On November 7, 2018, the Appellate Division of New Jersey’s Superior Court ruled in favor of a descendant’s only child and against the descendant’s siblings in an inheritance matter. The descendant’s siblings sought to disinherit the child using an “equitable adoption theory.” The court’s decision affirmed the primacy of statutory law over judicial fiat in property succession law. The matter also brought to light the importance of making a Last Will and Testament in order to avoid distribution of assets to undesired beneficiaries. Continue reading “New Jersey Court Rejects “Equitable Adoption” Argument in Inheritance Case”
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A Joint Bank Account Does Not Protect Your Assets When Applying for New Jersey Medicaid
Many individuals believe that adding a family member or loved one on a bank account will assist in protecting assets from Medicaid. However, unfortunately, this is untrue. However, adding a person as co-owner of a bank account will assist in avoiding probate. Continue reading “A Joint Bank Account Does Not Protect Your Assets When Applying for New Jersey Medicaid”
What Is A Trust Identification Number?
A trust identification number (TIN) is a tax identifier that is either:
- The grantor’s Employer Identification Number (EIN), which is issued by the Internal Revenue Service (IRS); or
- The grantor’s Social Security Number (SSN), which is issued at birth.
What is POLST?
On December 21, 2011, the state of New Jersey, under the authority of then-governor Chris Christie, created the standardized Practitioner Orders for Life-Sustaining Treatment (POLST) form. The state of New Jersey recognized the importance of advanced directives (living wills, in particular) and decided to create a statewide form for individuals to set limitations on life-sustaining treatment in case of incapacitation. Continue reading “What is POLST?”
Nursing Home Financial Abuse
Elder abuse can take many forms, including physical, sexual, emotional, and financial. In long-term care facilities across the U.S., elders are facing financial abuse in alarming numbers. Nursing home financial abuse is a growing issue in today’s society and is likely to increase as the elderly population continues to grow. As many as one in nine individuals over the age of 60 years old have reported being financially exploited within the last year, according to the National Adult Protective Services Association. Elder financial abuse can cause serious harm to the senior and may result in depression, financial destitution, inability to support long-term care needs, among other effects. Continue reading “Nursing Home Financial Abuse”
Filing for Bankruptcy in New Jersey
Unfortunately, many individuals across the United States and in the state of New Jersey face extremely difficult financial conditions which significantly affect their way of life. For some, filing for bankruptcy may be the best (or only) option to relieve themselves of their financial burdens. Federal bankruptcy laws allow individuals who qualify to have a fresh start. Continue reading “Filing for Bankruptcy in New Jersey”
Are You a Millennial? An Estate Plan May Be Right for You
A growing number of millennials are beginning to have children. Yet, the vast majority of this generation does not have advanced directives or a Last Will and Testament in place. Designating a person to make medical and financial decisions on their behalf, and on their child’s behalf, is extremely important in the event he or she becomes incapacitated or dies. Advanced directives include the following:
- Health Care Proxy;
- Living Will;
- HIPPA Release Form; and
- Power of Attorney.
Continue reading “Are You a Millennial? An Estate Plan May Be Right for You”
Options to Qualify For Government Benefits Without Leaving Yourself Impoverished
In New Jersey, many residents rely on government benefits for financial assistance. However, in order to qualify for government benefits, there is an income and asset limit. Utilizing a special needs trust may allow a person to qualify for government benefits without leaving them impoverished. A special needs trust may be executed by a person prior to becoming disabled, or by a qualifying family member on a person’s behalf after they have become disabled or otherwise qualified for government benefits. Utilizing a special needs trust may allow a person to qualify for government benefits without leaving them impoverished. A special needs trust may be executed by a person prior to becoming disabled, or by a qualifying family member on a person’s behalf after they have become disabled or otherwise qualified for government benefits. Continue reading “Options to Qualify For Government Benefits Without Leaving Yourself Impoverished”
Guardianship Proceedings In New Jersey
New Jersey offers multiple forms of guardianship for adults that have limited or total incapacity, most commonly:
- New Jersey Statutes §3B:12-24.1(a); and
- New Jersey Statutes §3B:12-24.1(b).
While both of these involve petitioning a court to appoint a guardian to care for the person and/or property of another, there are some differences in the scope of the guardian’s duties and responsibilities. Continue reading “Guardianship Proceedings In New Jersey”
A Last Will and Testament is Important
A Last Will and Testament is a document that memorializes the wishes of the testator. When a person dies without a Will, his or her assets are distributed in accordance with the state laws of intestacy. When this occurs, assets are distributed in a specific order to the decedent’s next of kin, which may not be in accordance with their wishes. Also, a Will may set forth a decedent’s wishes for his or her funeral. Without a Will, a decedent’s wishes for their burial or cremation may not be carried out properly. For these reasons, it is important to execute a valid Will. Continue reading “A Last Will and Testament is Important”
