2025 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 2.5% for increasing the numbers for 2025. Below is a chart that states numbers for the following: Medicaid, Social Security, Medicare, Tax, Veterans Aid and Attendance and…
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…
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, 2025, that means that an individual’s monthly income cannot exceed $2,901. Historically, individuals…
ADVANTAGES AND DISADVANTAGES OF ABLE ACCOUNTS
by Thomas D. Begley, Jr., Esquire, CELA Congress enacted and the President has signed legislation known as the Achieving a Better Life Experience (ABLE) Act of 2014.[1] The Act is modeled on 529 Plans and will provide tax-favored accounts for individuals with disabilities to pay for qualified expenses. Before these accounts can be implemented, two…