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20 THINGS TO THINK ABOUT WHEN PREPARING YOUR WILL

by Thomas D. Begley, Jr., Esquire, CELA, Marianne Johnston, Esquire, and Emily M. Schurr, Esquire When thinking about preparing a Will, most people simply decide to leave their estate to their spouse and, if the spouse fails to survive, then to their children.  Your legacy plan deserves more thoughtful consideration as you have worked a…

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2024 COLA INCREASES FOR MEDICAID, SOCIAL SECURITY, MEDICARE, TAX AND VETERANS BENEFITS

by Thomas D. Begley, Jr., Esquire, CELA             Many public benefits and tax numbers are indexed to inflation.  Different agencies use different inflation factors, but Social Security used 3.2 for increasing the numbers for 2024.  Below is a chart that states numbers for the following: Medicaid, Social Security, Medicare, Tax, Veterans Aid and Attendance and Veterans…

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10 THINGS YOU NEED TO KNOW ABOUT ABLE ACCOUNTS

by Thomas D. Begley, Jr., Esquire, CELA   On December 16, 2014, Congress enacted and sent to the President for signature an Act known as Achieving a Better Life Experience (ABLE) Act of 2014.[1]  This Act is to provide a tax-favored account, similar to a 529 Plan, for individuals with disabilities to pay for qualified…

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MILLER TRUSTS

by Thomas D. Begley, Jr., Esquire, CELA For purposes of Medicaid long-term care services, New Jersey has always been an income cap state.  That means that an individual’s income must not exceed 300% of the Federal Benefit Rate (FBR).  Beginning January 1, 2024, that means that an individual’s monthly income cannot exceed $2,829.  Historically, individuals…

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