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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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What Is An Able Account And How Can It Help Protect Your SSI Check? – Begley Report

by Thomas D. Begley, Jr., Esquire, CELA An ABLE account is a new device available to the disability community that allows a disabled individual to have a limited bank account without risking eligibility for their means-tested public benefits.  ABLE accounts can receive $17,000 per year from all sources and are capped at the maximum account…

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Social Security for 2023

On October 13, 2022, the Social Security Administration announced an 8.7% benefit increase for Social Security recipients in 2023.  On average, Social Security benefits will increase more than $140 per month beginning January 1.  The benefit increases are as follows:   Maximum Social Security benefit for a single individual retiring at full retirement age    …

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New Jersey announces increase in Medicaid Penalty Divisor effective April 1, 2022

By Marianne Johnston, Esq.   On May 24, 2022, the New Jersey Department of Human Services, Division of Medical Assistance and Health Services (DMAHS) announced an increase in the Medicaid penalty divisor from $361.20 to $374.39. Here’s what this means. If an applicant for long-term care Medicaid benefits transfers assets within five-years of applying, a…

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