A person must own less than $2,000 of resources in order to obtain Medicaid assistance to pay for long-term care. Both federal and state laws prohibit an individual from gifting assets within five years of the Medicaid application in order…
Author: markelderlaw
Life Insurance Options
Medicaid considers the cash surrender value of most life insurance policies to be a resource that is subject to the Medicaid spend-down process. A person is not allowed to own more than $2,000.00 of resources in order to qualify for…
Life Insurance and Medicaid
Medicaid considers some life insurance policies to be an asset subject to the spend-down process. According to the New Jersey Medicaid regulations, the first step in analyzing life insurance policies is to determine the face value of all of the…
Medicaid: Date of Check Rule
What happens if a person writes a check towards the end of the month but it is not cashed until the following month? Our New Jersey Medicaid regulations require that an individual own no more than $2,000 of resources as…
Estate Tax Exemption Increases For 2021
There is a federal estate tax that applies to those estates that are worth a significant amount. The exemption from the federal estate tax has increased continuously since 2002. Prior to 2002, the exemption from the federal estate tax was…
