People in New Jersey and throughout the nation are living longer today, which raises concerns about long-term care planning. While your objective should be to enjoy your retirement years, the reality of the situation is that aging brings serious challenges such as declining health and escalating medical expenses. The best way to protect yourself, your assets, and your loved ones is to consult an experienced elder law and estate planning attorney.
Above all, our practice is dedicated to helping elders enjoy a high quality of life in their golden years, preserve the wealth they have earned over a lifetime, and secure their legacy for their beneficiaries. Our experienced elder law attorneys will help you explore all your long-term care planning options so that you can make the best decisions about your medical and financial needs. When you consult us, you will have peace of mind knowing that your well-being, your assets and your loved ones will be protected.
E.A. Goodman Law, LLC., conveniently located in Morristown, provides comprehensive long-term care planning services to clients throughout New Jersey. Founding attorney Elga Goodman is committed to protecting the rights of elders and helping them find solutions to their most pressing and personal challenges. She is highly regarded by her clients and peers for being a compassionate attorney who offers her clients trustworthy advice and objective insights.
Common Long-Term Care Issues
Through the years, clients have come to E.A. Goodman Law for help with serious concerns about long-term care planning. Will I be able to stay in my home? How will I pay for care at home or in a skilled care facility? Does Medicare cover long-term care services?
Our elder law attorneys help to address those concerns by offering informed advice and guidance on a wide range of long-term care issues, such as:
- Planning for incapacity (powers of attorney, healthcare proxies, living wills)
- Selecting the right skilled care or assisted living facility
- Arranging for care at home
- Qualifying for public benefits (e.g. Medicaid, Veteran’s Benefits)
- Asset protection
Without a long-term care plan, your life savings could easily be depleted, which will make it more difficult for you to maintain your independence and may also make you become a burden for your family. Our long-term care planning attorneys will work to protect your legal rights so that your medical and financial needs will be met.
Does Medicare Cover Long-Term Care?
Medicare, contrary to popular misconceptions, only pays for limited services on a short-term basis. This includes nursing home care or rehabilitation services for a set number of days. After that, you need to finance long-term care on your own. Many may also require non-skilled care to assist with daily tasks of living, such as dressing, feeding, light housekeeping that are not covered by Medicare. As you can see, long-term care planning is a critical component of estate planning that requires working with an attorney particularly well-versed in elder law.
What is long-term care insurance?
Long-term care insurance may cover a percentage of the costs of personal and custodial care at a skilled care facility as well as a certain amount of home care assistance — daily activities such as bathing, dressing or eating. While such coverage is available, qualifying can be complicated, especially for those with pre-existing conditions. In addition, premiums can be expensive because they are based on several factors such as your age, the maximum amount per day the policy will pay, and the maximum number of days or years covered. At E.A. Goodman Law, LLC, we will help you explore whether long-term care insurance is a viable option for you and also consider alternatives if you do not qualify.
Despite the fact that Medicaid is the largest payer of nursing home care in the country, this joint federal-state program is needs-based and you may have financial resources that exceed the eligibility threshold. Our elder law attorneys develop strategies to help you qualify for Medicaid and protect your assets. These strategies include spousal income and asset transfers, annuities, and qualified income trusts. We are knowledgeable in New Jersey-specific Medicaid programs such as the state’s Managed Long-Term Services and Supports (MLTSS) program and the Personal Preference Program (PPP).
Planning for Incapacity
No one likes to consider the possibility of becoming incapacitated, however, it is crucial to protect yourself and your assets when you are unable to make decisions or speak for yourself.
Elder law attorneys at E.A. Goodman Law, LLC can help you prepare the necessary estate planning documents such as powers of attorney and advance directives for healthcare. With a durable power of attorney, you can name a trusted relative or friend to manage your personal and financial affairs if you sustain an incapacitating illness or injury. Similarly, a healthcare proxy allows you to designate an agent to coordinate your medical care according to your preferences when you cannot communicate those wishes. Ultimately, incapacity planning is a prudent way to protect not only yourself, but the people you care about the most.
Contact our New Jersey Long-Term Care Planning Attorneys
At E.A. Goodman Law, LLC, we will design a long-term care planning strategy that works for you and your family. Above all, we are committed to helping you maintain your independence and preserve your wealth. Although facing the challenges of aging is never easy, we will offer you knowledge, compassion, and support so that you can make the best decisions about your long-term care needs. Please contact our office today to speak with our elder law attorneys.