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ESTATE PLANNING IN NEW JERSEY- PART 1

by Thomas D. Begley, Jr., Esquire, CELA, and Joellen C. Meckley, Esquire This is the first of a two-part series in Estate Planning in New Jersey. Estate Planning is a very important process. Most people have worked their entire lives and lived sensibly with the result that they have accumulated some assets that they would like…

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TEN TOP MEDICAID PLANNING STRATEGIES

by Thomas D. Begley, Jr., Esquire, CELA Medicaid Planning strategies basically fall into two categories:  spend down and transfer of assets.  The ten top strategies include the following:   There are several options with respect to the home.  The home could be transferred to the community spouse without a transfer of asset penalty.  However, if…

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MEDICAID PLANNING IN NEW JERSEY: LEVELS OF LONG-TERM CARE, COST AND ELIGIBILITY

by Thomas D. Begley, Jr., Esquire, CELA There are four frequently used levels of care in New Jersey.  The cost of adult day care averages $70 to $120 per day, home care averages $28 per hour from an agency, assisted living averages $6,000 to $10,000 per month, and nursing homes cost $10,000 to $14,000 per…

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TEN COMMON MISTAKES IN MEDICAID PLANNING AND ESTATE RECOVERY

by Thomas D. Begley, Jr., Esquire, CELA Ten Common Mistakes in Medicaid Planning The single biggest mistake is waiting to plan.  As a general rule, the sooner Medicaid planning begins the better the result.  If significant assets are transferred, there is a five-year lookback, and the five-year lookback does not begin until the assets are…

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