For a variety of reasons, people sometimes want some or all of their assets to pass directly to specific individuals upon their deaths, outside of probate. One way to accomplish this is to set up a "payable on death" (POD) account for money in a bank account or a "transfer on death" (TOD) account if funds are in a brokerage account....
The U.S. Supreme Court has agreed to hear a case disputing how much states can recoup from Medicaid recipients' settlements in personal injury cases. The decision has the potential to affect anyone who receives government assistance with their medical care following a disabling injury that results in a lawsuit....
A will is a legal document that directs who will receive your property when you die. The legal requirements are pretty simple. In order for your will to be valid, you must know what property you have and what it means to leave it to someone, then sign the document and have it witnessed according to the laws of your state....
Among the costs of caring for a dependent with special needs are the fees for professional advice. Some families are tempted to save on these costs by setting up a plan on their own....
It's an unfortunate reality that with the increasing number of natural disasters across the country, including fires, floods, and hurricanes, the chance that you could lose your house and possessions has become more likely. In the event of such a calamity, it is important that your estate planning and other important documents are beyond reach and easily retrievable....
Medicaid is a federal program, administered through the states at the county level, and created under the Social Security Act, 42 U.S.C.A. S. 1396 to 1396 w-5. The various Medicaid programs in New Jersey (all falling under the umbrella of NJ Family Care) are overseen by the Department of Human Services' Division of Medical Assistance and Health Services ("DMAHS")....
Pandemic-related financial assistance will no longer affect an individual's eligibility for Supplemental Security Income (SSI) or the benefit amount, the Social Security Administration (SSA) has announced. The assistance includes a long list of pandemic payments, ranging from COVID-19 relief checks to state unemployment assistance....
New Jersey's Medical Marijuana Program is administered through the State Department of Health's Division of Medicinal Marijuana. New Jersey was the fourteenth (14) state to legalize medical marijuana in January 2010 when the Legislature passed the New Jersey Compassionate Use Medical Marijuana Act ("CUMMA"), also known as S 88....
The SECURE Act, passed at the end of 2019, changed a number of rules regarding inherited IRAs, making it more difficult for most beneficiaries to save on taxes by "stretching" distributions over many years. However, an exception to the new rules potentially changes advice that special needs planners often give clients....
The New Jersey Division of Taxation is following the federal guidelines for tax relief as recently provided in the Internal Revenue Service announcement LA-2021-04, issued August 31, 2021, for victims of Hurricane Ida. Affected taxpayers include businesses and individuals located in the disaster areas and those whose tax records are in the disaster areas....
