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LONG-TERM CARE PLANNING STRATEGIES WITH LIFE INSURANCE

by Marianne Johnston, Esquire When planning for long-term care cost, certain actions should be taken regarding life insurance policies.             Life insurance with a cash value is a countable asset when determining eligibility for Medicaid benefits.  The only exception is if the face value of the policy is $1,500 or less.  Term life insurance and…

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ASSET PROTECTION PLANNING IN GUARDIANSHIP CASES

by Marianne Johnston, Esquire             We advise our clients on how they may protect their assets from the costs of long-term care.  But what if an individual has been found incapacitated and has a court-appointed guardian?  “Concepts of equal protection and inherent fairness dictate that an incompetent person should be given the same opportunity to…

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THE NEW JERSEY PERSONAL PREFERENCE PROGRAM (PPP)

By: Emily M. Schurr, Esquire and Thomas D. Begley, Jr., Esquire, CELA The New Jersey Personal Preference Program (PPP) is a New Jersey Medicaid program that provides a much-needed service for individuals in need of home health aides. The program provides a monthly budget from Medicaid to employ parents, spouses, friends, relatives, or neighbors as…

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PLANNING FOR MEDICAID FINANCING OF LONG-TERM CARE

By:  Thomas D. Begley, Jr., Esquire, CELA and Marianne Johnston, Esquire Long-term care is expensive no matter the setting. The monthly cost of a nursing home in New Jersey today is approximately $12,500 – $17,500.  Assisted living residents may pay anywhere from $6,500 to $12,500 per month.  An individual hiring an aide from a licensed…

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