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…
2022 COLA INCREASES FOR MEDICAID, SOCIAL SECURITY, MEDICARE, TAX AND VETERANS BENEFITS
by Thomas D. Begley, Jr., Esquire, CELA Many public benefit and tax numbers are indexed to inflation. Different agencies use different inflation factors, but Social Security used 5.9 for increasing the numbers for 2022. Below is a chart that states numbers for the following: Medicaid, Social Security, Medicare, Tax, Veterans Aid and Attendance and…
ASSET PROTECTION STRATEGIES: HOW TO PROTECT YOUR ASSETS FROM CLAIMS OF CREDITORS
by Thomas D. Begley, Jr., CELA Clients are often concerned about protecting their assets from claims of creditors. This is particularly true of clients who are professionals or business owners. However, many others may be concerned about asset protection. For example, persons who own rental real estate. There are a number of strategies that are…
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…