Asset Protection
Let Our NJ Asset Protection Lawyers Help.
Our Attorneys Provide Peace of Mind for Clients in New
Jersey
 Nearly
60% of us will spend some time in a
nursing home. While medical breakthroughs and developments
continue, life expectancies increase along with long-term
care costs. Now faced with the challenge of paying for these
services, many people are realizing that they don't know
what to do or where to turn. Some assume that Medicare and
private Medicare supplement insurance will cover these costs
– unfortunately, that isn't true. Medicare was set up to
provide for short-term payment of rehabilitation and
therapy costs
for up to 100 days in New Jersey. Setting up an Asset Protection
Trust with an experienced NJ asset protection lawyer can
alleviate your fears.
How Do We Pay For the $9,000/Month
Nursing Home Bill? Can an Asset Protection Trust Help?
- Private Pay
- Long Term Care Insurance
- Medicaid public benefits
 The idea of long-term care insurance is a
great idea for those who are still young and can still
qualify for reasonable premiums. Once a family member has
reached the age of needed long-term care, it's past time to
enroll in such a policy. Since private nursing home costs can reach
nearly $100,000 or more per year, long-term medical and nursing
home care costs can quickly drain your life savings
and impair the financial security of
the spouse that's still at home to pay
for these costs. Our asset protection lawyers
understand these situations and can help you plan ahead to
avoid spousal impoverishment..
By designing an Asset Protection Plan or Asset Protection
Trust with a qualified asset protection attorney, financial
security and peace of mind can be ensured for the spouse. It's important to
understand and investigate the options to know what
will best protect your assets from being consumed by
long-term care expenses. Our NJ asset protection attorneys
can help streamline your research time and develop a plan
that is right for your unique situation.
Let us discuss an Asset Protection
Trust with you.
Our NJ Asset Protection Attorneys Have the Experience
That Counts
The need for asset protection occurs
every day in a variety of situations. Our asset protection
lawyers have successfully handled a variety of situations.
Here are some basic examples:
Basic Case #1
 A husband has just had a stroke and needs
nursing home care. The couple has some assets. Their house
was purchased in the 1950s for $30,000 and is now worth
$400,000. Other liquid assets total an additional $400,000,
including IRAs.
According to NJ law, the wife can only
keep $95,100, and the remainder must be spent on the ailing
husband, risking over $700,000 of their assets. When the husband dies, a lien may be placed
against the house for public benefits paid out for the husband’s care.
By setting up an Asset Protection Trust,
we can change the outcome:
The house is totally protected and she keeps 50% or more of
the $400,000.
Basic Case #2
A widow with a house worth $400,000 and
liquid assets of $300,000 has an
emergency and needs long-term care. By using the asset
protection attorneys at McHugh & Macri, at least 50% of the money
and the house can be saved - even at the eleventh hour. That's the value
of retaining experienced asset protection lawyers. |
