Elder Law

Disability & Retirement Planning Attorney in Wayne, New Jersey

Understanding the Difference Between Elder Law and Traditional Estate Planning

Clients often ask how Elder Law differs from traditional estate planning. While estate planners and accountants help clients plan their estates, elder law practitioners focus on helping clients live their remaining years with dignity. Proper retirement planning should include a focus on elder law, concentrating primarily on the individual—the elder—and the type of life they desire, and only secondarily on their estate.

After collaborating with an elder law attorney, legal documents are drafted, tax considerations are analyzed, and a plan to protect the elder’s estate is implemented.

How an Elder Law Attorney Can Assist You

Elder law is intended to broadly assist with “extended living.” An elder law practitioner provides the legal information necessary for individuals whose lives have extended beyond the time when children are out of the house and regular employment has ceased.

An elder law attorney can assist in filing claims and obtaining benefits for:

  • Social Security
  • Supplemental Security Income (SSI)
  • Medicare
  • Medicaid
  • Veteran’s Benefits
  • Food Stamps

Additionally, if you have been a target of age discrimination, elder abuse, or if your rights as a nursing home resident have been violated, consulting an elder law attorney is essential.

To protect yourself and your family in the event of death, illness, or unforeseen circumstances, every senior citizen should have the following legal documents:

  1. Will
  2. Durable Power of Attorney
  3. Health Care Proxy
  4. Living Will
  5. Financial Inventory

Will

A Will is a legal document that takes effect upon your death. If properly drafted and executed, the will is probated, and your assets are distributed according to your wishes. It is strongly recommended that you periodically update your will to reflect any life changes.

Durable Power of Attorney

A Power of Attorney is a legal instrument in which you (the principal) grant authority to an agent to manage your financial and personal affairs in the event of incapacity.

  • A Durable Power of Attorney takes effect immediately upon signing.
  • A Springing Power of Attorney takes effect only upon your incapacity.

Both documents end upon your death. Preparing a power of attorney now can save thousands of dollars in court costs later by avoiding guardianship or conservatorship proceedings.

Health Care Proxy and Living Will

A Health Care Proxy authorizes someone to make medical decisions on your behalf if you are temporarily or permanently unable to do so. It is usually coupled with a Living Will, where you indicate the type of care you would want if you become terminally ill or permanently unconscious. Properly drafted, these documents can minimize family disputes and reduce controversy surrounding your medical treatment.

Financial Inventory

Maintaining a personal Financial Inventory is crucial. This document should list your professional advisors, insurance policies, and investment accounts. Items to include are:

  • Names and contact information of your attorney, accountant, and investment consultant
  • Location of important documents such as your will, property deeds, and power of attorney
  • A list of insurance policies, bank accounts, and investment accounts with account numbers

Planning for Nursing Home Care Expenses in Wayne, NJ

On average, nursing home expenses in New Jersey exceed $100,000 per year. Four primary resources are available to help pay for these escalating costs:

  1. Long-Term Care Insurance
  2. Private Pay
  3. Medicare
  4. Medicaid

Proper estate planning is critical to ensure you qualify for government programs like Medicaid, so that nursing home costs are covered, preserving your assets for your spouse, children, or favorite charity as you see fit.

As an experienced elder law attorney in Wayne, New Jersey, I am dedicated to helping seniors navigate the complexities of disability and retirement planning. Contact my office today to schedule a consultation and secure your future.

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