While some people in New Jersey may be fortunate enough to make plans for long-term care while they are still in good health, many find themselves needing long-term care options only after a crisis occurs. For example, a person could unexpectedly suffer a stroke, or they could fall and break a hip, necessitating either in-home health care or care in a nursing home. People in such situations may be afraid that they will lose all the hard-earned assets they accumulated over a lifetime to pay for such care.
There is good news, however. A person does not have to become impoverished to pay for long-term care. Special needs trusts, home equity loans or even reverse mortgages may be options. Medicaid may also be an option. What option is right for you depends on your specific circumstances. No two cases are the same.
At our law firm, we know that a medical crisis is a stressful time for a person’s loved ones. They are concerned not just for their loved one’s health, but also how their loved one will be cared for, for their remaining years. Medicaid planning and asset protection are important topics to understand, as is the process of assessing a person’s unique situation.
The need for long-term care can be suddenly thrust upon an individual. In such situations, it is important not to panic. The right approach may help people make decisions that are in their best interests. Our law firm’s webpage on Medicaid planning and asset protection can provide readers with more information on this topic.