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Certified Elder Law Attorneys Serving New Jersey Residents Since 1978.

November 2018 Archives

A special needs trust can help those who need government benefits

When a person in East Hanover is engaged in the estate planning process, they may be thinking not just about how their assets will be passed on to loved ones, but also how they will meet their financial needs as they age. Many seniors anticipate relying on Medicaid or other government benefits to pay for their long-term care needs. However, a person must have limited financial resources to qualify for such benefits.

When can certain annuities be used in Medicaid planning?

Many people in New Jersey may have decided that they will rely on Medicaid in part to fund their stay in a nursing home, should they need such services in their old age. However, to do so, a person's countable assets cannot be valued above a nominal level, which is quite low. Most people do not want to impoverish themselves or deplete their estate, just to be able to afford nursing home care. Fortunately, people in such situations have asset protection options, and one of these options may be a Single Premium Immediate Annuity.

Long-term care planning in New Jersey

There are a variety of ways to pay for long-term care. Some people in New Jersey have a long-term care insurance policy. Other people may be eligible for public benefits aside from Medicaid like, for example, Veterans Affairs Aid and Attendance. A person may take out a home equity loan or a reverse mortgage to pay for long-term care. For certain individuals, it may be possible to fully deduct long-term care costs from their federal income taxes. Funds in retirement accounts can also be used to pay for long-term care.

4 assets to include in your will

As you sit down to draft or revise your will, you may have trouble starting. Deciding what happens to your belongings and wealth after you die can be an intimidating task. Additionally, it can be confusing to know what you can–and should–include in your will. 

What kinds of advance directives are recognized in New Jersey?

While it is not exactly pleasant to think about, New Jersey residents might want to take the time to consider what end-of-life care they want when they are near death and who they want to make health care decisions on their behalf if they are incapacitated. It can help to legally document these preferences, so that they are upheld when the time comes. To do this, people will need to execute an advance directive. New Jersey recognizes two types of advance directives: instruction directives and proxy directives.

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