Category: Legal

Medicare 101: Supplement and Advantage Plans

12/2/2020

by Staff, Porzio Bromberg & Newman, P.C.
Medicare Supplement Plans or Medigap Insurance are designed to cover care not covered by Medicare Parts A and B like co-pays and deductibles, vision care, hearing aids, fitness programs and other benefits. When you have a Medicare Supplement Plan or Medigap Insurance, Medicare Parts A and B are your primary insurance and the Supplement Plan pays some or all of the expenses that Parts A and B do not pay. What kind of Supplement Plans are available?

Any Property Tax Relief From COVID-19 Impact?

12/1/2020

by Richard De Angelis & Thomas Olson of McKirdy, Riskin, Olson & DellaPelle, P.C.
As 2020 draws to a close (and not a moment too soon) we are all hopeful for a better 2021. Regardless of whether the spread of Covid-19 is slowed, or the civil unrest in our cities calms, the economic pain of 2020 will likely linger through next year. No industries have experienced this pain more, in terms of immediacy and impact, than retail stores, restaurants, hotels, and personal service establishments. And while elected officials debate programs to try to lessen the sting, one area rarely discussed is property tax relief.

Medicare 101: What Medicare Does Not Cover

12/1/2020

by Staff, Porzio Bromberg & Newman, P.C.
Medicare coverage is complicated and, as we saw in my blog post Medicare 101: What Medicare is and Who is Eligible, it is composed of several parts. As you consider what parts of Medicare to enroll in, you should be aware of what Medicare covers and what it doesn’t cover. That way, you can plan carefully and be sure you are getting the health insurance and services that you need.

Medicare 101: What Medicare is and Who is Eligible

11/17/2020

by Staff, Porzio Bromberg & Newman, P.C.
It’s often assumed that the benefits from Medicare just happen. People get older, they sign up, and benefits begin to flow. For most of us that’s not true. Maximizing Medicare health benefits in retirement requires education and careful planning. To plan adequately, I counsel clients to begin thinking about Medicare well before they need it and to understand some key principles.

Does Your Grantor Trust Still Make Sense?

10/12/2020

by Porzio Bromberg & Newman, P.C.
What is a Grantor Trust? A “Grantor Trust” is a trust where the person who created the trust (the grantor) continues to pay the income taxes on the trust’s income even though the grantor does not receive any benefit from the trust. A “Non-Grantor Trust” is a separate taxpayer from the grantor and responsible for its own income taxes.

Anatomy of an Asset Protection Trust

10/2/2020

by Porzio Bromberg & Newman, P.C.
New Jersey care costs related to aging are staggering. Type of Care / Average Monthly Cost Adult Day Care / $1,950 Home Health Aid / $4,576 Assisted Living Facility / $6,065 Nursing home – Semi-Private room / $10,646 Nursing Home – Private Room / $11,863 (Source: Genworth Cost of Care Study 2018)

Trustee Duties Annual Checklist

9/30/2020

Being a Trustee is more than just a job. Trustees have a fiduciary duty to act in the best interests of the beneficiaries and carry out the terms of the Trust. Unfortunately, many times we come across Trustees who have no idea what their duties are and don’t carry them out. This leads to personal liability for the Trustees and possible diminution of the Trust’s assets. Here is what the Trustee should do in the first quarter of each year (or now if these steps have never been taken before).

DNR vs. Living Will vs. POLST in the Age of COVID

7/12/2020

By Eric Goldberg, Esq., Certified Elder Law Attorney, Mandelbaum Salsburg P.C.
DNR vs. Living Will vs. POLST in the Age of COVID-19 - The current healthcare crisis has created an influx of calls to our office regarding the efficacy of DNR orders and Living Wills. In the last few weeks, we have received multiple communications like this: “I can’t believe my mom has a DNR. Now that she has been diagnosed with COVID-19 (or is concerned about contracting it), the hospital will never put her on a ventilator!”

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