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HOW TO PROVIDE FOR YOUR GRANDCHILDREN

Providing for your grandchildren in your estate plan is a great way to commemorate the bond between you and your grandchildren and to allow your grandchildren to appreciate you long after you are gone.             There are many goals that you, as a grandparent, often have to set your grandchildren up for future success: Pocket…

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ADMISSION AGREEMENTS FOR LONG-TERM CARE FACILITIES BE CAREFUL WHEN SIGNING

by Marianne Johnston, Esquire             The placement of a loved one in a care facility is often an emotional time.  There is so much to think about – Is this the right place? Is the staff kind?  Will Mom receive quality medical care?  Will Dad like the food?  Amid this often hectic environment, the family…

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New Jersey Announces Increase in Medicaid Penalty Divisor Effective April 1, 2024

by Marianne Johnston, Esq. On March 26, 2024, the New Jersey Department of Human Services, Division of Medical Assistance and Health Services (DMAHS) announced an increase in the Medicaid penalty divisor from $384.57 to $440.10. What does this mean? If an applicant for long-term care Medicaid benefits transfers assets within five-years of applying, a penalty…

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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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