Do You Need an ABLE Account or a Special Needs Trust [a.k.a. Supplemental Needs Trust]?

As a parent or other loved one of a person with special needs you probably have heard of ABLE, but maybe you aren’t sure how it affects you.  The ABLE (Achieving a Better Life Experience) Act passed Congress in 2014 while New Jersey enacted ABLE implementing legislation January 11, 2016.  … Continue reading

Medicaid Gifts and the Simplified Application

Last week, New Jersey Medicaid announced a simplified process for applying for Medicaid for people with income below the federal poverty level who haven’t made gifts.  We wrote about that in a blog post last week. This simplified process for some applicants is a welcome development.  Unfortunately, however, as is often the … Continue reading

Medicaid simplifies Application Process for Some Applicants

Today, New Jersey Medicaid issued a MedComm (Medicaid Communication) saying that applicants with incomes under the federal poverty level (currently $983 / month) can use an affidavit in lieu of the lookback review. When applying for long term care Medicaid benefits, the Medicaid agency usually requires you to submit five years’ … Continue reading

Pre-Mortem Probate may be coming to New Jersey

The idea is being floated that New Jersey create a mechanism for “pre-mortem probate” – a court approving your will before you die. When an individual dies, their will must be probated, or approved by a court, before the assets under their will can be distributed. Usually probate is a … Continue reading

NJ ABLE Act becomes Law

The New Jersey ABLE Act became law today. Under the ABLE program, persons who became disabled before age 26 can open an ABLE account, and become the beneficiary of that account. The beneficiary and their family or friends can contribute up to the amount of the annual gift tax exclusion … Continue reading

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Homepage photo: Cows grazing at Meadowbrook Farm, Bernardsville, NJ by Siddharth Mallya. October 23, 2012.
Interior photo: Somerset hills pastoral scene by Lawrence Friedman.