There are limits to the assets you may own and still qualify to receive Medicaid in New Jersey. What those limits are depends on the type of Medicaid coverage you are seeking and your marital status. If you have more than the allowable amount of assets, you can only qualify…
The spousal impoverishment provisions of the Medicare Catastrophic Coverage Coverage Act of 1988 changed the requirements for eligibility for Medicaid when only one spouse needs to enter a nursing home and is expected to stay in the nursing home for at least 30 days. The law’s purpose is to preserve…
A qualified personal residence trust (QPRT) offers an opportunity for homeowners to minimize or avoid federal and New Jersey estate taxes. A QPRT allows a homeowner to transfer ownership of a primary or vacation home to a “grantor trust,” while keeping the right to live there for a specified period…
An estate plan carries out a person’s wishes at the time of their death and appoints people to make decisions during life. An estate plan commonly consists of three main documents: • Last will and testament • Durable power of attorney • Living will and health care proxy (medical power…