Elder Law and Medicaid Planning
We all have one thing in common—we are getting older. How you will enjoy your life in the future is in your hands. The majority of people who retire will need long-term care services at some point during their retirement years, according to LongTermCare.gov. Sadly, only a small percentage of people actually have a plan. The result? A life filled with regret, and a constant reminder that it could have been better.
Many people fail to realize that a lack of planning or even poor planning will not only have a negative effect on one’s personal finances, but it can place a heavy burden on a person’s family emotionally and financially.
Usually, when people think about elder law planning, they assume it has to do with saving enough money to cover long-term care expenses—that’s just one aspect. Consider these important questions to ask yourself:
- Who will give family members permission to provide elder care?
- Who will offer care?
- Who will cover the actual costs?
Porro Law Group is committed to you and your loved ones so you can plan for the future and all you are entitled to.
What We Offer
Our law firm provides elder and disability planning to develop a long-term care plan. Planning ahead means our firm can help you preserve more of your assets and guide you on long-term care, whether in assisted living or home.
We want to ensure that you and/or your loved ones have the long-term care you deserve. We will guide you through this complex area of law involving the following issues:
- Financing long-term medical care
- Nursing homes
- Medicaid qualification
- Medicare qualification
- Estate planning and administration
We also handle trusts, probate process, retirement benefits, and guardianships. To learn how to get started with planning a better future, contact us today.
Common Elder Care Planning Mistakes To Avoid
Maybe you have heard stories or know someone who has made elder care planning mistakes. The key to successful planning is to avoid these common mistakes:
Poor planning or failing to plan.
When it comes to elder care, poor planning is just as bad as not planning. A well-thought-out plan should accommodate unforeseen events in life, like a sudden accident injury or a chronic illness. Many people avoid elder care planning because they think it’s not a current priority. It’s better to plan and feel confident that you or your loved ones will be taken care of in the event you’re unable to.
Planning without seeking legal assistance.
Some people believe they can handle elder care without guidance. Stories about people who fail to plan for the future are very common. The stories of people who plan the wrong way are rarely highlighted.
Perfect example, the federal government offers Medicaid to elders and disabled people. The benefits include funding for nursing home care, in-home care, and assisted living. Medicare and Medicare Supplement Plans do not cover these expenses. In order to qualify for Medicaid, you must first spend practically all your hard-earned assets.
As you probably know, there are asset limitations to qualify for senior Medicaid in New Jersey. Then there’s the income limits that differ between single senior citizens and married seniors. When you have legal guidance from an experienced attorney who understands the Medicaid eligibility rules, you can structure your assets in such a way to preserve your estate.
One mistake that people make is giving away their assets too prematurely. Imagine what it would be like if you placed your home, property and other assets in the hands of someone you barely trust. There have been instances when people have placed all of their assets into the hands of their children too early and regretted it later on in life.
What if you could live your life on your own terms and not someone else’s. Don’t allow your lifestyle to be limited. Protect your estate. Plan ahead for you and for your loved ones.
You believe it’s too early or too late to get started.
When you fail to plan for anything in life, you’re setting yourself up for complete disappointment. It’s never too soon or too late to get started with long-term care for you or your loved ones. In the future, you will be glad that you made the decision to take control of your long-term-care needs. Your family will be thankful as well!
To get started, call the Porro Law Group today for a consultation at (973) 692-0010. We will guide you in securing your future or your loved one’s future. We service individuals and families in Bergen County, Passaic County, Essex County, and Morris County.