There are a few states that collect inheritance taxes after someone dies, and New Jersey is among them.If you are an heir to a deceased New Jersey resident, will you have to pay an inheritance tax on the assets you receive? Not necessarily. The inheritance taxAlso...
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Ridgewood Estate Planning Blog
3 important discussions to have with an aging parent
On Behalf of The Manna Helmy Law Group | Dec 24, 2018 | Medicaid Planning / Nursing Home Planning
When you were a child, you relied on your parents for virtually everything. As your mother or father reaches the final stages of life, though, you may need to become the caregiver. While it can be challenging to watch a parent age, you can likely ease the...
Does being on Medicaid limit nursing home choices?
On Behalf of The Manna Helmy Law Group | Oct 30, 2018 | Medicaid Planning / Nursing Home Planning
Part of estate planning for your parents is finding out where they will stay for the remainder of their days. They could stay in their own home and receive care, they could move to an assisted living facility or they could go to a nursing home.Of course, all these...
How to start talking about estate planning with your parents
On Behalf of The Manna Helmy Law Group | Sep 4, 2018 | Estate Planning
Estate planning involves creating a comprehensive plan that encompasses end-of-life financial and health care directives as well as tools for asset distribution and management after death. As an adult child of elderly parents, facing the reality of your parents'...
Advanced health care directive checklist
On Behalf of The Manna Helmy Law Group | Jul 8, 2018 | Estate Planning
There are many provisions in an estate plan that may come into effect well before you pass away. Health care directives are essential in any estate plan, which is why nearly 37 percent of Americans include them, according to Reuters. With such directives, you can...
The benefits of irrevocable living trusts
On Behalf of The Manna Helmy Law Group | May 10, 2018 | Trusts
Regardless of whether you are just beginning the estate planning process, or you have had plans in place for years, you may have heard the term “irrevocable living trust” thrown around and found yourself wondering exactly what it means.Essentially,...
Preempting elder financial abuse
On Behalf of The Manna Helmy Law Group | Mar 22, 2018 | Medicaid Planning / Nursing Home Planning
Like many retirees in New Jersey and elsewhere, you hope that you will live a long and healthy life with your mental faculties intact. However, as you know, not everyone makes it to old age with a mind as sharp as it was in their twenties. While it is possible that...
3 financial topics to talk about with your aging parent
On Behalf of The Manna Helmy Law Group | Jan 22, 2018 | Estate Planning
You may have trouble talking to your aging parent about his or her finances. Maybe your parent is secretive about his or her money, so you procrastinate the discussion year after year. But if you wait too long to have this conversation, your parent may end up in a...
Helping your elderly parent with Medicaid planning
On Behalf of The Manna Helmy Law Group | Nov 27, 2017 | Medicaid Planning / Nursing Home Planning
As your parents age, health issues can become costly and difficult to sustain. Adult children of aging parents are often saddled with a double financial and emotional burden: that of raising their own children while facing the complex and challenging issues of helping...
What is planned impoverishment?
On Behalf of The Manna Helmy Law Group | Oct 4, 2017 | Estate Planning
Many people in the United States are living longer. For example, half of the infants born in 2007 may live to the ripe old age of 104. However, this extended lifespan does not always translate to the financial means to pay for it, nor does it mean quality of life. It...