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Certified Elder Law Attorneys Serving New Jersey Residents Since 1978.

March 2018 Archives

An irrevocable trust may be part of Medicaid planning for some

As our nation's population ages, more and more people will need care in their older years. Whether they choose in-home care, an assisted living facility or a traditional nursing home, paying for such care can easily deplete a person's financial resources. Some people in New Jersey may assume that when the time comes, they'll utilize Medicaid to pay for their long-term care needs. The issue with this is that a person must have little in the way of "countable assets," the amount of which is set by the state, in order to qualify for Medicaid. This means that before they can start using Medicaid to pay for their long-term care needs, they will need to have exhausted nearly all their other sources of assets and income. This could be problematic if a person was hoping to leave an inheritance to loved ones.

What are the duties of a court appointed guardian?

In New Jersey, there are steps a person must take before they can legally qualify as guardian of a person's estate. Once they qualify as guardian of the estate, there are certain things they must do. This post will provide a brief overview of this topic. However, it cannot be relied upon as legal advice, so those who want more information on guardianship of the estate will want to consult with an attorney.

Don't count out long-term care insurance for care planning

Long-term care insurance has gotten a bad rap lately. People claim it is too costly, and that they'll be better off relying on Medicare and retirement savings when the time comes. However, what people in East Hanover and elsewhere need to keep in mind is that Medicare will not cover everything. In fact, the median cost for stay in a nursing home in a private room is $97,255 annually. If a person is relying on Medicare and retirement savings, they may find that they quickly burn through these resources.

We assist New Jersey residents with their power of attorney

One of the most valuable documents a person in New Jersey can include in their estate plan is a durable power of attorney. In this document, a person can select someone who will make financial decisions on the person's behalf should the person be physically or mentally unable to do so. Without a power of attorney, guardianship must be ordered by the court, which can be costly both in time and money. However, it is important that this document is both current and comprehensive. A durable power of attorney should contain proper provisions with regards to transfers or gift planning.

McHugh & Macri
49 Ridgedale Avenue
Suite 1
East Hanover, NJ 07936

Phone: 973-577-6010
Fax: 973-887-6237
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