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Certified Elder Law Attorneys Serving New Jersey Residents Since 1978.

May 2018 Archives

Why to consider executing a special needs trust

People in East Hanover have so many choices when it comes to estate planning and elder care, that it can be difficult to know where to start. Sometimes a person creates a will, and believes their estate planning is done. This can be problematic if the person also wants to rely on Medicaid, Supplemental Security Income or other government benefits as they age. In order to qualify for these benefits, a person's assets cannot exceed a certain threshold, and that threshold is fairly low. If a person's assets exceed the threshold, they will be ineligible for benefits.

Elder law and estate planning: what is 'power of attorney'?

People in East Hanover may have heard of the phrase power of attorney, but may not know exactly what this term means. A power of attorney is a legal document a person executes that dictates who will be able to make legal decisions on behalf of the person should the person become incapacitated. The person executing the power of attorney is the principal, and the person chosen as power of attorney is the agent. The two main types of power of attorney are a health care power of attorney and a financial power of attorney. The person executing the power of attorney will determine what their agent will and will not be able to do.

How your will and your trust work together

If you are a savvy New Jersey resident who has a living trust that protects your assets, it may surprise you to find out that by itself, your trust is insufficient to ensure that your trustee has the ability to distribute your assets as you wish after you die. If you have not already done so, you also need to make a pour-over will to complete your estate plan.

What counts as income for Medicaid purposes in New Jersey?

One thing that will be considered when a person in New Jersey applies for Medicaid benefits is that person's income. There is a limit to the amount of income a person can make for the purposes of receiving Medicaid benefits. Of course, income includes any wages earned. However, it can include other financial resources as well.

Boomers should address elder law issues in a proactive manner

As the baby boomer generation ages, their need for legal services will also grow in ways that they may not initially expect. With longer lifespans and advancements in the medical field comes the fact that a person in New Jersey could be physically or mentally incapacitated for months or even years before passing away. Baby boomers need to prepare for this possibility by ensuring they have the proper legal documents in place that will dictate what their wishes are.

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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