Library
Posts By Thomas D. Begley, III
Attorney At Law
What Happens If a Beneficiary Dies Before You? (And How to Plan for It)
Does A Beneficiary Dying Before You Create Problems For Your Estate Plan? If a beneficiary passes away before the person who intended to leave them an inheritance, it can potentially create issues, depending on how the estate plan was structured. A well-drafted will...
What Happens If an Executor Doesn’t Do Their Job Properly in New Jersey
What Is An Executor And What Are Their Primary Responsibilities After Someone Passes Away? An executor is an individual named in a will to carry out the wishes of the deceased. Their main responsibilities include gathering the deceased's assets that pass through...
Can The Government Take Your Home For Medicaid? Estate Recovery In New Jersey
Why Is Medicaid Estate Recovery A Concern For Families In New Jersey? The concern about Medicaid estate recovery arises because as people live longer, more individuals require long-term care, leading to potential Medicaid use. Approximately 70% of people will need...
When Should You Update Your Estate Plan in New Jersey? The Mistakes People Make by Waiting Too Long
How Often Should An Estate Plan Be Reviewed, Even If No Major Changes Seem To Have Occurred? It's crucial to review your estate plan regularly, even if everything seems unchanged. Generally, it's advisable to review your estate plan every five years until age 65, and...
Power of Attorney Mistakes That Can Cost You Everything
What Exactly Is A Power Of Attorney, And Why Is It Crucial In Estate Planning? A power of attorney is a critical document that allows someone to step into another person's shoes to manage their personal, medical, and financial affairs if they become incapacitated. As...
Revocable vs. Irrevocable Trusts in New Jersey: What’s the Real Difference
What Is A Trust And How Does It Function In Estate Planning? A trust is a legal agreement that can serve various purposes in estate planning. Unlike a will, which outlines asset distribution after death, a trust can be a substitute for a will and provide additional...
Navigating Debt After Death: Estate Responsibilities Explained
What Happens To A Person's Debt When They Pass Away In New Jersey? When someone dies, their debt doesn't transfer to their heirs. Instead, the estate is responsible for settling any debts. If there are assets, especially those passing through probate, they are used to...
Medicaid’s 5-Year Look-Back Rule in New Jersey: What Triggers Penalties
What Is The Five-year Look Back Rule In New Jersey, And Why Does It Exist? The five-year look back rule is a federal regulation applicable in New Jersey and other states, designed to prevent individuals from giving away assets to qualify for Medicaid benefits...
Navigating Probate In New Jersey
What Is Probate In New Jersey, And What Does That Process Actually Involve? Probate in New Jersey is the court's oversight of the estate administration process. It is generally straightforward and cost-effective compared to other states. When someone passes away, the...