Elder Law Lawyer Serving Ridgewood, NJ & the Surrounding Area
Since 1975, the law firm of Michael A. Manna & Associates has helped hundreds of elderly people and their families deal successfully with their legal issues. We are passionate about helping our clients plan for Medicaid, assisted living, nursing home financing and long-term care.
Dedicated to Meeting All of Your Elder Law Needs
Our Ridgewood elder law attorneys provide advice and services in the areas of:
- Estate planning, including will creation
- Estate tax minimization strategies
- Medicaid planning
- Nursing home placement
- Reverse mortgages
- Guardianships and conservatorships
- Other elder law services
A Personalized Approach Tailored to Fit Your Unique Situation
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.
Changes in Medicaid Eligibility: Deficit Reduction Act of 2005
President Bush signed the Deficit Reduction Act of 2005 into law on February 8, 2006. This law has created the harshest and most sweeping changes in Medicaid eligibility ever. It COMPLETELY exposes the life savings of most middle class seniors to nursing home and other long-term care costs. For these individuals, all of their wealth is literally on the line.
The Deficit Reduction Act of 2005 places the vast majority of seniors in an extremely dangerous position if they decide to 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.
Qualifying for Medicaid
Many elder law problems concern the transfer and reconfiguration 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. You may have to consider Medicaid, gift tax, income tax, capital gains tax and estate tax ramifications. Before making any long-term care and Medicaid decisions, there must be a very careful analysis of all of these factors. One wrong step can cost tens of thousands of dollars.
A Multidisciplinary Approach
New Jersey elder law attorney Michael A. Manna is uniquely qualified to analyze your options for Medicaid and estate and gift tax planning. 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 multidisciplinary approach to elder law. We understand how a financial transaction or asset restructuring 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.
Contact Our Bergen County Elder Care Attorneys
We are committed to helping you and your loved ones plan for the future. Contact our Ridgewood elder law lawyers online or call 201-345-3018 to schedule a free initial consultation to discuss your situation. We represent clients throughout New Jersey and New York.