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.
In theory, drawing up a will is a great idea. After all, it is a way to plan for who gets your assets after you die. You have cared for a house or car for years and do not want to see your time and hard work go to waste with someone who might not appreciate the assets.
If you have recently been diagnosed with Alzheimer's or another form of dementia, you may be grieving and feeling overwhelmed. There is a lot you need to do, and you are unsure how much time you have to do it. One of your concerns might be whether you can still do estate planning. For example, if you draw up a will, would a court recognize it since you made it after your diagnosis?
People in the sandwich generation are those who are caring for aging parents as well as children, either minors or young adults. People 45 to 65 years old tend to make up this generation, and the task of balancing their caregiving responsibilities along with work and emotional fulfillment can be immense.
Perhaps you have realized that you need some help with daily living activities or are tired of rattling around in a big house by yourself. You would like to go to a place where you can socialize and have the peace of mind that you are being taken care of.
Perhaps you are starting to think about Medicaid for your parent and are considering completing the application yourself or with help from a friend. However, you should be aware that applying for Medicaid without legal counsel can lead to a denial or inadequate coverage.
Medicaid is a government health care program for those who need economic assistance for coverage. While it covers many age groups in New Jersey, it is best known for helping the elderly afford health care. The program provides means for expensive health care coverage like nursing homes and home-based care.
Putting your elderly parent into a care facility is often a painful and difficult decision that comes with both emotional and financial hurdles. Trusting someone else to care for your aging parent and shelling out tens of thousands of dollars a year can be a tough choice to make.
Your parents may be vibrant, healthy people, but they may also be approaching senior citizen status. Because you can't know the future, it is never too early to consider initiating a conversation about the advantages of powers of attorney.
When you set up a financial power of attorney, you appoint a trusted individual to make financial decisions on your behalf in the event of incapacitation. That being said, there is no “one size fits all” power of attorney plan. You can determine what issues your power of attorney can handle, and when their authority can kick in. What should you know about financial power of attorney?