856.235.8501

LONG-TERM CARE PLANNING STRATEGIES WITH LIFE INSURANCE

by Marianne Johnston, Esquire When planning for long-term care cost, certain actions should be taken regarding life insurance policies.             Life insurance with a cash value is a countable asset when determining eligibility for Medicaid benefits.  The only exception is if the face value of the policy is $1,500 or less.  Term life insurance and…

Read More

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 $18,000 per year from all sources and are capped at the maximum account…

Read More

IT’S TAX TIME – Long Term Care Insurance Tax Deductions For 2023

by Marianne Johnston, Esq. Are you a taxpayer who has purchased long-term care insurance (LTCI)? First, some good news:  Benefits received under a tax qualified long-term care policy are generally received tax free by the policy holder. Second, some more good news – You may be able to deduct the cost – or at least…

Read More

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…

Read More