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Certified Elder Law Attorneys Serving New Jersey Residents Since 1978.

March 2018 Archives

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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