Reverse mortgages often are marketed as a way for seniors to get extra cash. While they can be a godsend to some, they also come with negatives. Reverse mortgages are available only to homeowners age 62 or above with significant home equity. Thus, a senior isn’t likely to qualify for a reverse mortgage if the home already is subject to substantial […]
While IRAs can be a great way to build up savings tax deferred, they also are fraught with traps for the unwary. Penalties apply when an individual contributes to an IRA more than the Internal Revenue Code permits or fails to take the required minimum distribution. IRS is turning its attention to IRAs that are […]
A recent ruling by New Jersey’s Superior Court Appellate Division could cause people who realize increases in income to lose Medicaid unexpectedly. Because the decision in S.J. v. Div. Medical Assistance (45-2-6607) has been approved for publication, it stands as precedent in New Jersey. In S.J. v. Div. Medical Assistance, adults whose income rose above the limit for the family […]
Recent New Jersey cases illustrate that poorly drawn Medicaid planning and estate planning gifts actuallly can harm divorced children at times. In New Jersey, New York, and other states, spouses’ rights to receive or pay alimony and child support depend in part on relative income and assets. Thus, the custodial parent’s child support might fall if his/her income […]
As more of us use social media as an investment tool, scammers are coming up with innovative ways to separate us from our money, and some of these scams target seniors directly. How can you avoid becoming a victim of fraud? The first step is to exercise the same kind of caution you would if a […]
