A previous post on this blog talked about Medicaid planning. This subset of estate planning can be an important part of a New Jersey couple's overall financial strategy for affording the medical care they will likely need in their old age.
If it is successful, Medicaid planning can allow a person to legally qualify for government health care benefits through Medicaid while still be able to pass at least some property down to his loved ones.
However, as our previous post discussed, Medicaid planning is no easy task. Moreover, the stakes are high. If the planning is not done properly, a senior could wind up both giving away property unnecessarily and being ineligible for benefits, leaving the senior without any means of paying for nursing home or other care at all.
Our law office has consider experience helping New Jersey residents plan for their future medical care by carefully considering their eligibility for Medicaid well in advance. Because last minute planning can be ineffective, we help our clients identify their needs early on and go about the process of making planned gifts or other asset transfers. In some cases, creating a special needs trust may be a smart move.
Medicaid planning is just one of the many estate planning services our law office offers to seniors and others in New Jersey who need to think about how they will pass their assets down to the next generation. There are in fact many other needs people who are advancing in years need to think about. In addition to necessary asset transfers, for instance, we can also help with medical advanced directives and financial powers of attorney.