Elder Law, Family Law, and Estate Planning in Hackensack, New Jersey

A sad fact of life is that many elderly people will wind up in a nursing home because they do not have family that lives close to them or there is no one around to care for them. Either way, it can cost almost $100,000 per year to live in a nursing home, and Medicare does not pay for it, which means the elderly person and his or her family will wind up footing the bill. You can rearrange your finances so that Medicaid winds up paying for the nursing home care your loved one will receive. However, you need to avoid the six common  Medicaid application  mistakes discussed here so you put yourself in a good position when the time comes. Handing Out Assets Too Early in Life There is one thing to plan ahead of time and then it can be too early to start handing out your assets to your adult children. Moving assets too early can lead to tax implications that you do not want to face and other problems with your adult children. Do not forget, these are your assets and your home, no one e

The moment you realize that you want to spend the rest of your life with your significant other is a special moment. You will purchase an engagement ring, plan the proposal, and hope that nothing goes wrong. The novelty and happiness of the moment will likely wear off after you say “I do” and problems enter your marriage. The sad fact of the matter is that too many marriages end in divorce. In order to protect yourself, you should  sign a prenuptial agreement  and here are the reasons why. There are Children from a Previous Relationship One of the most common reasons why people who get married sign a prenuptial agreement is because there are children from a previous relationship. If you fail to sign a prenup, your new spouse could wind up disinheriting your children if you predecease them. Protecting your children is important, especially if your new spouse also has children from a previous relationship. Agree Upon Potential Problems in Advance A great advantage of signing a

Putting together your estate plan is one of the most important things you will do in your life. The documents that go into an estate plan are legally binding, can be changed when you need to change them, and should be reviewed often to make sure they are up-to-date with your current needs in life. If you are putting together an estate plan, or updating one, consult with your estate planning attorney in New Jersey to make sure you avoid these  common mistakes . Keeping Outdated Beneficiary Designations One of the worst mistakes you can make when creating an estate plan or updating one is keeping beneficiary designations that are outdated. Even though your will might have different beneficiaries listed, there are other assets that could go to the wrong people if you do not change the designations. Most assets have forms you complete that name the beneficiaries. Review these forms periodically to make sure the beneficiaries listed are still the ones who should receive the assets upo