Posted by: Begley Law Group
Case Study 1: Dog owners want to ensure pets’ security and care Doug and Janice Robertson are married and have grown children who live on their own. Since retiring, Doug and Janice have traveled as much as possible. They bring along their constant companions, Duncan and Rosie, two prize-winning Scottish Terriers. The Robertsons know that if something happens to them, their children will not be able to care for the dogs. They are very concerned about the Scotties’ security and want to ensure that they will be properly placed and receive high-quality care. Case Study 2: Cat lover wants to include pets in estate plan Marie [...]
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Posted by: Begley Law Group
Case Study 1: Private funds exhausted – Medicaid denied Bill has been a resident at the Forget-Me-Not Nursing Home for 18 months. After 12 months, Bill’s private pay funds were exhausted and the Medicaid coordinator at the nursing home filed an application on his behalf. Bill’s wife, Linda, was not cooperative in providing the required financial information. Medicaid eventually dismissed the application because it was incomplete. By the time all the necessary information was finally obtained, and the application was re-filed, the nursing home had lost six months of revenue, totaling $60,000, and its cash flow had been interrupted for 12 months. Case Study [...]
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Filed under Medicaid Applications, Medicaid Planning, Medicaid Planning, Special Reports.
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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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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: Begley Law Group
By Barbara A. Isenhour and Sean R. Bleck Before you bring any lawsuit on behalf of a disabled client there is an important piece of information you need to know. Is your client a disabled veteran and if so, is she or he receiving or eligible for Veterans Compensation benefits or Veterans Pension benefits? One benefit will not be affected if your client receives a personal injury settlement. The other benefit could be lost or reduced if your client gets a settlement. You and your client need to know what benefits are at risk before deciding whether to proceed with [...]
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