When should you start planning for long-term elder care?

Long-term care isn’t anything we want to think about, no matter how young or old we might be! It’s human nature to put off this kind of planning – and yet the consequences of failing to make these plans can be devastating. This makes it more important than ever to put an effective plan in place early, leaving you with peace of mind and the freedom to concentrate on other life pursuits, says elder law attorney Frank Campisano in New Jersey.

Average costs of long-term elder care 

Elder care costs are on the rise, not just in New Jersey but also across the United States, with the Genworth Cost of Care Survey placing 2015 costs at:

  • Assisted living services (Non-medical and medical): $20 per hour
  • Adult Day Health Care: $69 per day
  • Assisted living in a facility: $3,600 per month
  • Nursing home care: $220 – $250 per month

Of course, these rates are an average taken across the country and different facilities, additional services and extended hours will all cause changes in these rates.

While Medicaid and Medicare are available, there are strict regulations for getting into these programs. An elder law attorney can assist you by helping you plan your estate in such a way that you can access your Medicaid benefits when you need them. This requires long-term planning however, so be sure to speak to a professional at least 5 or more years before long-term care becomes necessary.

Legal considerations of long-term elder care planning 

In addition to ensuring that you are financially able to afford to live out your senior years in comfort – whether in assisted living or in your own home – there are several legal issues that are important to include in your long-term plans to age gracefully:

  • Last Will and Testament: This will ensure that your estate is distributed in accordance with your wishes. Without a Will, your property will be redistributed by the State of New Jersey and may be subjected to a lengthy probate process and taxes.
  • Financial Power of Attorney: This legal document appoint a person of your choosing to handle financial decisions on your behalf in the event that you are unable to do so yourself.
  • Medical Power of Attorney: Similar to a Financial Power of Attorney, this legal document appoints someone of your choosing to make medical decisions on your behalf in the event that you cannot do so yourself. It can also contain Advanced Healthcare Directives that you can state in advance, for example, if you do not want to receive certain advanced life-saving measures or would like to include a Do Not Resuscitate clause in your treatment.

Speak to a leading NJ elder law attorney for expert assistance 

It’s never too early to start planning for long-term elder care, so contact us today and speak to Frank R. Campisano of Sedita, Campisano & Campisano, LLC. A compassionate and experienced attorney with over 30 years of experience in elder law and estate planning, he can assist you with every aspect of your long-term care plan, including:

  • Will and Trust creation and administration
  • Medicaid asset protection
  • VA aid
  • Special needs trusts
  • Trust planning
  • Estate and trust litigation

For more information on long-term care planning and elder law in New Jersey, please visit us today at https://www.scclegal.com/

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