U.S. Trust conducts an annual survey of high net worth individuals to prepare a comprehensive report it calls the “Insights on Wealth and Worth” (“Survey”). While there are many fascinating observations and conclusions that may be drawn from the 2014 Survey, we have highlighted a few below that have a direct bearing on our practice […]
A 2014 Maine court case illustrates how some families can get into significant arguments over what seems to outside observers to be fairly insignificant things. See Estate of Greenblatt, 86 A.3d 1215 (Me. 2014). In 2008 Ada Greenblatt died childless. Her will provided for specific monetary amounts to two charities and 14 nieces and nephews, […]
The Veterans Health Administration is America’s largest integrated health care system, serving over 8.5 million veterans each year. A veteran who served in the active military and was separated from service under any condition other than dishonorable may qualify for VA health care benefits. The total number of VA treatment sites is now over 1,400 […]
A living will is a legal document where a person proactively declares their wishes pertaining to end of life care. In order to be honored by third parties, the document will need to be executed with similar formalities as a health care power of attorney, including witnesses and a notary’s acknowledgement. Essentially, most living wills […]
A recent New Jersey court of appeals case illustrates some of the pitfalls of the Medicaid rules and the problems that can result without proper planning. See S.L. v. Division of Medical Assistance and Health Services (N.J. Super. Ct., App. Div., No. A-3520-11T4, Sept. 2, 2014). In December 2009, “S.L.” was a 95 year old […]
Alzheimer’s disease typically strikes adults age 65 and over. Cognitive decline currently affects 5.2 million Americans and 30 million individuals all over the world. The future is especially bleak, with 16 million Americans over 65 projected to experience cognitive decline by 2050. In the absence of new developments that offer a cure or at the […]
Will my beneficiaries owe taxes on the retirement accounts I pass down to them? Most retirement accounts, including so-called “traditional” IRAs and employer sponsored 401(k) accounts, are funded with the pre-tax contributions of the plan participant (“Participant”). When withdrawals are made from that account, whether by you or by your beneficiaries, the withdrawals will be […]
Yes, in that the state furnishes everyone with a plan to settle their affairs and distribute their assets when they die. That plan is called the laws of intestacy. However, that is a far cry from having your own plan to provide for who is to be in charge (the Executor) and who is to […]
What is a reverse mortgage? Similar to a conventional mortgage (“Conventional Mortgage”), the borrower in a reverse mortgage (“Reverse Mortgage”) will continue to own the home. The lender does not take title to the home, but rather will have a lien on the property. The term “reverse” is essentially referring to a chronological difference compared […]
The treatment of the home residence under the Medicaid rules can be somewhat confusing. Here is a brief rundown of the some of the major points to understand. So long as the property (“Home”) is used as the principal residence by the individual who applies for Medicaid benefits (“Applicant”) and/or the Applicant’s spouse, the Home […]