Over the years, many women decided that they didn’t want children. Their decision was made not necessarily because they were selfish; many were career-oriented and received fulfillment through their work. But as these women age they wonder who will care for them, especially when they watch their friends’ children help them through illness or life […]
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This week we will look at an example of a celebrity who appears to have made a number of wise decisions in her lifetime estate planning. In contrast to the complicated, acrimonious and all too publicly scrutinized process of settling the Estate of James Brown that we looked at last week, the estate planning of […]
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 […]
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 […]
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 […]
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 […]
Will my beneficiaries owe taxes on the retirement accounts I pass down to them? Most retirement account, 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 […]
The Consequences of Life Estates A life estate is a form of ownership in which property owners transfer ownership in their property, most commonly their home, while retaining the right to use and occupy it for the remainder of their lives. This type of ownership is used to avoid probate of the property and also […]