Certified New Jersey Elder Law Attorneys

McHugh & Macri
Certified Elder Law Attorneys Serving New Jersey Residents since 1978.
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Care Planning Archives

NAELA National Academy of Elder Law Attorneys, Inc. MEMBER

It is never too early to plan for long-term care

People who live in New Jersey may be optimistic about how they think they will spend their senior years, and most probably believe they will be able to continue to live independently. Unfortunately, statistics reveal a different picture. According to the U.S. Department of Health and Human Services, 70 percent of Americans who reach 65 may need an average of at least three years of long-term care.

Estate planning and long-term care

New Jersey is one of several states that has a separate estate tax. Its current $675,000 exclusion is far less than the current federal exclusion of $5.25 million per spouse, and accordingly many estates that have avoided paying federal estate taxes may end up owing taxes to the state. At both levels, the estate tax can cut into a significant chunk of one's wealth, but there are some strategies that individuals can use to both minimize tax liability and preserve assets to pass on to future generations.

What do we owe our parents in their golden years?

According to a survey conducted by More magazine, kids feel morally bound to support aging parents. However, the survey suggested that as people age, they may not be discussing topics such as assisted living, long-term care and final directives with their children as often as they should.

Benefits of buying long-term-care insurance

Financial planners have long encouraged the purchase of long-term care for their clients in New Jersey and across the nation while they are still fairly healthy. While purchasing coverage through work is usually the most cost-effective option, people can obtain individual plans reasonably if they buy them when they are in good health. However, buying individual coverage has become increasingly expensive.

Unpreparedness surrounds the issue of long-term care

Aging is a simple fact of life. However, a recent study suggests that most Americans simply aren't prepared for the realities of the years ahead. Many New Jersey residents know that they may need to be placed in long-term care, but either don't want to think about it or don't understand the kind of planning that is often required to live the "golden years" in comfort.

It's never too early to begin long-term care planning

When a 71-year-old New Jersey found out that her husband's retirement plan didn't include long-term care insurance as they had expected, she knew she had to act. After seeing her parents pass away unhappily, the woman wanted to make sure the she and her spouse were able to plan ahead to make sure her family wouldn't have to make difficult decisions about their health.

Creative ways of paying it forward through upward wealth transfers

Most parents were there to look after their children - to feed them, put clothes on their backs, and make sure that they bathed even when they didn't want to. In a way, it may have been preparing their young to "pay it forward" once they grew old. Due to medical advances and healthier living, many people are living longer than anticipated and as a result, needing both physical and financial nurturing as they have started to outlive their nest eggs.

Baby boomers bring with them concerns for long-term care solutions

As America's baby boomers grow older and near retirement age, a new concern is growing among those in the healthcare, financial industry, and legal profession regarding properly planned long-term care. There are currently roughly 10 million senior citizens who rely on others for their daily care. There are nearly 78 million baby boomers entering old age.

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McHugh & Macri
49 Ridgedale Avenue 
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East Hanover, NJ 07936
Phone: 973-577-6010
Fax: 973-887-6237
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