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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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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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“I Want to Protect My Home”

By Marianne Johnston, Esq. Those are the first words out of the mouths of many of our clients when we discuss long-term care planning.  The value of the primary residence is often a substantial portion of a person or couple’s worth.  Parents wish to preserve the value of that asset for their children. There are…

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