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. …
Financing Long-Term Care in New Jersey – Begley Report
Statistics show that approximately 70% of the population age 65 or over will require some form of long-term care. Long-term care can be received at home, in an assisted living facility, or in a nursing home. A statistic widely quoted is that the average stay in a long-term care facility is 2.9 years. This statistic…
Vacation Area Homes: Tax and Management Issues – Begley Report
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…
ABLE ACCOUNT, THIRD PARTY SPECIAL NEEDS TRUST AND POOLED TRUST: COMPARE
by Thomas D. Begley, Jr., Esquire, CELA Below is a chart comparing an ABLE Account with a Third-Party Special Needs Trust and Pooled Trust. ABLE ACCOUNT THIRD PARTY SPECIAL NEEDS TRUST OR POOLED TRUST Onset of Disability Qualifying disability exists prior to age 46 No requirement but not usually used unless beneficiary…