Law Enforcement Officers Trained on Elder Abuse

On September 8^th and 9^th 2016, more than 140 New Jersey law enforcement officers attended a conference held by the Middlesex County Prosecutors office aimed at training the officers in elder abuse prevention. The two-day conference headlined with over twenty guest speakers was held at the Middlesex County Fire Academy in Sayerville. NJToday reported that officers from every one of the 28 police agencies within Middlesex county, along with officers from the Piscataway Police Department attended the conference.

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Congress Seeks to Help Disabled Save for the Future

DisabilityScoop reported that Congress is working on legislation that would help people with disabilities put away money and still keep their benefits.

The U.S. Senate Committee on Finance approved updates to the Achieving a Better Life Experience (ABLE) Act. The current ABLE Act, which became law two years ago, allows those with disabilities to establish special accounts in which they can put away up to $100,000 tax-free, without losing their Social Security and government benefits. Currently, ABLE participants can deposit up to $14,000 a year without facing any tax liabilities; the proposed Senate legislation is looking to raise the cap.

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New Jersey Looks to Expand Medicaid Waiver Program

NJSpotlight.com is reporting that the state of New Jersey is seeking permission from the federal government to expand its Medicaid waiver program for another five years. The program, which began four years ago and is expected to operate until June 2017, is currently being provided to Medicaid patients who are receiving long-term care and other services. Continue reading “New Jersey Looks to Expand Medicaid Waiver Program”

Estate Tax Phaseout Dependent on Passage of Gas Tax Hike Bill

New Jersey residents may see a possible elimination of the estate tax in the next few years, but that all hinges on whether or not an increase in the state’s gas tax will be approved.

NorthJersey.com reported that the State Senate passed a bill, sponsored by Paul Sarlo and Steve Oroho, that would increase the gas tax by 23 cents, with an amendment to phase out the estate tax over time. As part of the deal, the threshold at which an inheritance would be taxed would increase until 2020, when the tax would be totally eliminated, according to NJBiz. The exemption is currently at $675,000, but it would go up to $2 million at the beginning of 2017 and again to $5.4 million by 2018.

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New Jersey’s Foreclosure Rate Exceeds National Average

As some states around the country are seeing their foreclosure rates fall, New Jersey leads the U.S. in foreclosures, according to an article from NJ.com.

During the first half of this year, the number of properties starting the foreclosure process was 17% less than it was the same time last year, according to RealtyTrac. According to the data, 533,813 properties are filing for foreclosure — the lowest levels in 10 years. Meanwhile, New Jersey leads all states with 34,876 properties.

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Medicaid Divorce and Asset Protection

As more elderly couples face the need for significant medical care, they are also looking to protect their assets in the event one of them becomes incapacitated and requires nursing home care. This has spawned a new term: “Medicaid divorce.”

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Will a “Divorce Mortgage” Become a Reality in the U.S.?

With more senior couples divorcing, those who wish to keep the house may have the answer to their prayers provided it makes its way this side of the Atlantic: the “divorce mortgage.”

The concept is catching on in the U.K., according to an article in the British paper The Telegraph. As in the U.S., many senior couples in the U.K. are untying the knot, with 28% of them selling their home after the split, according to Nationwide. Another 13% have moved into a smaller house and 8% are now renting an apartment.

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Assembly Proposes Bill to Codify Foreclosure Mediation Program

A group of New Jersey Assembly members recently proposed legislation which, they said, is designed to help reduce the number of foreclosures in the state and allow homeowners to keep their homes.

The Union News Daily is reporting that Assembly members Mila Jasey, Jerry Green, Jamel Holley and Elizabeth Muoio have drafted a bill that would codify the state’s Foreclosure Mediation Program, with the goal of improving New Jersey’s housing market. Under the bill, at the time the homeowner receives notice of intention to foreclose, they must also receive notice allowing them the option to take part in the Foreclosure Mediation Program. When the mortgage foreclosure complaint is filed, the homeowner must again receive notice of the option to participate in the program. In addition, the bill would authorize eligible homeowners to submit a request to schedule a mediation session with the lender.

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Think Tank Urges Seniors to Look to Reverse Mortgages as Part of Retirement Plan

With what he sees as today’s seniors being “home-rich” but “cash-poor,” G. William Hoagland, senior vice president of the Washington, D.C.-based think tank Bipartisan Policy Center (BPC), suggested that seniors look outside traditional forms of retirement planning and start thinking about reverse mortgages, according to an article from Reverse Mortgage Daily.

Speaking before a policy forum hosted by the Employee Benefit Research Institute, Mr. Hoagland said the untapped home equity could provide senior homeowners with the financial resources that they need to set themselves up for retirement. “Home equity, we think, is underutilized in retirement planning,” he said.

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Taxation and DOMA

The United States Supreme Court has handed down its much-anticipated decision on the fate of Section 3 of the Defense of Marriage Act (DOMA) and the ruling has many implications for taxpayers. The Court struck down Section 3 of DOMA in Windsor v. U.S., June 26, 2013, opening the door for the federal government to extend to same-sex married couples the same benefits available to opposite-sex married couples, including a host of tax-related benefits.

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