New reports have shown that the cost of caring for the elderly is more expensive than ever before. With an average cost of a private nursing home in the United States being placed at $91,250 per year, it’s understandable that more and more people are concerned about elderly family members and even their retirement. Fortunately, you can manage this financial burden more effectively with this advice from New Jersey elder law attorneys:
- Understand Your Options Though you can’t predict the level of care you or your loved one may require, it will help you set proper financial goals if you are aware of elderly care options and understand their associated potential costs. These options include Medicare coverage, long term nursing home care, or private home care.
- What do the Federal Government and State of New Jersey offer? Both the Federal and State Government provide support to the elderly. This includes Medicare and Medicaid, as well as state initiatives, rebates and so forth. There are also programs dedicated to assisting veterans through the Veteran’s Administration and The New Jersey Department of Military and Veterans Affairs, including adult day health care, respite care, home care and palliative care.
- Start planning early. This is key to making a success of your elder care plan. Legal strategies, such as creating asset protection trusts, moving assets into a spouse’s name, private annuities and personal care agreements outside of the Medicaid look back period, will help meet the qualifications for Medicaid assistance. As elder law attorneys, we advise our clients to start developing a strategy with your attorney 36 months or more before the need for long-term care is anticipated.
- Don’t forget about estate planning. If you or your loved one has an out-of-date or nonexistent estate plan, now is the time to take action. Legal documents such as Advanced Medical Directives will ensure you can specify the level of life-saving care you would like. A medical and financial Power of Attorney is also important, as it will ensure a trusted person of your choice carries out medical care and financial decisions in line with your preferences in the event you can no longer do so. In addition, your estate plan can include an updated Last Will and Testament or a Living Trust, should you require it.
Start planning today with experienced elder law attorneys
For more information, contact us today and speak to an attorney at Sedita, Campisano & Campisano, LLC. With more than 30 years of experience in New Jersey elder law, we’ll assist you with creating a Living Trust or drawing up other legal documents including Power of Attorney, medical directives and Wills. For more information or to speak to an attorney.