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…
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…
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…