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PROTECTING THE HOME: USING TRUSTS TO PROTECT YOUR HOME FROM THE COSTS OF LONG-TERM CARE

by Thomas D. Begley, Jr., Esquire, CELA Studies show that 70% of Americans will require some form of long-term care be it nursing home, assisted living or home care. The cost of this care can range from $20 per hour or more for home care to $12,000 per month for nursing home care. If a…

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ADVANTAGES AND DISADVANTAGES OF ABLE ACCOUNTS

by Thomas D. Begley, Jr., Esquire, CELA Congress enacted and the President has signed legislation known as the Achieving a Better Life Experience (ABLE) Act of 2014.387 The Act is modeled on 529 Plans and will provide tax-favored accounts for individuals with disabilities to pay for qualified expenses. Before these accounts can be implemented, two…

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Financing Long-Term Care In New Jersey 2018

Statistics show that approximately 70% of the population age 65 or over will require some form of long-term care. Some will be there for relatively short periods of time. These are usually stroke or accident victims or surgery patients who are doing rehabilitation. A significant percentage will remain in a nursing home for an extended…

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MILLER TRUSTS

by Thomas D. Begley, Jr., Esquire, CELA For purposes of Medicaid long-term care services, New Jersey has always been an income cap state. That means that an individual’s income must not exceed 300% of the Federal Benefit Rate (FBR). Beginning January 1, 2017 that means that an individual’s monthly income cannot exceed $2,205. Historically, individuals…

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