As we get older, different legal issues emerge that should be addressed. Elder law planning involves attending to our basic needs, transferring assets to qualify for Medicaid, and supporting individuals with special needs. Especially when you have worked so hard to build a nest egg, you want to know that your long-term care expenses will be covered. Navigating these issues can be complex, especially if you are unsure of your legal options.
At Rice & Quattrone, PC, our New Jersey elder law attorneys will advise you on what issues are the most pressing based on your current needs. With our legal team in your corner, you can feel at ease knowing that your interests remain our top priority.
Long-Term Care Planning
About 70% of people aged 65 and older will need long-term care. As people live longer and end-of-life care costs rise, planning for long-term care is essential. Our attorneys can help create a financial plan for your medical expenses and guide you in choosing the right assisted living or nursing facility.
If you wish to remain in your home, you may be eligible for a home health aide through the Home and Community-Based Services (HCBS) program. HCBS offers much more than personal care assistance; it also provides medically tailored nutrition, transportation, medication management, and home modifications. To qualify for HCBS, you must meet additional criteria. No single path is right for everyone, which is why our legal team is eager to help you find solutions that minimize stress.
Asset Transfers
Government assistance, such as Medicaid, requires that you meet certain income and asset limits. Currently, the income eligibility threshold for NJ Medicaid long-term care is $2,982 per month, and the countable asset limit is $2,000 for a single applicant. Even if you are above these thresholds, there are still ways that you may be able to qualify for Medicaid.
New Jersey Medicaid has a five-year lookback rule, so you want to be sure that any gifts you have made are done at least five years before you require nursing home care. Gifting to children or grandchildren, to a Trust, and even adding your child to the deed to your home all count as transfers. If you transfer assets within the five-year period, a transfer penalty will apply. This means that you will be ineligible for benefits during the applicable penalty period. If you have any questions about asset transfers, speak with our experienced elder law lawyers.
Special Needs Planning
If you have a sibling, child, or grandchild with intellectual or physical disabilities, it is important that you make legal arrangements for them once you are gone. A special needs trust, or a supplemental needs trust, can do just that by providing financial assistance to disabled individuals who receive, or may receive, governmental assistance in the future.
Both Medical Assistance (MA) and Supplemental Security Income (SSI) require a disabled individual to have no more than $2,000 in assets. However, a special needs trust will allow a disabled person to qualify for MA and SSI by removing assets from their name. The individual is named as the beneficiary of the trust, while still meeting the asset requirement for government assistance programs.
If you have a special needs child or other family member, our New Jersey elder law attorneys are happy to advise you on which trust will benefit your family member most.
Speak with Our New Jersey Elder Law Lawyers Today
Although many retired individuals will eventually require nursing home or assisted living care, the costs remain astronomical. Effective long-term care planning can help you find a nursing facility that meets your physical needs without depleting your bank account.
At Rice & Quattrone, PC, we know these decisions are never simple. Contact our New Jersey elder law attorneys to schedule an appointment. Reach us online or call (856) 673-0048 today to get started on securing your future.