Fredrick P. Niemann, Esq. Medicaid Changes The Approaching Storm FREDRICK P. NIEMANN, ESQ. Hanlon Niemann, PC ELDER LAW AND LIFE CARE PLANNING 3499 ROUTE 9 NORTH, SUITE 1-F FREEHOLD, NJ 07728 (732) 863-9900 www.njelderlawcenter.com www.njmedicaidattorney.com www.applyingformedicaidinnj.com www.appealingmedicaiddenialinnj.com
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Fredrick P. Niemann, Esq.Medicaid ChangesThe Approaching
Fredrick P. Niemann offers his clients nearly 30 years of accomplished practice in law. He is a member of the National Academy of Elder Law Attorneys, the Guardianship and Conservatorship Committee of NAELA, the Special Needs Trust and Estate Tax Committees of NAELA, the Monmouth County Chancery Practice Committee, New Jersey State Bar Association Elder Law Section, and the Monmouth County Chancery Practice Committee. Mr. Niemann is one of the few attorneys in New Jersey to be accredited by the Veteran’s Administration to file applications for the Aid and Attendance pension on behalf of Veterans and or their spouses.
Legal Wit
A curious passerby stopped before a grave in a cemetery, containing the tombstone declaring: “Here lies a lawyer and an honest man.”
“An who’d ever think,” he murmured, “there would be room for two men in that one little grave!”
From the World’s Best Jokes
edited by Lewis Copeland
Legal Wit
It was so cold one day last February that I saw a lawyer with his hands in his own pockets.
Robert Peterson, comedian
A lawyer is a man who helps you get what is coming to him.Laurence J. Peter, educator/writer
The first thing we do, let’s kill all the lawyers.Shakespeare
Cold Hard Facts• 60% will require long-term care• 43% of people over 65 require nursing home care• It costs per month
– $4,000-$5,000 for home care – $4,000-$8,500 for assisted living– $9,000-$12,000 for nursing home– $18-$22 per hour minimum 3 hours for home health aid– $120-$150 for a 12 hour shift for home health aid– $175-$230 for a 24 hour shift for home health aid with 8
hours of sleep
The Greatest Threat
• The greatest threat to the financial security of middle and upper middle class Americans is the cost of long term convalescent care!
5 Ways to Pay for Long Term Care
• Private pay• Long-term care insurance• Medicare (for up to a maximum of 100 days
of skilled care, the first 20 days are covered 100% then there is a co pay for the additional 80 days)
Other Options to Protect the Home:Transfer Home/Retain Life Estate
• Retain Control• Gift Tax• Step Up in Basis• Retain Homestead Tax Rebate• Veterans Deduction, Senior Citizen
Deduction, Itemized Deduction• Principal Residence Exclusion/Trust
Summary of Seminar byUse of a Case Example
You Be the Lawyer
Bill Smith Age 88 (early onset Alzheimer’s)Sofia Smith Age 71 (good health, primary caregiver)House (jointly owned) $450,000John IRA $101,000Sofia IRA $44,000Brokerage Account (jointly owned) $160,000CD’s (jointly owned) $75,000
(cont’d)
(Cont’d)
Money Market (jointly owned) $30,000Checking Account $14,000Vacation condo in Florida