Bernards Ridge Edition Sept/Oct/Nov 2019

Bob Murray Andrea Capita 150 Morristown Road, Suite 125, Bernardsville, NJ 07924 908.204.3477 www.themurrayfirmllc.com info@themurrayfirmllc.com • Elder Law • Wills and Trusts • Special Needs Planning • Medicaid Planning and Applications • Financial Power of Attorney • Medical Power of Attorney • Senior Veteran Benefits • Estate Administration • Guardianship • Asset Protection Planning for Long Term Care COMPLIMENTARY CONSULTATION AT OUR OFFICE OR YOUR HOME. Ryan Broedlin Mission: Helping families prepare for the care of their loved ones and avoiding the devastating financial toll of long term care. We guide families through the inevitable changing circumstances that come with aging so they have options and are prepared for every step of the care journey. The goal at The Murray Firm is to com- passionately 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 them- selves 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 cri- sis 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 imple- ment them,” he explains. Understand the system. Medicaid and other government benefits can substantial- ly 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. “Med- icaid 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 docu- ments to have in place when dealing with a long-term health crisis are a power of attor- ney (for handling financial affairs on your behalf) and an advanced healthcare direc- tive (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 con- tract are those that have a beneficiary des- ignated such as retirement accounts or life insurance policies. “It is crucial to coordi- nate your estate plan to cover both your probate and non-probate assets otherwise the plan is incomplete,” Murray states. Find an experienced attorney. Misin- formation 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 cre- ate an action plan based on your circum- stances,” says Murray. 150 Morristown Road, Suite 125 Bernardsville, NJ 07924 908.204.3477 www.themurrayfirmllc.com Estate Planning, Elder Care Planning and Special Needs Planning: Be Proactive, Not Reactive By: Kaylynn Ebner PAGE 70 Spotlight on Seniors theconnectionsnj.com