She has an office in NJ and NY. She also has a free consultation if you mention seeing her at Rotary.
She advises that you need an Advanced POA, an advanced directive and a last Will and Testament. She had these documents drawn for her kids once they turned 18 as parents cannot make decision or get information from the doctor.
A POA stops when the person passes so a Will is needed so someone can be appointed as Executor. A Will isn't just about money, a Will allows a person to speak on your behalf , for example, to communicate with a pension fund. There are ways to avoid Probate since it taxes months .
Rhonda says a Financial POA is the most important document that someone has. For example, a person cannot borrower money from a house if the other spouse/owner is incapacitated so a POA should always be on file.
An Advanced Directive allows someone to make decisions about prolonging life under circumstances. This is not the same as a DNR - do not resuscitate.
If you do not have a Will, then the laws will be followed In the Will, normally they do not itemize personal belongings in the Will as you would need them appraised.
In the Elder Law space, people are living longer and car has gotten better. At home care, 24 hours a day, is $500 a day. Assisted living is anywhere between 9k to 12k a month - Nursing homes, can be upwards of 20k. She talks abouts Medicade Trusts because NJ has a five year look back.
Joe Dino asks about tax implications. There is none is you have a life estate in the property. If you have an investment property, you cannot be granted a life estate. You cannot be the trustee - it is normally a beneficiary. The trust needs to file a 1041 if trust is taking distribution. The trust tax rate is 37%.
Long term care - has a 90 day waiting period. Medicare does not cover these daily expenses. Medicade does this. They pay for custodial care (cooking, eating, dressing etc). You have to have less than $2,000 in your bank account. It is important to divest and spend down. She also assists in Medicade planning
NJ Also has inheritance tax . The tax for siblings, the tax is 11 percent. In regards to Medicade with income - there needs to be a qualified income trust.
Pam asks about the mandatory 73 years old distribution and notes that it increases income. Erika stresses the importance of an attorney that specializes in this.
Gloria personally advocates for Rhonda's work and is a client of hers. Thank you Rhonda for a great presentation!
