The goal at The Murray Firm is to compassionately guide families to proactively plan their legal and financial affairs. The firm prepares estate plans for individuals and couples that are specifically tailored to their financial and familial circumstances.
“We believe that every adult, regardless of age and finances, should protect themselves by having a full estate plan that includes a will, power of attorney, health care directive, and living will,” states Robert J. Murray, Esq., principal attorney of The Murray Firm. “Our planning runs the gamut from planning who will be guardian of a minor child, setting up a minor trust for a child or grandchild, to planning for the long-term care of a parent.”
It is important to have these discussions early rather than waiting until a time of crisis to address these issues.
Tips for Elder Care Planning
Plan early. According to Murray, in addition to having a full estate plan in place, long-term care planning should start when people are in their 60s. “During these conversations, it’s important to talk about your family’s goals and how to implement them,” he explains.
Understand the system. Medicaid and other government benefits can substantially cover long-term care costs such as home health aides, assisted living facilities, and skilled nursing facilities. Eligibility for these benefits, however, is not automatic. “Medicaid applicants are closely scrutinized, including a five-year look back at financial transactions,” says Murray.
Get your legal documents in order. Murray believes the most important documents to have in place when dealing with a long-term health crisis are a power of attorney (for handling financial affairs on your behalf) and an advanced healthcare directive (for handling healthcare decisions on your behalf). “Without those documents in place, it’s difficult to implement long-term care plans when the individual is unable to do so for themselves,” he explains.
While it is important to execute a Last Will and Testament, many people have the misconception that the Will controls the disposition of all their assets; however, the Will only controls probate assets, which are those assets that do not pass by contract or operation of law. Assets that pass by contract are those that have a beneficiary designated such as retirement accounts or life insurance policies. “It is crucial to coordinate your estate plan to cover both your probate and non-probate assets otherwise the plan is incomplete,” Murray states.
Find an experienced attorney. Misinformation is widespread on this topic, so work with someone who is reliable and experienced. Murray and his colleagues Andrea R. Capita, Esq., and Ryan L. Broedlin, Esq., are licensed in New Jersey, Pennsylvania, and New York.
What Do I Do Now?
For more information or to schedule a free one-hour consultation, contact The Murray Firm at info@themurrayfirmllc.com or (908)204-3477. “During the initial meeting, we’ll discuss your goals, and create an action plan based on your circumstances,” says Murray.