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Financing Long-Term Care In New Jersey 2019

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…

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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…

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THE MEDICAID PAYBACK: HOW DOES IT REALLY WORK?

by Thomas D. Begley, Jr., Esquire, CELA The Medicaid payback in a personal injury case can often have four components.  These are: the lien against the settlement, Special Needs Trust payback, estate recovery, and ABLE account payback.  This article will briefly discuss each of the four components in a general way, but there are exceptions that…

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THE INTERPLAY BETWEEN SPECIAL NEEDS TRUSTS AND ABLE ACCOUNTS IN PERSONAL INJURY CASES

by Thomas D. Begley, Jr., Esquire, CELA   Personal injury plaintiffs who suffer from disabilities and are required to establish Self-Settled Special Needs Trusts in order to maintain their public benefits should consider establishing an ABLE account at the same time. While most people consider the tax-free income of an ABLE account to be a…

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