Certified New Jersey Elder Law Attorneys

McHugh & Macri
Certified Elder Law Attorneys Serving New Jersey Residents since 1978.
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Estate plans and housing needs

NAELA National Academy of Elder Law Attorneys, Inc. MEMBER

Many New Jersey residents never think that they will have to move away from their current homes. However, as people age and retirement approaches, estate planning might require them to make the decision to leave the comfort of their community for financial reasons.

Individuals should be reviewing their financial circumstances aat elast 10 years in advance of retirement in order to be in a position to make necessary adjustments. This can be a sufficient period in which to determine if retirement assets will generate enough income to support a lifestyle retirees anticipate for themselves after they leave the workforce. Equally as important is for people to know they will not outlive their retirement assets.

Housing is a significant expense that can quickly consume a person's retirement income. With future costs associated with nursing homes and home health aides expected to increase dramatically, prudent asset preservation planning should take into account the housing needs and expectations of a retiree. People who are determined to live out their retirement years in the same house in which they raised their families must come to terms with the economic realities of the costs of maintenance, property taxes and other expenses associated with single-family homes. Another factor to consider is the suitability of the home if health issues make mobility difficult or impossible.

Retirement should be a time when people can take advantage of their freedom from work and family responsibilities to focus on themselves and the things they want to do and accomplish. Making decisions in advance of retirement on important issues and incorporating them into an estate plan is the first step toward a carefree retirement. An attorney might be able to assist a person with guidance and information to tailor a retirement plan to help accomplish the individual's goals.

Source: Forbes, "Planning To Make The Right Move In Retirement", Carla Turchetti, December 10, 2013

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