/24-7PressRelease/ - HADDON HEIGHTS, NJ, January 19, 2007 — Cynthia Sharp and Chris Bratton are pleased to announce the merger of their law firms effective January 1, 2007. The firm, known as Sharp Bratton, will continue to focus in the areas of elder law as well as estate and disabilities planning.
According to Mr. Bratton, "It is more important than ever to plan ahead to protect a family's life savings. Those who have plans in place need to have them reviewed since both the state and federal governments constantly change the applicable laws. For example, many are still unaware that estates above $675,000 are subject to the New Jersey estate tax. They have been lulled into a false sense of security since the federal estate tax exemption is much higher."
Ms. Sharp has outlined The Top Five Mistakes People Make in Medicaid Planning:
1. Erroneously thinking that it's too late to plan for asset preservation. It's almost never too late to take planning steps, even after a loved one has moved to a long term care facility.
2. Giving away assets too early. First, it's your money (or your house). Make sure you take care of yourself first. Don't put your security at risk by putting it in the hands of your children. Gifts can cause tax and Medicaid problems as well.
3. Ignoring important safe harbors created by Congress. Certain transfers are allowable without jeopardizing Medicaid eligibility. These include transfers to disabled children, caretaker children, certain siblings and into trust for anyone who is disabled and under age 65; a transfer to a "pay-back" trust if under age 65; and a transfer to a pooled disability trust at any age.
4. Applying for Medicaid too late. This can mean the loss of many months of benefits.
5. Not getting expert help. This is a complex area that most people deal with only once in their lives. Tens, or even hundreds, of thousands of dollars can be at stake. It's penny wise and pound foolish not to consult with a qualified elder law attorney who can guide you through the complicated maze.
For additional information, log onto the firm's website at
www.sharpbratton.com
For more information, please contact:
Cynthia Sharp
cmyers@sharpbratton.com
OR
Chris Bratton
cbratton@sharpbratton.com
Sharp Bratton
Attorneys at Law
208 White Horse Pike
Haddon Heights, New Jersey 08035
856-546-5666
By Appointment Only:
993 Lenox Drive
Lawrenceville, New Jersey 08048
609-219-1680
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