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Category: Estate Planning

06May

Increase in Exemption from Federal Estate Tax

Posted by markelderlawon May 6, 2022May 6, 2022in Estate Planning
elderly man getting tax services

The federal government has an estate tax that applies to estates that are worth a significant amount.  New Jersey used to have an estate tax but it was phased out.  In 2017 the exemption from the New Jersey estate tax…

Read More Increase in Exemption from Federal Estate Tax

08Apr

IRS Increases Annual Exclusion for Gifts

Posted by markelderlawon April 8, 2022in Estate Planning
parents and children smiling

If you provide too much money as a gift to someone during a year then you may have to file a gift tax return with the IRS.  The gift tax return is known as Form 709.  If the total gifts…

Read More IRS Increases Annual Exclusion for Gifts

04Feb

No Contest Provision in Will

Posted by markelderlawon February 4, 2022in Estate Planning
Elder care client signing Will

Many Wills include a provision that provides for the forfeiture of a beneficiary’s rights to receive an inheritance if he or she contests the Will.  According to a New Jersey Supreme Court decision that was rendered approximately 40 years ago,…

Read More No Contest Provision in Will

29Oct

Life Estate Is Not Subject to a Medicaid Lien

Posted by markelderlawon October 29, 2021in Estate Planning
senior man hiking in Fall elder care

According to N.J.A.C. 10:49-14.1 (n) (1), the State of New Jersey is not allowed to impose a Medicaid lien against a life estate. According to both federal and state law, the State of New Jersey is required to impose a…

Read More Life Estate Is Not Subject to a Medicaid Lien

17Oct

Problems When Life Estate Is Sold During a Person’s Lifetime

Posted by markelderlawon October 17, 2021in Estate Planning
client selling life estate

What happens if the property is sold during the lifetime of the parent?  Many individuals protect their home from Medicaid and the cost of long-term care by transferring their property to a family member but retaining a life estate interest. …

Read More Problems When Life Estate Is Sold During a Person’s Lifetime

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Recent News

  • Medicaid Changes How the Spousal Support Is Calculated
  • Custodial Accounts for Minors Should Be Exempt from Medicaid
  • New Jersey Changes Shelter Standard in Determining Spousal Support
  • New Jersey Changes Medicaid Law Concerning Spousal Support
  • Social Security Will Increase by Almost 9% in 2023
  • Medicare Premiums Will Decrease in 2023

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Law Office of Donald B. Mark
64 Warwick Road
Stratford, NJ 08084
(856) 435-0620

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