the most important decisions that will be made is which party will get custody. In New Jersey, there are several types of child custody, including temporary, sole, joint, and split. When a child custody dispute is brought before a New Jersey family court, a judge will look into a number of factors to determine what is in the best interest of the child or children. Some of the factors to be considered are the physical safety of the child or children and fitness of each parent. Due to the fact that character and propensities are relevant to determining these factors, a judge may find a parent’s criminal history to be a significant factor in child custody proceedings.
A home evaluation is conducted by a Managed Long Term Care Company (MLTCC) after an individual has been approved for Community Medicaid by the Department of Social Services. The evaluation process can be complex and may result in difficulty due to the MLTCC failing to award a Medicaid recipient with sufficient hours. An evaluation by a MLTCC is extremely important, because it is the determining factor for which benefits a recipient is entitled to through the Medicaid program