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Note: The views and opinions expressed here are those of the authors and do not necessarily reflect the position of the Morris County Chamber of Commerce.
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By Deirdre R. Wheatley-Liss, LL.M, CELA, Porzio Bromberg & Newman P.C.
There are times that married people are on a journey together, and then they find they no longer wish to be on the journey together, ultimately choosing to divorce. Consider the Long-Term Care Implications of Divorce When a person is living alone, in the event they become either physically or mentally ill, they are faced with the question of how they are going to get the care they need. Without a spouse or domestic partner, there’s no one “built in” to help care for them. I advise my clients – especially those considering divorce in later years – to consider this carefully and to look at how this will affect their financial security.
Have We Gone Back to the 90’s with a War for Talent? Strategies to Combat the Great Resignation10/7/2021
By Deirdre R. Wheatley-Liss, LL.M (Taxation), CELA, Porzio Bromberg & Newman P.C.
For many couples who marry later in life, it makes sense to very carefully separate the assets each had before the marriage (each keeping those as their own) while also providing a way for them to share some assets going forward. With this type of approach, each spouse waves the elective share (see “Graying Marriage and Divorce – Part 2: Creating a Prenuptial Agreement” for a discussion of the concept of “elective share”) in an arrangement I sometimes call: Yours is yours. Mine is mine. Ours is ours. By Deirdre R. Wheatley-Liss, LL.M, CELA, Porzio Bromberg & Newman P.C.
Medicaid is governed by federal law. Marriage and divorce are governed by state law. When a married individual seeks to qualify for Medicaid in New Jersey, the couple’s house is an exempt asset. The person looking to qualify for Medicaid cannot have more than $2,000 of assets. The spouse cannot have more than approximately $125,000 in assets. In New Jersey, retirement plans are not excluded from that calculation. You can be forced to spend down your entire retirement security to get down to that magic $125,000 number. I am often asked if one can get around these limitations by transferring assets – between spouses or to children or others. Under Medicaid rules, you can’t qualify for Medicaid if you have given away any money within five years of applying for it. By Deirdre R. Wheatley-Liss, LL.M, CELA, Porzio Bromberg & Newman P.C.
In a previous post in this series, I said an individual, legally, cannot leave their spouse disinherited (except with the spouse’s uncoerced consent). In addition, a spouse has a duty to provide care and to pay for that care. If you are married to someone and that person becomes ill – and even if you have the world’s most robust and thorough prenuptial agreement, and you have kept your premarital assets separate from your marital assets – in New Jersey, you have an obligation to support your spouse. This obligation includes paying for any health care or long-term care that they may need. By Carmen Andrade, Principal, Porzio Bromberg & Newman P.C.
With the Cannabis industry booming, commercial real estate owners and landlords are challenged with keeping up with best practices, laws, and regulations related to leasing space to cannabis businesses. The article below is the third article of our three-part series intended to help landlords navigate this evolving landscape. As with any business interest, the Porzio team strongly encourages seeking the advice of counsel prior to making any representations or entering into any agreements. By Carmen Andrade, Principal, Porzio Bromberg & Newman P.C.
With the Cannabis industry booming, commercial real estate owners and landlords are challenged with keeping up with best practices, laws, and regulations related to leasing space to cannabis businesses. The article below is the second article of our three-part series intended to help landlords navigate this evolving landscape. As with any business interest, the Porzio team strongly encourages seeking the advice of counsel prior to making any representations or entering into any agreements. By Carmen Andrade, Principal, Porzio Bromberg & Newman P.C.
With the Cannabis industry booming, commercial real estate owners and landlords are challenged with keeping up with best practices, laws, and regulations related to leasing space to cannabis businesses. The article below is the first in a series of three articles intended to help landlords navigate this evolving landscape. As with any business interest, the Porzio team strongly encourages seeking the advice of counsel prior to making any representations or entering into any agreements. |
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