The time to plan is now-people tend to avoid the estate planning discussion because it can be difficult to think of the "worst-case scenario." But planning early, when you are healthy and in control of your decision-making capacity, is the best way to make sure your wishes are carried out and the individuals you trust are in charge of your finances and well-being.
Planning early also allows you to prepare for the cost of long term care. The cost of long-term care in New Jersey can range from $6,000 to $13,000 per month or more. Planning early allows you to make informed decisions as to what assets you should use to pay for care, and what assets you can protect for your future and/or for your loved ones. With proper planning, you can potentially preserve assets and achieve Medicaid eligibility in the future. As Elder Lawyers, we will discuss various planning approaches, including transferring assets, setting up trusts, and using other legal tools to accomplish your goals.
By: Colleen Gaedcke, Esq.