Planning for Aging Comfortably: Advice from a Monmouth County Estate Planning Attorney

Today, ageing comfortably involves a lot of planning. Most experts agree that individuals should have 10 to 12 times their annual income saved for retirement, which averages $1.25 million. But holistic estate plans go beyond a healthy retirement account. Those looking to create a comprehensive estate plan should integrate long-term care planning into their targets.

Many adults eventually need long-term care in their later years. For some, this may mean living in a nursing home or assisted living facility. For others, it may require more extensive in-home care from nursing professionals. Long-term care costs can exceed thousands of dollars a month, depending on the level of service.

Planning for this kind of expense in advance can bring a sense of relief, alleviating the stress of making decisions in the moment during medical emergencies. It can also provide a safety net for your loved ones, sparing them the financial burden of paying for expensive long-term care out of pocket.

So, how do you successfully create a long-term care plan?

First, you need to protect your assets. Often, the high costs of long-term care cannot be managed without assistance from services such as Medicare and Medicaid. However, to gain access to Medicaid, you will need to meet specific requirements. This often involves keeping assets and income below strict pre-set limits.

Applications for long-term care under Medicaid include a review of your assets in the five years before filing your application. This consists of a review of asset transfers. If it appears that you have been transferring assets or property in an attempt to qualify for Medicaid, you could face penalties. On the other hand, many aging adults find themselves sacrificing their hard-earned assets in their later years to be eligible for benefits. Even if you can keep your assets now, Medicaid estate recovery efforts could make your assets vulnerable after your death.

Your estate plan should address these concerns well in advance of your need for services like Medicare or Medicaid. Creating a trust or naming co-owners of important property can help you protect your assets now and in the future while also allowing you to qualify for Medicaid to cover long-term care costs. You can also explore long-term care insurance to cover expenses not met by Medicaid.

It is also critical to define your care preferences in your estate plan. Name a power of attorney, medical care proxy, and list what kind of care, medical interventions, and services you will desire for the future. Proper planning can maximize your options for the future while avoiding financial strain and minimizing family disputes.



Estate planning goes beyond a will. It is also about planning for whatever the future holds for you and your loved ones. Veitengruber Law has been helping clients plan for the future for over fifteen years. We can provide the professional guidance and support you need to prepare for retirement and your golden years. Estate planning gives you the power to shape your future to ensure you can retire in comfort.