Posted by: Begley Law Group
Case Study: Grandparents use both estate planning and lifetime gifts to assist grandchildren. Harry and Sally have two grown children and four grandchildren who are all under age 18. Harry and Sally are close to their children, Bill and Irene. The grandchildren are a source of joy and pride and occupy a special place in their hearts. Harry and Sally want to include their grandchildren in their estate plans. They originally planned to simply leave everything to Bill and Irene and let them take care of the grandchildren. Then, a friend told them about his grandmother’s will, which included specific [...]
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Posted by: Begley Law Group
What Is Estate Administration? Estate administration is the process by which the assets of a deceased individual are transferred to beneficiaries. If the decedent has a will, the assets are transferred in accordance with the terms of that will. If the decedent has no will, the assets pass under the intestate statute of the State of New Jersey. Who Is Responsible for Estate Administration? When a decedent leaves a will, estate administration is the responsibility of the person named as Executor in that will. If the decedent does not have a will, someone, usually a family member of the deceased, serves as “Administrator.” The individual named as Executor or Administrator [...]
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Filed under Special Reports.
Tags: Estate Administration
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Posted by: Begley Law Group
Case Study: Special needs child – public benefits retained The Situation Harry and Sally have a 21-year-old son, Bill, who has autism and lives at home with them. The couple is concerned about protecting Bill’s welfare after they die. They had always expected Bill to go live with his sister, Joan, who is married and has three children. But recently, they learned that Joan’s husband does not want to take on this responsibility. Harry and Sally now need to make alternate arrangements for their son’s future. Harry and Sally own a home, and they have retirement plans, life insurance, and approximately $500,000 in assets. [...]
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Tags: Estate Planning
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Posted by: Begley Law Group
Case Study: Planned giving techniques help donor achieve estate planning goals Joe Generous feels indebted to his alma mater because the education he received there changed his life in so many gratifying ways. Joe has always made modest annual gifts to the university. He would like to give more, but hesitates to do so for two reasons. First, Joe feels he can’t afford to lose the cash flow provided by his assets; second, he is unwilling to sell appreciated assets because of the capital gains tax he will owe from the sale. As a result, Joe has decided not to increase his annual gifts. Instead, [...]
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Posted by: Begley Law Group
Case Study 1: Inheritance partially lost in equitable distribution settlement Bill and Linda have a daughter, Sally, who marries Harry. While Harry is attractive and likeable, he has difficulty holding a job, and he is a poor money manager. Harry also likes to spend money lavishly, mostly on himself, rather than on Sally and the children. Sally’s parents die, and their estate is left to her. After several years of marriage, Sally and Harry divorce. Under the rules of equitable distribution, Harry receives half of Sally’s inheritance. Harry moves to another state and refuses to pay any child support for Bill and Linda’s grandchildren. [...]
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Posted by: Begley Law Group
Case Study 1: Simple wills inadequate to protect children from previous marriages Andy (age 77) and Maureen (age 75) are in a long-term second marriage. Andy has two children from a previous marriage, Alexis (age 50) and Kit (age 48). Maureen also has two children from a previous marriage, Lauren (age 45) and Misty (age 44). Andy and Maureen have simple wills that give their entire estate to the surviving spouse with contingent gifts for the four children. After Andy dies, Maureen moves closer to her children and becomes estranged from Alexis and Kit. She changes her will to give her entire estate to Lauren [...]
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Posted by: Thomas D. Begley, Jr.
Introduction “America’s veterans deserve the best health care and compensation system we can provide.” (Anthony Principi, Secretary of Veterans Affairs, News Release, February 3, 2003). While there are several different commonly known types of VA benefits available to veterans or widow(er)s of veterans, most people are unaware of the benefits available to senior citizens who need health care assistance. Incorporating VA benefits planning into a traditional elder law practice is essential, especially in light of the Deficit Reduction Act of 2005. Veterans Pension. There is one type of financial benefit that most veterans know nothing about. Yet, it is [...]
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Posted by: Thomas D. Begley, Jr.
If an SSI recipient or spouse of an SSI recipient disposes of resources for less than fair market value during a 36-month look back period,1 the individual is ineligible for benefits for a period of time. The period is calculated by dividing the uncompensated value of the transfer by the amount of the maximum monthly benefit payable, including any state supplement.2 The penalty is rounded to the nearest whole number with a cap of 36 months.3 The penalty begins the first month in or after which resources were transferred which does not occur during any other period of ineligibility.4 [...]
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Filed under Library, Medicaid Planning, Medicaid Planning.
Tags: Medicaid Planning, SSI
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Posted by: Thomas D. Begley, Jr.
There are a great many public benefit numbers and tax numbers that are adjusted on an annual basis. This chapter is designed to make these numbers readily available to Elder Law practitioners. The following are current numbers for 2012. I. 2012 FIGURES A. Medicaid $2,094 Income Cap[1] $113,640 Maximum Community Spouse Resource Allowance (CSRA)[2] $22,728 Minimum CSRA[3] $2,841 Maximum Minimum Monthly Maintenance Needs Allowance[4] (MMMNA) $1,891.25 MMMNA (July 1, 2012 until June 30, 2013)[5] $567.37 Excess Shelter Allowance (July 1, 2012 until June 30, 2013)[6] $2,000 Maximum Resource Limit (individual)[7] [...]
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Filed under Library, Medicaid Applications, Medicaid Planning, Medicaid Planning, Personal Injury Consulting.
Tags: Medicaid Applications, Medicaid Planning, Personal Injury Consulting, SSI
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Posted by: Susan Green
There are numerous issues that can confront an estate upon a decedent’s death. Any professional attempting to assist in the administration of the estate must, at the very least, recognize how to spot these issues and how to deal with them. 1. Determining the Continuation of Decedent’s Business Special issues arise when a decedent is the owner of a business, such as a sole proprietorship, or has an interest in a partnership, a limited liability company, and/or an S corporation. When the business owner dies, there must be a determination of whether the business should be continued, discontinued, or liquidated. [...]
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Filed under Estate and Trust Administration, Library.
Tags: Estate Administration, Estate Planning
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