NJ ELDER LAW ATTORNEY

Morgan Legal Group PC

Considering your future care

The United States is currently experiencing a population increase among the elderly. Many seniors are entering into a stage in their lives where they are thinking about retirement as well as plans for their long-term care further on. Most people don’t want to think or talk about the possibility that they may end up needing someone to care for them in their old age. However, continually putting off this discussion can cut down on the time an individual and loved ones have to prepare this transition. In addition, waiting until the last minute can put a financial strain on everyone involved as well as reduce the options that are available. Don’t put yourself or your family through these difficulties. Get in touch with a qualified attorney with experience in elder law.
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The need for an elder law attorney

There are many things to consider as you or a loved one get on in age and start planning for the future. It can be overwhelming to have to make these sort of preparations, but an elder law attorney can help you through the process. If you’re unsure of where to start, seek out an attorney that specializes in elder care. They will explain the different options that are available while guiding you in order to reach the best possible solution. Moreover, a qualified attorney can put together the necessary documentation together so that your loved ones can carry out your wishes if you should become unable to do so. In addition to this, your attorney can advise you in regards to determining who will oversee your care.

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Preparing for the costs of long-term care

Many people don’t know where to begin when it comes to long-term care for themselves or a family member. However, one of the foremost concerns in regards to preparing for elder care is the cost. Though prices may vary state to state, there is no denying that long-term care is expensive no matter where you are. In the state of New Jersey, living in a nursing home can be priced between $4,707 and $12,030 per month. The cost of an assisted-living facility is slightly less than that of a nursing home but still exorbitant at $5,725. For a majority of people paying out of pocket for the expense of long-term care is just not financially feasible. Hence, it is of utmost important to have your attorney establish a financial plan long before you find yourself in need of it. Doing so will better prepare you and your family for this necessary expense.

Joining a pooled income trust

A pooled income trust can open up different financial options that could help cover the cost of long-term care. Indeed, many people have found that this is the most suitable alternative for the financial challenge of long-term care. A pooled income trust essentially lets you qualify for government funded programs like Medicaid while allowing you to set aside assets within a trust as a separate means of securing money for other expenses. Through a pooled income trust, you could receive the homecare service provided by Medicaid, thereby ensuring your long-term care. And, as previously mentioned, you would secure an income for yourself, allowing you to cover necessary expenses. A pooled income trust is not just reserved for the elderly. This kind of trust is open to almost anyone who requires some kind of homecare.

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Protecting your assets through an irrevocable trust

As part of securing adequate payment, most nursing homes require an individual to release their assets when they move in. For some people, this can pose a great financial strain and can ultimately bar them from receiving the care they need. However, you can safeguard your assets by transferring them into an irrevocable trust. Once you place your assets into an irrevocable trust, you can’t take them out again. As such, a nursing home facility won’t be able to take them out either. One important point to keep in mind is that if you plan on entering a nursing home, you have to carry out this transfer at least five years before you move in.

important things you should know

Common Questions

With general estate planning, the guiding principle is that it is never too early to start preparing for the future. Similarly, when it comes to legal matters that affect older age groups, the dictum is the same—the earlier you plan, the better. There is no set age requirement for hiring an elder law attorney, and indeed, as studies show that people are living longer, it’s recommended that you start preparing well before you reach retirement age.

A pooled income trust is open to people of all age groups. However, these kinds of trusts, known as special purpose trusts, are specifically designed to aid seniors who need homecare or people with special needs or disabilities. These groups usually don’t qualify for public benefits due to the receipt of inheritances, divorce and personal injury settlements, or other funds. If you belong to one of these groups, a pooled income trust would allow you to live at home while qualifying for public programs that would provide you with the homecare services you need.
As the name connotes, an irrevocable trust is a trust which does not allow for any changes or modifications to be made to its terms. As such, once you place assets into an irrevocable trust, you can’t take them out again. Those assets no longer belong to you, but to the beneficiaries you have named within the trust. Henceforth, only the beneficiaries may grant permission for the trust to be altered or terminated.
It can be very difficult to qualify for Medicaid. While it is a public benefits program funded by the federal government, each state manages Medicaid differently. The income and asset threshold states have in place can oftentimes be very low, meaning that you have to be very close to the federal poverty level. Unfortunately, this can leave many people ineligible for Medicaid while experiencing genuine financial straits. However, if you find yourself in this situation, there are other options available. Set up a meeting with an attorney who specializes in elder law. They’ll help you explore alternative paths to receiving healthcare coverage.

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