27 Nov 2011
November 27, 2011

New Law Substantially Extends Reach Of New York State’s Medicaid Estate Recovery Law

401(k)s and IRAs, Elder Law, Estate Recovery, Life Estates, Medicaid Planning, New Laws, Retirement Benefits, Trusts 0 Comment

Earlier this year the New York State Legislature, prompted by the Governor’s Medicaid Redesign Team, amended Section 369 of the Social Services Law to increase New York’s right to recover money from the estate of a deceased Medicaid recipient. The amendment expands the definition of the term “estate” in the Medicaid Law to include non-probate.. read more →

18 Nov 2010
November 18, 2010

The Frustrating Tale Of A Retired Firefighter Repeatedly Denied The Right To Plan His Estate To Benefit His Severely Disabled Child

Civil Service Benefits, Elder Law, Estate Litigation, Estate Planning, Government Pensions, Governmental or Public Benefit Programs, New Cases, Retirement Benefits, Special Needs Planning, Special Needs Trusts 0 Comment

Thomas Saccone is a retired Newark, NJ firefighter. He and his wife’s only son, Anthony, suffers from severe mental disabilities. Tom is a long-standing estate planning client of my law firm. Tom has shown himself to be a devoted husband and father who is relentless in his efforts to plan his estate in order to.. read more →

18 May 2010
May 18, 2010

New Regulations Prevent Debt Collectors From Seizing Federal Benefits Deposited Into Bank Accounts

Civil Service Benefits, Federal Employees Retirement System Benefits, Government Pensions, Governmental or Public Benefit Programs, New Laws, Railroad Retirement Benefits, Social Security Benefits, Supplemental Security Income (SSI) Benefits, Veterans Benefits 0 Comment

The Treasury Department and the four major benefit agencies, the Social Security Administration, the U.S. Department of Veterans Affairs, the Office of Management and Budget, and the Railroad Retirement Board, are jointly releasing new rules which prevent banks from seizing Social Security and other federal benefits from customers facing debt collectors. The new rules would.. read more →

06 Jan 2010
January 6, 2010

Union County’s Promise To Provide Health Coverage For Life In Exchange For Early Retirement Not Binding

Government Pensions, Medical Insurance, Medicare, New Cases, Retirement Benefits 0 Comment

In Rodbart v. County of Union, 2009 N.J. Super. Unpub. LEXIS 3084 (December 21, 2009), Union County was sued by three retirees who expected the County to pay their Medicare Part B premiums for life if they accepted early retirement. Two of the retirees were former Union County assistant prosecutors and the other served as.. read more →

17 Jul 2009
July 17, 2009

IRS Issues Guidance on Disability Exception to Early Distribution From IRA Penalty

401(k)s and IRAs, Estate Planning, Retirement Benefits 0 Comment

In May of this year, the Internal Revenue Service provided guidance on when a taxpayer may avoid the 10% penalty on IRA distributions before age 59 by claiming to be disabled. In Chief Counsel Advice 200922041, the IRS explained the meaning of “disabled” as it relates to Internal Revenue Code 72(m)(7), the disability exception to.. read more →

31 Mar 2009
March 31, 2009

More Companies Eliminate 401(k) Matches

401(k)s and IRAs, ERISA Employee Pension Benefit Plans, Estate Planning 0 Comment

The battle for a secure retirement is about to get even tougher. Several new surveys of company executives show that they plan to reduce or suspend their company’s retirement-plan contributions this year.  Dozens of employers in the past year have already slashed such costs.  The trend means one important thing for workers: smaller nest eggs,.. read more →

15 Feb 2009
February 15, 2009

Supreme Court OKs Payment Of Pension Benefits To Designated Ex-Spouse Beneficiary Despite Her Waiver Of Rights To Pension In Divorce Judgment

ERISA Employee Pension Benefit Plans, Estate Litigation, Family Law 0 Comment

A new Supreme Court decision illustrates the importance of making sure your beneficiary designations are up-to-date.  The Supreme Court has unanimously ruled that a plan administrator properly distributed benefits under an ERISA pension plan to a deceased participant’s ex-spouse, as she was the only designated beneficiary, even though she had waived her interest in plan.. read more →

17 Dec 2008
December 17, 2008

Pension bill would allow deferrals of 401(k) and IRA withdrawals in 2009

401(k)s and IRAs, Estate Planning, Government Pensions, Taxation 0 Comment

Congress approved legislation that would allow retirees to defer withdrawals from their 401(k) plans and individual retirement accounts in 2009 without triggering a penalty. President Bush is expected to sign the bill. Ordinarily, seniors age 70½ and older are required to withdraw a minimum amount from their tax-deferred retirement savings plans every year and pay.. read more →

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