- Why
should I have a Will?
- What
is a self-proved Will?
- I
own a piece of real estate with another person, can
I leave my share of the property to my children in
my Will?
- What
happens if after I write my Letter of Last Instructions
I change my mind as to who should receive my personal
property?
- What
is a short certificate?
- When
are Federal Estate Tax Returns due?
- When
are State Inheritance Tax Returns due?
- What
is the difference between Medicare and Medicaid?
- Where
can I find out if I’m eligible for Medicare?
- What
are PAAD, Lifeline and HAAD and what are their eligibility
requirements?
Q.
Why should I have a Will?
A.
In addition to saving your heirs time and money, a Will
saves the cost of a bond and allows you to decide where
your assets will go upon your death as opposed to the
State deciding for you. Additionally, you are able to
select the executor who will manage the estate and distribute
the assets to the beneficiaries.
top
Q. What is a self-proved Will?
A.
When a Will is signed by the individual and the witnesses
in front of a notary and an affidavit to that effect
is attached to the Will it becomes self-proved. This
means the witnesses will not be required to appear at
the Surrogate’s office when the Will is offered
for Probate.
top
Q. I own a piece of real estate
with another person, can I leave my share of the property
to my children in my Will?
A.
It depends on the way title is held in the property.
If it is owned as joint tenants with a right of survivorship,
then you cannot transfer it under your Will. This is
because by operation of law the property automatically
transfers to the survivor. If the property is owned
as tenants in common, then you can transfer your share
(1/2, 1/3, etc.) of the property in your Will.
top
Q. What happens if after I
write my Letter of Last Instructions I change my mind
as to who should receive my personal property?
A.
Not a problem. Just write a new one and destroy the
old one.
top
Q. What is a short certificate?
A.
It is a legal document issued by the Surrogate which
the executor/administrator uses as proof of his or her
authority to transfer or sell assets of the deceased.
top
Q. When are Federal Estate
Tax Returns due?
A.
Within 9 months after the decedent’s date of death.
top
Q. When are State Inheritance
Tax Returns due?
A.
Within 8 months after the decedent’s death.
top
Q. What is the difference
between Medicare and Medicaid?
A.
Medicare is an insurance program. Medical bills are
paid from trust funds which those covered have paid
into. It serves people over 65 primarily, whatever their
income; and serves younger disabled people and dialysis
patients. Patients pay part of the costs through deductibles for hospital and other
expenses. Small monthly premiums
are required for non-hospital coverage. Medicare is
a federal program. It is basically the same everywhere
in the United States and is run by the Centers for Medicare
& Medicaid Services, an agency of the federal government.
Medicaid
is an assistance program. Medical bills are paid from
federal, state and local tax funds. It serves low-income
people of every age. Patients usually do not pay for covered medical expenses. A small co-payment
is sometimes required. Medicaid is a federal-state program.
It varies from state to state. It is run by state and
local governments within federal guidelines.
top
Q. Where can I find out if
I’m eligible for Medicare?
A.
Generally, Medicare is available for people age 65 or
older, younger people with disabilities and people with
End Stage Renal Disease (permanent kidney failure requiring
dialysis or transplant). Medicare has two parts, Part
A (Hospital Insurance) and Part B (Medicare Insurance).
You are eligible for premium-free Part A if you are
age 65 or older and you or your spouse worked and paid
Medicare taxes for at least 10 years. You can get Part
A at age 65 without having to pay premiums if:
-
You are receiving retirement benefits from Social
Security or the Railroad Retirement Board.
- You
are eligible to receive Social Security or Railroad
benefits but you have not yet filed for them.
- You
or your spouse had Medicare-covered government employment.
If you (or your spouse) did not pay Medicare taxes while
you worked, and you are age 65 or older and a citizen
or permanent resident of the United States, you may
be able to buy Part A.
If
you are under age 65, you can get Part A without having
to pay premiums if:
- You have been entitled to Social Security or Railroad Retirement Board
disability benefits for 24 months.
- If
you have Lou Gehrig's disease, you can get your Medicare
benefits the first month you get disability benefits.
- You are a kidney dialysis or kidney transplant patient.
While most people do not have to pay a premium for Part
A, everyone must pay for Part B if they want it. The
monthly Part B premium in 2003 is $58.70. This monthly
premium is deducted from your Social Security, Railroad
Retirement, or Civil Service Retirement check. If you
do not get any of these payments, Medicare sends you
a bill for your Part B premium every 3 months. If you
have questions about your eligibility for Medicare Part
A or Part B, or if you want to apply for Medicare, call
the Social Security Administration or visit their website.
The toll-free telephone number is: 1-800-772-1213. The
TTY-TDD number for the hearing impaired is 1-800-325-0778.
You can also get information about buying Part A as
well as Part B if you do not qualify for premium-free
Part A.
top
Q. What are PAAD, Lifeline
and HAAD and what are their eligibility requirements?
A.
The Pharmaceutical Assistance to the Aged & Disabled
program (PAAD) helps eligible New Jersey residents pay
for prescription drugs, insulin, insulin needles, certain
diabetic testing materials and syringes and needles
for injectable medicines used for the treatment of multiple
sclerosis. Lifeline is a utility assistance program
that offers $225 to persons who meet the PAAD eligibility
requirements or who receive Supplemental Security Income
(SSI). This includes utility customers as well as tenants
whose utility bills are included in their rent. Only
one tenant in a household is entitled to this assistance.
Hearing Aid Assistance to the Aged & Disabled (HAAD)
provides a $100 reimbursement to eligible persons who
purchase a hearing aid. "Hearing Aid" means
a custom-fitted ear-level or body-worn electronic device
which enhances communication for the hearing impaired.
In 2008 you are eligible for PAAD, Lifeline, and HAAAD if you meet the following requirements:
- You
are a New Jersey resident;
- Your
income is less than $23,092 if you're single, or less
than $28,313 if you are married;
- The
income limit will increase each January by the amount
of the Social Security cost-of-living increase;
- You
are at least 65 years of age, OR at least 18 years
of age and receiving Social Security Disability benefits.
top
