As indicated in Post 113, reverse half-a-loaf planning is no longer viable in the state of New Jersey. Therefore, other than the special techniques relating to the home or exempt transfers, the only planning available would be five-year planning.
That is, a potential applicant should transfer all resources and retain sufficient resources to pay for five years' nursing home costs. Therefore, any monies remaining after the look-back period have been saved from nursing home costs.
It is hoped that reverse half-a-loaf planning will be reinstated as indicated in my argument set forth in Post 113.
Disclaimer: This article does not constitute legal advice and each person may have unique facts for which legal consultation may be necessary.
© November 2010, Post 121
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