Elder Law and Medicaid Planning Attorney Serving Bergen County and Morris County
Today, people are living longer because the average lifespan has increased dramatically. This increased longevity poses serious issues for the elderly, however, not the least of which are planning for long-term care while protecting their assets. Although the cost of long-term care is exorbitant, having a comprehensive estate plan can allow many elderly individuals to enjoy their retirement years while managing the difficulties of aging.
At E.A. Goodman Law, LLC, we advise clients on long-term care planning with an emphasis on addressing financial concerns and minimizing the potential for family disputes. We are well versed in a wide range of elder care issues including:
- Healthcare planning with advanced medical directives
- Long-term care planning
- Selecting the right long-term care or assisted living facility
- Obtaining public benefits, including Medicaid
- Conservatorships and guardianships
- Special Needs Trusts and asset protection planning
By not having an estate plan that resolves these complexities, the court will make decisions that may not reflect your wishes. We work to protect your legal rights so that you can enjoy a high quality of life in your golden years.
Long-term Care Planning
One of the most pressing concerns for elders and their families is the high cost of long-term care for both medical and non-medical needs. One common misconception is that Medicare will cover the costs of skilled care provided at nursing homes or assisted living facilities, however, in reality this federal program only pays for limited services on a short-term basis.
In addition, elder care often involves non-skilled care to assist with tasks associated with daily living, such as dressing, feeding, housekeeping, shopping and even caring for pets. In short, elders who are not prepared to cover the costs of long-term care can easily deplete their savings. At E.A. Goodman Law, LLC, we advise our clients on options for long-term care insurance, qualifying for Medicaid, planning for incapacity, and tax planning.
Long-term Care Insurance
For those who qualify, long-term care insurance is designed to cover the cost of services for personal and custodial care in the home, an assisted living facility or a skilled nursing facility. Nonetheless, premiums are becoming more costly and the range of coverage varies greatly among insurers. Our experienced elder law attorneys will work closely with you to select a policy that best suits your needs.
Another option to funding the cost of long-term care is Medicaid which is the largest payer of nursing home care in the country. This is a federal program that is run by the states which is designed to provide medical assistance to low-income individuals and those who are 65 or older. Of course, many elders have financial resources that exceed the eligibility threshold. By leveraging our knowledge of Medicaid eligibility requirements and trusts and estate planning, we can help you establish the proper trust to retain ownership of your home and assets and still qualify for this program.
Planning for Incapacity
Our elder law practice is also dedicated to ensuring the needs of our clients are met if/when they are unable to make decisions about their finances and healthcare. To achieve these objectives, we routinely prepare durable powers of attorney and advance medical directives, including health care proxies and living wills. In the event that an advance plan has not been established, we can also assist with establishing a guardianship.
In addition to asset protection and planning for incapacity, tax issues are also a critical concern for many elders. We are well versed in the tax issues relative to elder law planning and work to minimize the impact of taxes on the financial resources of our clients.
Dedicated Elder Law Attorney in New Jersey
Located in Morristown, E.A. Goodman Law is dedicated to ensuring that our elder law clients obtain the care they need and protecting their assets. We are keenly aware that confronting issues such as deteriorating health and the costs of long-term care can be a burden. Our team is here to help lift that burden by helping you make the best decisions and preserving your independence.
We will take the time to understand your needs and provide you with caring efficient service. If you are unable to travel to our offices, we can easily set up a meeting in your home or at a location that is convenient for you. If you or a loved one needs guidance on estate planning, long-term planning, Medicaid planning or any other Elder Law matter, call our office or complete the contact form on our website to set up a consultation.