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Certified Elder Law Attorneys Serving New Jersey Residents Since 1978.

April 2018 Archives

How can one make long-term care insurance more affordable?

Long-term care planning is essential if a person wants to ensure they will be able to afford the help they'll need in their old age. Some people will need in-home care. Others might live in an assisted living facility or a nursing home. While some may be relying on Medicaid and their retirement savings to afford such care, there are other means for paying for elder care.

Make estate planning and care planning a priority

Young or even middle-age adults in New Jersey may think that since retirement is decades away, they can wait to execute an estate plan or care plan, and even retirement planning in these early years is not so important. However, retirement planning and estate planning should be done as soon as one is able to do so. This way, they can protect themselves and their loved ones once they have retired and are physically or mentally unable to care for themselves.

What to do - and not do - in a Medicaid spend-down

If your parents live in New Jersey and you think they may need to move to a nursing home or an assisted living facility in the future, it is in their best interests and yours to start planning early for this eventuality. Why? Because annual costs for these facilities have skyrocketed in recent years and show no signs of reversing. 

Qualified income trusts can be part of Medicaid planning

Medicaid benefits can be very important for those who need long-term care, but applicants must have a limited income in order to qualify. New Jersey residents in such situations may fear that they will be ineligible for Medicaid, because their income is too high. However, there are means for a person to retain income in a way that still allows them to qualify for Medicaid.

A power of attorney may be preferable to a court-ordered guardian

Throughout our lifetimes, we will make many important financial decisions. From the first time we open a bank account as a teenager, to funding a retirement plan as a working adult, to making simple decisions about how to spend our hard-earned money, most people in New Jersey might take for granted the fact that they are in charge of their finances and can do with them what they think is important.

Macri Law Group
49 Ridgedale Avenue
Suite 1
East Hanover, NJ 07936

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