Vacation Area Homes: Tax and Management Issues
By: Thomas D. Begley, Jr., Esquire, CELA CASE STUDY 1: VACATION HOME—NO ESTATE PLAN Harry and Sally own a vacation home on a barrier island. They purchased the home many years ago for $50,000, and it is now worth $1 million. Harry and Sally have two children and five grandchildren. The children visit the vacation…
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…
Understanding Estate Planning
By Thomas D. Begley, Jr. WHAT IS ESTATE PLANNING? Estate planning is the process by which an individual defines his or her goals for passing assets to beneficiaries and chooses appropriate tools and strategies for achieving those goals. The process begins with a careful analysis of one’s situation, objectives, and potential tax liability. Only after…
ORGAN DONATIONS
by Thomas D. Begley, Jr., CELA Attorneys preparing Wills for clients should always also prepare a Living Will or Health Care Power of Attorney and ask the client if he or she is willing to make an organ donation. Every ten minutes someone is added to the National Transplant Waiting List. On average, 92 transplants…