Some people in New Jersey may have given thought to how they will afford the care they may need as they age, and thus have a long-term care insurance policy as part of their estate plan. However, such policies can be expensive, as premiums are constantly increasing. Therefore, it might be worthwhile to consider other alternatives to long-term care insurance.
Most people in New Jersey expect to live long lives. However, many are not prepared legally and financially for their old age. According to one study, this may be especially true for women.
When a person in New Jersey has a loved one with special needs, they will want to make sure their loved one is provided for financially. One way to do this is for the special-needs individual to obtain government benefits. However, usually a person must have limited resources in order to qualify for government benefits. This can become problematic when the person with special needs has other financial resources, but still needs government benefits to meet all of their living expenses and medical expenses.
People in New Jersey who are looking for a nursing home for an aging loved one often do all they can to inspect the home, its policies and its practices, to ensure it is a good fit for their loved one. Once a nursing home is chosen, a nursing home contract will need to be executed. Before signing on the dotted line, it is important to carefully review the nursing home contract, to ensure it is fair and appropriate.
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.