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…
Tag: federal law
Medicaid Laws Allow the Transfer of Assets to a Disabled Individual
An individual who requires long-term care will be eligible for Medicaid if the assets are spent down to less than $2,000. There are both federal and state Medicaid laws, however, that prevent a person from gifting assets to family members…
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Special Needs Trust
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…
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…
Law Increases Maximum Support for a Spouse
Medicaid normally requires that a person’s income be used to offset the cost of long-term care in a facility. Virtually all of that person’s income must be paid to the facility each month. Medicaid then pays the balance of that…
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