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Many veterans pass away before they receive benefit approval

On behalf of McHugh & Macri posted in Veterans' Benefits on Thursday, May 16, 2013.

Over the last several years, it has become very apparent that the benefit administrators for the Department of Veterans Affairs are swamped. As the number of pending benefit claims approaches 1 million, the time that veterans and their spouses are waiting on appeals is growing tremendously. This was the case for one New Jersey woman who actually passed away before the VA handled the claim filed on behalf of her husband.

On average it takes 1,040 days -- just under three years -- to process VA benefit appeals. For many veterans with severe medical conditions, they simply cannot wait this long. In fact, an investigation determined that 2,936 apealed cases were dropped because the veteran or their surviving spouse passed away.

New Jersey Senate committee clears way for federal Medicaid funds

On behalf of McHugh & Macri posted in Medicaid Planning on Saturday, May 11, 2013.

There has been a lot of talk over the last few years about how federal health care reforms will affect the current state of benefit programs. One major component of the reform, known popularly as "Obamacare," is to provide federal funding for an expansion of the Medicaid program. In early May, New Jersey's Senate Health, Human Services and Senior Citizens Committee voted to allow federal funds to come to the state.

As this effort progresses, many might wonder how changes to the program will impact New Jersey resident's efforts to begin the Medicaid planning process.

Unpreparedness surrounds the issue of long-term care

On behalf of McHugh & Macri posted in Care Planning on Friday, May 3, 2013.

Aging is a simple fact of life. However, a recent study suggests that most Americans simply aren't prepared for the realities of the years ahead. Many New Jersey residents know that they may need to be placed in long-term care, but either don't want to think about it or don't understand the kind of planning that is often required to live the "golden years" in comfort.

According to researchers from the AP-NORC Center for Public Affairs, only one-third of people over the age of 40 have done any sort of no long-term care planning. This is despite the fact that many of the same people have provided care to aging loved ones, so they have insight into what their own needs might be in the future.

Generational shifts trickle down to estate planning

On behalf of McHugh & Macri posted in Estate Planning on Friday, April 26, 2013.

When New Jersey residents take the important step to create an estate plan, they usually have simple goals in mind: to provide for and leave a legacy for their loved ones. Of course, these are good intentions, but making arrangements that aren't carefully considered can create more problems than anything else.

The importance of forming a well-though-out estate plan is evident in an emerging trend among younger generations. As more and more baby boomers (and their children) inherit belongings from relatives, the importance of the family heirlooms is on the decline. Boomers tend to have enough of their own things and people in their 20s tend to have different preferences than older generations. As such, many of the physical belongings being included in wills by members of the Depression generation are simply sold off.

Accounting for uncertainty is critical in tax planning

On behalf of McHugh & Macri posted in Tax Planning on Friday, April 19, 2013.

Many New Jersey residents are diligent about preparing for retirement. Between employer-supplemented 401(k) plans and Roth IRA accounts, people take steps to provide financial security for themselves and loved ones for the post-working years. At the same time, however, even taking these steps may not make up for the losses that come without thoughtful tax planning.

Of course, in the wake of the April 15 income tax filing deadline, taxes are on the mind of many people. The reality is, however, that tax codes can change at any time, so it's important to think about developing better tax strategies throughout the calendar year. By consulting with an experienced attorney, individuals can develop a plan that will suit his or her needs now and many years down the road.

Disabled New Jersey vet sees inconsistency in benefits

On behalf of McHugh & Macri posted in Veterans' Benefits on Friday, April 12, 2013.

Over 40 years ago, a New Jersey man was serving in Vietnam. During a combat operation, the man lost one of his legs when his company was unexpectedly attacked. Since that time, he has been receiving various disability benefits from the Department of Veterans Affairs. Recently, however, he was denied a clothing allowance he has received for decades on grounds that his injury was not documented as "combat-related."

The man has tried to provide proper documentation and call VA offices regularly, but has had no luck. He's frustrated that things would change so dramatically over the course of a couple years. Every year the man has been required to re-apply for VA benefits, but hasn't had any pushback up until a couple years ago.

Administration doesn't propose big cuts in Medicaid funding

On behalf of McHugh & Macri posted in Medicaid Planning on Friday, April 5, 2013.

Over the last several months, readers in New Jersey have likely been inundated with news of federal and state government budget cuts. Along the way, many may be wondering what programs will see cuts and what personal effect the changes will have. Recently, President Obama released a budget proposal that doesn't include significant cuts to the federal Medicaid program, which may be relevant to those considering Medicaid planning for long-term care.

Medicaid is a health care benefit program designed to meet the needs of individuals or families with low incomes. For those in long-term care, Medicaid may come into effect when their personal assets are nearly depleted. Staying in long-term care is known to be very pricey, so it's not hard to understand why people often fall back on public benefits when facing long-term medical problems.

It's never too early to begin long-term care planning

On behalf of McHugh & Macri posted in Care Planning on Friday, March 29, 2013.

When a 71-year-old New Jersey found out that her husband's retirement plan didn't include long-term care insurance as they had expected, she knew she had to act. After seeing her parents pass away unhappily, the woman wanted to make sure the she and her spouse were able to plan ahead to make sure her family wouldn't have to make difficult decisions about their health.

The New Jersey couple, who were both retired at the time, decided to buy into a long-term insurance policy with relatively high premiums. Although this created a significant financial impact, she knew that purchasing the plan was worth it. Additionally, the couple was fortunate enough to have enough money in savings. This story serves as a valuable reminder to those who are considering long-term care planning options for themselves or loved ones.

What were the terms of Andy Griffith's trust?

On behalf of McHugh & Macri posted in Estate Planning on Friday, March 22, 2013.

Last year, one of the most notable actors in American television history, Andy Griffith, passed away. According to friends, the legendary actor expressed the desire to convert a house on his property into a museum after he passed. New Jersey readers may be interested to hear the news that Griffith's wife is currently planning on demolishing that house.

According to reports, Griffith's estate plan put most all of his real estate and assets into a trust, which are now controlled by an undisclosed trustee. His will did not specify what he wanted done with the house set to be torn down, nor did the document mention anything about a museum chronicling his career.

What's the best way to approach tax planning in 2013?

On behalf of McHugh & Macri posted in Tax Planning on Friday, March 15, 2013.

Readers in New Jersey would be hard pressed to find someone who describes the federal tax code as "simple." Even though state and federal tax laws are incredibly dense, there are still ways to approach this year's tax season with careful thought in order to best serve your needs and the needs of your estate.

At the turn of the new year, headlines were focused on the "fiscal cliff" negotiations. After an agreement was finally reached, some of the finer points of the tax law changes were lost in the hubbub. Namely, there were important implications for those looking to approach their estate planning strategically.

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