With statistics showing that over 5.5 million Americans are living with Alzheimer’s and other forms of dementia, it’s important for us all to take the necessary steps and plan for this possibility. Not only do dementia patients lose the ability to work and support themselves financially, they also require care that can become very expensive in later stages – around $60,000 per year. Fortunately, there are ways to plan for your loved one. Here’s some legal advice from an experienced elder law attorney in New Jersey.
- Start early: Dementia-related diseases progress to confusion and difficulty coping mentally with daily tasks, so it’s important that your planning starts as early as possible – even before there are any signs of the disease. This makes it easier to get your loved one’s wishes clearly documented and understood by themselves, their spouse and family.
- Speak to an elder law specialist: Elder law attorneys specialize in assisting families and elderly loved ones with comprehensive legal and financial planning, and will be able to develop the best possible plan for your loved one’s future care while protecting his or her rights. They will be able to introduce you to new options you may not have thought of, and walk you through every step and issue so that you can make an informed decision.
- Review, update or create Advanced Directives: These are some of the most important documents for your loved one to have, as they ensure that someone responsible is put in charge of medical and healthcare decisions when your loved one is no longer able to do so themselves. This may also mean updating documents where your loved one has this responsibility for another person, for example, their spouse, as they will no longer be able to perform this role.
- Review, update or create Financial Power of Attorney: This document will allow a responsible person to take on financial decisions for your loved one when they are no longer able to do so themselves.
- Long term care financial planning: Your lawyer can evaluate any insurance policies, help you access benefits and plan for Medicaid eligibility, if needed. They can also assist you by drawing up a Last Will and Testament, creating a trust if needed and develop a plan for long term care affordability.
Let a compassionate NJ elder law attorney provide legal assistance
Frank R. Campisano has over 30 years of experience in New Jersey elder law. With his expertise and compassion, we can help your loved one grow older with dignity, in comfort and with proper peace of mind.
In addition to sound elder law financial planning advice, you can also prepare additional estate planning documents, such as your Last Will and Testament, Power of Attorney documents, medical directives and trusts. For a free consultation, please contact us today and visit our website at https://www.scclegal.com/