Special needs trusts are strictly regulated by the Social Security administration and the state of New Jersey. Changes implemented several years ago made it much more difficult for trustees to make distributions for the special needs beneficiary if they incidentally benefitted other people. Elder law and disability advocates have pushed for common sense reforms and…
The new tax laws that were passed in December of 2017 are especially harmful to those of in blues states with high property taxes. New Jersey property owners are the hardest hit by the new $10,000 limit on state and local tax deductions. Reports indicate that it will result in tax increases for more than…
My mom was a Girl Scout and then a leader. She once took my troop camping when she was like eight months pregnant. Not surprisingly, she is a hiker. She still takes six to ten mile hikes several times a week. Of course, not all older adults are physically capable of that kind of strenuous…
Even in a liberal bastion like Montclair, often when I meet clients and mention retirement, they reflect a common myth that Social Security is on the verge of bankruptcy and are convinced that the program will not be there for them. This view has been advanced largely by Social Security opponents or those who favor…
The recent deaths of fashion designer Kate Spade and celebrity chef Anthony Bourdain were horribly tragic. They also provide an important lesson in the impact of failing to divorce when it comes to death and money. At the time of their passing, both Spade and Bourdain were separated from their spouses. As highlighted in the…
A new report confirms what anyone who regularly visits nursing homes knows – that staffing levels at many facilities are severely diminished on weekends and holidays. This is a major problem for nursing home residents who are vulnerable and dependent on their caretakers. As discussed in the New York Times, https://www.nytimes.com/2018/07/07/health/nursing-homes-staffing-medicare.html, the Kaiser Daily News analyzed…
When we normally think of people working past traditional retirement age, we may feel bad for them. We may assume that it is out of necessity that people keep working. Of course, some people choose to work as long as they can because they enjoy their jobs. A recent study found that there may be…
Many wealthy people have a legitimate fear that if they leave their children or grandchildren large inheritances, most of the wealth will be wasted. Having not earned the money on their own, the heirs might not value it as much. The fear is that their children might spend it frivolously. They might use the wealth…
No one likes to talk about death, especially the death of a loved one. Whether it’s fear, taboo or superstition, most older adults do not talk to their children about what they want to happen when they are ill or deceased. However, things would go a lot better if they did, as Forbesdiscusses in “Talking…
