Special needs trusts are one way to provide a disabled person with the income they need to survive, while still retaining their government benefits. However, not everyone in New Jersey has enough money to open a special needs trust. An option that may be available to these people, however, is an ABLE account.
Long-term care planning is important for people in New Jersey to consider while they are still competent enough to do so. For example, they may need to execute legal documents to name who will make decisions on their behalf if they become incapacitated. Also, they will need to decide what kind of elder care they will want as they age, and how they will pay for such care.
Many people in New Jersey, including the elderly and special needs individuals, rely on government benefits to make ends meet financially. However, there is a limit on the monetary amount of assets a person can have in order to qualify for certain government benefits. People may fear that they must impoverish themselves in order to qualify for benefits. However, through the execution of a special needs trust, certain assets will be excluded when a person applies for benefits.
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.
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.
When people begin aging, they must consider what kind of care they would like to receive once they are unable to live independently.
Many middle-aged adults in New Jersey these days find themselves part of the "sandwich generation" -- raising children while simultaneously caring for their aging parents. While these may be acts of love, it does take money. An elderly individual may have medical conditions that must be attended to and they may need help with basic daily activities. Some people may have planned on using Medicaid to meet some of these expenses, but when the time comes may find out their loved one is not eligible for Medicaid. When that happens, what other means do people have to pay for the care of an aging loved one?
New Jersey parents of children with disabilities love their children and want to provide them with the best care possible. They may rely on government benefits to assist in meeting their child's health care and life needs. But, as parents age, they may have concerns about how their child will be cared for once their child is an adult, and especially after the parents pass away. They will want to see that their disabled child is taken care of financially, but also that the child still receives the government benefits they need to maintain a good quality of life. A special needs trust may be the estate planning vehicle that addresses parents' concerns in situations like this.
Due to advances in medical care, more people in New Jersey and across the nation are living longer than ever. However, not everyone is lucky enough to be able to take care of themselves on their own until their dying day. It is more likely that, as a person ages, he or she will need help with daily activities and will have health care needs. Therefore, more people can anticipate needing in-home health care or needing to reside in a nursing home. This makes long-term care planning more important than ever.
Alzheimer's disease and dementia are conditions that will eventually render a person in New Jersey unable to care for themselves. While this is a position no one wants to find themselves in, it is a fact that many people will develop these types of illnesses over time and these conditions can persist for years before a person passes away. Therefore, it can help to be prepared in the event that dementia or a related disorder robs a person of their ability to make choices on their own and take care of their daily needs.