ABA ESTATE PLANNING, PROBATE & TRUST COMMITTEE Newsletter December, 2007 ABA General Practice, Solo and Small Firm Division American Bar Association Chair - Kenneth Vercammen, Edison, NJ In this issue: 1.
2008 PUBLIC BENEFIT NUMBERS
2. Season's greetings from Kenneth Vercammen, Esq., his family and Frizby the dog. 3. More Elder Law & Estate Planning articles added to website http://centraljerseyelderlaw.com/
1.
2008 PUBLIC BENEFIT NUMBERS By Thomas D. Begley, Jr., Esquire
Every year selected public benefit numbers change. These are indexed to the cost of living. Here are some of the important numbers for 2008: Medicaid $1,911 Income Cap $104,400 Maximum CSRA $20,880 Minimum CSRA $2,610 Maximum MMMNA $1711.25 MMMNA (until July 1, 2007) $513 Excess Shelter Allowance (until July 1, 2007) Social Security 2.3% Social Security Increase
$637 $956 $940 $1,570 7.65% 15.30% $102,000 $1,050.00 $670.00 $2,185.00
SSI – Single SSI – Couple SGA - Disabled SGA – Blind Tax Rate Employee Tax Rate Self Employed Maximum Taxable Earnings Quarter of Coverage Trial Work Period Maximum Social Security Benefit
Medicare $128 Medicare Co-Payment – NSF $96.40 Medicare Part B Standard Premium ($82,000 income or less)
Medicare Part B –Related Premium $135/year $96.40/mth
Deductible Standard Premium
Part B Income-Related Premium Beneficiaries who file Beneficiaries an who file aIncome-relatedTotal monthly individual tax return with joint tax return with monthly adjustmentpremium income: income: amount amount Less than or equal to $82,000
Less than or equal to $164,000
Greater than $82,000 and Greater than $164,000 and less than or equal to less than or equal to $102,000 $204,000
$0.00
$96.40
$25.80
$122.20
Greater than $102,000 and Greater than $204,000 and less than or equal to less than or equal to $153,000 $306,000
$64.50
$160.90
Greater than $153,000 and Greater than $306,000 and less than or equal to less than or equal to $205,000 $410,000
$103.30
$199.70
Greater than $205000 Greater than $410,000
$142.90
$238.40
Cost-Sharing for Part A and Part B On October 1, 2007 the Centers for Medicare & Medicaid Services (CMS) announced Part A and Part B premiums and deductibles for 2008.[1] $1,024/benefit period
Hospital
Hospital Coinsurance $0 Days $256/day Days 61-90 $512/day Days 91-150 Skilled Nursing Facility Coinsurance $0 Days 0-20 $128/day Days 21-100 Part A Premium (for voluntary enrollees only) $233/mth With 30-39 quarters of Social Security coverage $423/mth With 29 or fewer quarters of Social Security coverage Part B $135/year $96.40/mth
Deductible Standard Premium
Part B Income-Related Premium Beneficiaries who file an Beneficiaries who file aIncome-relatedTotal monthly individual tax return with joint tax return with monthly adjustmentpremium income: income: amount amount Less than or equal to $82,000
Less than or equal to $164,000
$0.00
$96.40
Greater than $82,000 and Greater than $164,000 and less than or equal to less than or equal to $102,000 $204,000
$25.80
$122.20
Greater than $102,000 and Greater than $204,000 and less than or equal to less than or equal to $153,000 $306,000
$64.50
$160.90
Greater than $153,000 and Greater than $306,000 and less than or equal to less than or equal to $205,000 $410,000
$103.30
$199.70
Greater than $205000 Greater than $410,000
$142.90
$238.40
In addition, the monthly premium rates to be paid by beneficiaries who are married, but file a separate return from their spouse and lived with their spouse at some time during the taxable year are: Beneficiaries who are married but file Income-related a monthly Total monthly separate tax return from their spouse:adjustment amount premium amount Less than or equal to $82,000
$0.00
$96.40
Greater than $82,000 and less than or equal to $123,000
$103.30
$199.70
Greater than $123,000
$142.00
$238.40
Standard Part D Cost-Sharing for 2008 On April 2, 2007 CMS issued information about Part D cost-sharing for 2008:[2] $27.93 Premium $275.00 Deductible $2,510.00 $4,050.00 $5,726.25 Catastrophic Limit $2.25 Preferred Drug
Base
Initial
Beneficiary
Coverage
Out-of-pocket
Limit
Threshold
Total Covered Part D Drugs to Get to Catastrophic
cost-sharing:
Low-Income Subsidy Co-Payments (LIS) Full Benefit Dual Eligibles w/incomes ≤ 100% Federal Poverty Level $1.05 Drugs $0.00 Above Limit
Generic/
Generic/Preferred Catastrophic
Full Benefit Duals with Incomes >100% Federal Poverty Level & Other Full-Subsidy Eligible Beneficiaries $2.25 Generic/preferred drugs $0.00 Above Catastrophic Limit
Partial Subsidy Eligible Beneficiaries $56.00 Deductible 15%
Co-insurance
to
ICL $2.25
Generics
above
catastrophic
above
catastrophic
limit $5.60
Others
limit Copyright 2007 by Begley & Bookbinder, P.C., an Elder & Disability Law Firm with offices in Moorestown, Stone Harbor and Lawrenceville, New Jersey and Oxford Valley, Pennsylvania and can be contacted at 800-533-7227. The firm services southern and central New Jersey and eastern Pennsylvania. Tom Begley Jr. is one of the speakers with Kenneth Vercammen at the NJ State Bar Association's Annual Nuts & Bolts of Elder Law and co-author with Kenneth Vercammen, martin Spigner and Kathleen Sheridan of the 400 plus page book on Elder Law. The Firm provides services in connection with protecting assets from nursing home costs, Medicaid applications, Estate Planning and Estate Administration, Special Needs Planning and Guardianships. If you have a legal problem in one of these areas of law, contact Begley & Bookbinder at 800-533-7227. 2. Season's greetings from Kenneth Vercammen, Esq., his family and Frizby the dog. See photo http://www.njlaws.com/vercammen_family_2007.htm One of the pleasures of this holiday season is the opportunity it gives to thank many people for their friendship, goodwill and the very pleasant association we enjoy. We sincerely appreciate this relationship and are thankful for the confidence many people have shown in us. We appreciate continued referrals. We want to take the time to extend to our friends and clients our sincere gratitude because it is good friends and clients that make our business grow. Client recommendation is a very important source of new clients to us. We are grateful for the recommendation of new clients. We will do our best to give all clients excellent care. We shall do our best to justify all recommendations. In the true spirit of the season, may we all be thankful and share in the hope for peace on earth and goodwill toward our fellow man. May the new year bring happiness and good health to you and those you love. More Holiday cheer at this great site: http://holidays.blastcomm.com/
HAPPY HOLIDAYS & SEASON'S GREETINGS WORLDWIDE: Wesoly Siat, Bozega Narodzenia [Merry Christmas in Polish} FROHE WEIHNACHTEN PRÓSPERO AÑO NUEVO HAPPY NEW YEAR FRIEDEN GLÜCKLICHES NEUES JAHR JOYEUX NOËL PRETTIGE KERSTDAGEN GELUKKIG NIEUWJAAR BUON NATALE BONNIE ANNEE HYVÄÄ JOULUA 3. More Elder Law & Estate Planning articles added to website http://centraljerseyelderlaw.com/:
Wills Answers to Probate Questions Power of Attorney Living Wills Executor - Duties & Responsibilities Trusts v. Wills Wills & Estate Administration Medicaid Wills, Children & Guardianship Removing an Executor of an Estate Ten Estate Planning Ideas for Divorced/ Separated Persons Guardianship of Disabled Adults Wills & Estate Planning Codicil to a Will Elective Share of Spouse Prenuptial Agreements Compelling the Sale of Jointly Owned Houses-The Partition Suit Estate/Will/Trust Inheritance Contests Probate/ Inheritance/ Estate Administration Interview form Estate Planning/ Guardianship Interview Form Will Questionnaire
ALPHABETICAL LIST OF OTHER ELDER LAW/PROBATE ARTICLES Administration of Estates, Probate and Decedents Alzheimer Patient Estate Planning & Guardianship Asset Protection Attorneys Permitted as Executor Book & Audiotapes on Elder Law Catholic Lawyers Guild Caveat to Will Disclaimer by a beneficiary of an interest in a Will or Trust Elder Law Seminars Elective share of surviving spouse Cancer Patients Estate Planning Multiple Sclerosis Patients & Guardianship of Disabled Adults Estate Planning Parkinson Patients & Guardianship of Disabled Adults Estate Planning Single, unmarried parents Estate Planning Ideas Stroke Victims & Guardianship of Disabled Adults Estate Planning Estate Planning Ideas Estate Planning for Gay and Lesbian Couples Executor Commissions in a Probate Case Federal HIPAA requires Power of Attorney or written document to permit family access to medical information Free Will Seminars and Speakers Bureau Gay and Lesbians - Living Will / Advance Directives Guardian Law Changes If you have no will If Undue Influence was 'Clear,' the Will of the Elderly Testatrix is Denied Admission to Probate. Joint Bank accounts upon Death Letters of Instruction Letters of Administration if No Will Life Insurance Trusts Middlesex Estate Council Speaker Needed Medicaid has lien on special needs Trust New NJ Probate Law CHAPTER 132 of 2004
New Jersey Transfer Inheritance Tax Nursing Home and Assisted Living Facility Liability Order to Show Cause in Probate Power of Attorney and Estate Planning for Gay and Lesbian Couples Probate Release Refund Bond Probate Probate Retainer Statement Reverse Mortgages 3B:14-23 Powers of a Fiduciary, Executor in a Probate Estate Rule 4:80 Application to Surrogate's Court for Probate or Administration Rule 4:86 Action for Guardianship of a Mentally Incapacitated Person Rule 4:87 Probate Accountings, Actions for the Settlement of Accounts Same-Sex Couples Estate Planning Stroke and Power of Attorney State Planning for Gay and Lesbian Couples Tax Law Changes Turning House Over to Children? Undue Influence as Defense to Will or Power of Attorney Wills & Estate Planning for Gay & Lesbian Couples _______________________ WE PUBLISH YOUR FORMS AND ARTICLES To help your practice, we feature in this newsletter edition a few forms and articles PLUS tips on marketing and improving service to clients. But your Editor and chairs can't do it all. Please mail articles, suggestions or ideas you wish to share with others in our Committee. Let us know if you are finding any useful information or anything you can share with the other members. You will receive written credit as the source and thus you can advise your clients and friends you were published in an ABA publication. We will try to meet you needs. Send Us Your Marketing Tips We are increasing the frequency of our newsletter. Send us your short tips on your great or new successful marketing techniques. You can become a published ABA author. Enjoy your many ABA benefits.
Send us your articles & ideas To help your practice, we feature in this newsletter edition a few articles and tips on marketing and improving service to clients. But your Editor and chairs can't do it all. Please send articles, suggestions or ideas you wish to share with others.
The ESTATE PLANNING, PROBATE & TRUST COMMITTEE focuses on improving estate planning skills, substantive law knowledge and office procedures for the attorney who practices estate planning, probate and trust law. This committee also serves as a network resource in educating attorneys regarding Elder Law situations. We work with the Elder Law Committee to schedule programs at the ABA Annual meeting. To help your practice, we feature in this newsletter edition a few articles and tips on marketing and improving service to clients. But your Editor and chairs can't do it all. Please send articles, suggestions or ideas you wish to share with others. Let us know if you are finding any useful information or anything you can share with the other members. You will receive written credit as the source and thus you can advise your clients and friends you were published in an ABA publication. We will try to meet you needs. We also seek articles on Elder Law, Probate, Wills, Medicaid and Marketing. Please send your marketing ideas and articles to us. You can become a published ABA author. KENNETH VERCAMMEN & ASSOCIATES, PC ATTORNEY AT LAW 2053 Woodbridge Ave. Edison, NJ 08817 (Phone) 732-572-0500 (Fax) 732-572-0030 Kenv@njlaws.com Central Jersey Elder Law www.centraljerseyelderlaw.com NJ Elder Blog http://elder-law.blogspot.com/