Plenty of NJ residents do not anticipate needing Medicaid or understanding its required aspects until it is too late. As long term care costs have been on the rise and life expectancies have also increased, the challenge for many people is about how to pay for these services. It can cost upwards of $8000 a month to live in an assisted living facility or a nursing home or to pay someone for home based care.
Many people will not have enough money inside their retirement accounts to support them even for a few months, much less years. The New Jersey Medicaid program can help pay for your long term care needs but it is only eligible to those people who pass certain tests on the number of assets and amount of income that they have. Multiple services can be provided to you by an experienced New Jersey Medicaid planning lawyer, including:
- Comprehensive analysis of your current eligibility for long term care benefits through Medicaid.
- A detailed review of your financial and asset records as well as plans for what to do with these assets if you intend to apply for Medicaid in the future.
- Updating your current estate planning documents, such as powers of attorney, trusts and wills.
- Assisting you with implementing and asset protection plan until you become eligible for New Jersey Medicaid benefits.
- Crafting a plan to protect the assets of the community or healthy spouse.
In all of these circumstances, having the insight of an experienced New Jersey estate planning lawyer can go a long way towards easing your fears about the cost of health care in older ages. Contact our office today when you need a short term or long term plan to help you family prepare for the costs of health issues in older age.