Ridgewood, New Jersey Elder Law Attorneys
Serving People Throughout New York and New Jersey
President Bush signed the Deficit Reduction Act of 2005 into law on February 8, 2006. Most seniors have no idea what hurdles lie ahead for them, because of this new law.
It has created the harshest and most sweeping changes in Medicaid eligibility ever. It makes the life savings of middle class seniors COMPLETELY exposed to nursing home and other long term care costs. All of their wealth is literally on the line. The law places the vast majority of seniors in an extremely dangerous position, if they make any gifts at all and wind up broke in a nursing home within five years. We’re not talking about only large gifts made to children or other family members, as is usually the case, but birthday and holiday gifts to family members and friends as well as contributions to religious organizations, churches, political parties and the like. All gifts and contributions can inadvertently create long periods of time in which the patient is in a no man’s land, with no money and no government program to pay for his/her long term care.
Keeping this in mind, we help people as they age and as their medical and financial needs change to make sure that all of their legal needs are met. The field of elder law has developed to meet these changing medical, financial and legal needs.
Michael A. Manna & Associates has helped hundreds of elderly people and their families deal successfully with legal problems.
We provide advice and services in the areas of:
- Estate planning
- Estate tax minimization strategies
- Medicaid planning
- Nursing home placement
- Reverse mortgages
- Guardianships and conservatorships
- And other elder law services
Call 201-345-3018 or send us an e-mail for a free consultation. An attorney at our firm can discuss your situation and recommend the right course of action for you.
A Multi-Disciplinary Approach
Many elder law problems concern the transfer and re-configuration of assets in an effort to qualify for Medicaid. Sometimes these tasks must be done rapidly in order to accelerate Medicaid eligibility. It is important to understand all of the ramifications of any such move. Medicaid, gift tax, income tax, capital gains tax and estate tax ramifications must all be considered. Before making any long-term care and Medicaid decisions, there must be very careful analysis of all of these factors. One wrong step can cost tens of thousands of dollars.
Michael A. Manna is uniquely qualified to provide this analysis. He has an accounting background, estate and gift tax knowledge, trust and estate law expertise and an extensive understanding of Medicaid law and regulations. With this knowledge base, Michael A. Manna & Associates takes a multi-disciplinary approach to elder law. We understand how a financial transaction or asset re-structuring affects other issues such as taxation, eligibility for Medicaid, and nursing home placement. This thoughtful and considered approach is essential for the protection of the elderly person's assets, interests, and peace of mind.
Developing a Personalized Solution
Our attorneys create a personalized solution for each client. After all, the elderly person and family members will have to live with the result. It must be appropriate for the client's medical and financial situation, and reflect the client's basic values.
We place the highest priority on developing solutions that enable the elderly person to live in dignity, comfort, and financial security.
Michael A. Manna & Associates will work closely with you to identify your needs and deliver the solution that is right for you.
Contact an Elder Law Lawyer
For a free initial consultation with Michael A. Manna & Associates, call 201-345-3018 or send us an e-mail.
