USING ANNUITIES IN MEDICAID PLANNING
by Thomas D. Begley, Jr., Esquire, CELA and Marianne Johnston, Esquire Medicaid Planning The use of annuities in Medicaid Planning is a viable Medicaid Planning strategy. Long-term care is expensive and one of the best ways to pay for it is through Medicaid. Medicaid limits the countable assets of the individual Medicaid recipient to…
RISKS AND BEST PRACTICES WHEN HIRING CAREGIVERS
by Thomas D. Begley, Jr., Esquire, CELA and Marianne Johnston, Esquire The employment of a caregiver for an elderly or disabled person is often handled on an informal “handshake” basis. This arrangement is fraught with risk. The article will discuss some of those risks and set forth some best practices to avoid them. If…
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, 2023 that means that an individual’s monthly income cannot exceed $2,742. Historically, individuals…
PLANNING FOR MEDICAID FINANCING OF LONG-TERM CARE
By: Thomas D. Begley, Jr., Esquire, CELA and Marianne Johnston, Esquire Long-term care is expensive no matter the setting. The monthly cost of a nursing home in New Jersey today is approximately $12,500 – $17,500. Assisted living residents may pay anywhere from $8,000 to $12,500 per month. An individual hiring an aide from a licensed…