TAX ISSUES IN PERSONAL INJURY RECOVERIES
by Thomas D. Begley, Jr., Esquire, CELA Origin of the Claim Test The determining factor as to how a litigation settlement or award will be treated for tax purposes is the origin of the underlying claim. The Supreme Court has held, “[t]he origin and character of the claim with respect to which an expense…
THE PERSONAL INJURY ATTORNEY’S GUIDE TO MEDICAID
by Thomas D. Begley, Jr., Esquire, CELA There are many pathways to Medicaid in New Jersey. Each one has different income requirements and resource limits, some have transfer of asset penalties, some require disability, and some require that a personal injury settlement be placed in a Special Needs Trust to maintain eligibility while…
TEN COMMON MISTAKES IN MEDICAID PLANNING AND ESTATE RECOVERY
by Thomas D. Begley, Jr., Esquire, CELA Ten Common Mistakes in Medicaid Planning The single biggest mistake is waiting to plan. As a general rule, the sooner Medicaid planning begins the better the result. If significant assets are transferred, there is a five-year lookback, and the five-year lookback does not begin until the assets are…