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.
Many people in New Jersey have a loved one with dementia or Alzheimer's disease. What makes the situation even sadder is that a person could live with dementia or Alzheimer's for years or even decades, depending on the onset date of the disease.
Parents of special needs children in East Hanover love their child with all their heart, but they understand that, in some cases, their child will be in need of care for their entire life. This may be because of the child's physical health, or it could be due to a developmental disorder. Therefore, parents of special needs children may be concerned about how their child will be cared for financially once they are no longer able to do so.
When a person in New Jersey creates a trust, they often name a loved one as successor trustee. However, these successor trustees do not always know what to do in their role to formally become the trustee. They may simply ask their loved ones to sign checks so they can pay the bills, or they may take their loved one to the bank and ask to be placed as a signatory on the account. Doing these things informally, however, can lead to problems down the road.
Many people in East Hanover with special needs, such as a disability or a mental illness, rely on government benefits to make ends meet financially. However, these benefits are often needs-based. If an individual has too many assets in their name, they might not qualify for benefits. This is when it can be important to have a special needs trust.
When a person in East Hanover has a disabled or mentally ill loved one, they may want to see that their loved one obtains the government benefits needed to make ends meet. This is particularly true if their loved one does not have the ability to work or even take care of their own finances. However, depending on the government benefits, a person can only have a certain amount of assets to qualify. In situations like this, setting up a special needs trust may be appropriate.
As the baby-boomer population in New Jersey ages, they need to give some thought to their elder years. They may picture living in an assisted living facility or nursing home, where their daily needs can be taken care of by professionals. Others may prefer to stay in the comfort their own house, and receive in-home health care as needed. No matter what they choose, however, they'll also have to consider how they will pay for long-term care.