Charitable Giving Using Qualified Charitable Distributions
What is a Qualified Charitable Distribution? A Qualified Charitable Distribution (QCD) is a tax strategy that allows you to support charities dear to your heart directly from your individual retirement account (IRA). When you make withdrawals from a traditional IRA account, those distributions are usually taxed as ordinary income to the account holder. An individual…
THE NEW JERSEY PERSONAL PREFERENCE PROGRAM (PPP)
The 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 the individual’s personal caregivers, instead of using a home health care agency. The budget…
ASSET PROTECTION STRATEGIES: HOW TO PROTECT YOUR ASSETS FROM CLAIMS OF CREDITORS
by Thomas D. Begley, Jr., Esquire, CELA There are a number of strategies that are used to protect assets from creditors. Some of them work, some of them do not. Some work with limitations. In considering asset protection strategies the Uniform Voidable Transaction Act (formerly known as the Uniform Fraudulent Transfer Act) must be considered. …
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…