ABA ESTATE PLANNING, PROBATE & TRUST COMMITTEE Newsletter December, 2007
ABA General Practice, Solo and Small Firm Division American Bar Association
Chairs - Kenneth Vercammen, Edison, NJ and Jay Foonberg, Beverly Hills, CA
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 SSI – Single
$956 SSI – Couple
$940 SGA - Disabled
$1,570 SGA – Blind
7.65% Tax Rate Employee
15.30% Tax Rate Self Employed
$102,000 Maximum Taxable Earnings
$1,050.00 Quarter of Coverage
$670.00 Trial Work Period
$2,185.00 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 Deductible
$96.40/mth Standard Premium
Part B Income-Related Premium
Beneficiaries who file an individual tax return with income: Beneficiaries who file a joint tax return with income: Income-related monthly adjustment amount Total monthly premium amount
Less than or equal to $82,000 Less than or equal to $164,000 $0.00 $96.40
Greater than $82,000 and less than or equal to $102,000 Greater than $164,000 and less than or equal to $204,000 $25.80 $122.20
Greater than $102,000 and less than or equal to $153,000 Greater than $204,000 and less than or equal to $306,000 $64.50 $160.90
Greater than $153,000 and less than or equal to $205,000 Greater than $306,000 and less than or equal to $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 Deductible
$96.40/mth Standard Premium
Part B Income-Related Premium
Beneficiaries who file an individual tax return with income: Beneficiaries who file a joint tax return with income: Income-related monthly adjustment amount Total monthly premium amount
Less than or equal to $82,000 Less than or equal to $164,000 $0.00 $96.40
Greater than $82,000 and less than or equal to $102,000 Greater than $164,000 and less than or equal to $204,000 $25.80 $122.20
Greater than $102,000 and less than or equal to $153,000 Greater than $204,000 and less than or equal to $306,000 $64.50 $160.90
Greater than $153,000 and less than or equal to $205,000 Greater than $306,000 and less than or equal to $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 a separate tax return from their spouse: Income-related monthly adjustment amount Total monthly 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 Base Beneficiary Premium
$275.00 Deductible
$2,510.00 Initial Coverage Limit
$4,050.00 Out-of-pocket Threshold
$5,726.25 Total Covered Part D Drugs to Get to Catastrophic Limit
$2.25 Catastrophic cost-sharing: Generic/ Preferred Drug
Low-Income Subsidy Co-Payments (LIS)
Full Benefit Dual Eligibles w/incomes
≤ 100% Federal Poverty Level
$1.05 Generic/Preferred Drugs
$0.00 Above Catastrophic Limit
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 limit
$5.60 Others above catastrophic 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
_______________________
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General Practice, Solo and Small Firm Division:
Elder Law Committee and the
Who We Are
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.
________________________________________
The Elder Law Committee of the ABA General Practice Division is directed towards general practitioners and more experienced elder law attorneys. The committee consistently sponsors programs at the Annual Meeting, the focus of which is shifting to advanced topics for the more experienced elder lawyer.
This committee also 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.
Kenneth Vercammen, Esq. co-Chair
Jay Foonberg, Beverly Hills Co-chair, Author of Best Sellers "How to
Start and Build a Law Practice" and "How to get and keep good clients', Beverly Hills, CA JayFoonberg@aol.com>
We will also provide tips on how to promote your law office, your practice and Personal Marketing Skills in general. It does not deal with government funded "legal services" for indigent, welfare cases.
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/
