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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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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…

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PROTECTING YOUR RETIREMENT PLAN FROM THE NEW DEATH TAX UNDER THE SECURE ACT

 By: Thomas D. Begley, Jr., Esquire, CELA  THE SECURE ACT  The SECURE Act passed by Congress and signed by President Trump became effective on January 1, 2020. The provisions of the SECURE Act apply to Qualified Retirement Plans and IRAs. The law was designed to raise approximately $16 billion for the Treasury, and to prevent…

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ASSET PROTECTION STRATEGIES: HOW TO PROTECT YOUR ASSETS FROM CLAIMS OF CREDITORS

By:  Thomas D. Begley, Jr., Esquire, CELA There are a number of strategies that are used to protect assets from creditors.  Some of them work, some of them do not.  Some work with limitations.  In considering asset protection strategies the Uniform Voidable Transaction Act (formerly known as the Uniform Fraudulent Transfer Act) must be considered. …

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