There is such a thing as being penny wise and pound foolish, and this would be an apt description for those who try to “go it alone” and create their own estate plan. If you were to fall for one of the online will kits or fill-in-the-blanks generic documents it is very likely that at some point in time you’re going to recognize the fact that you need to dig a bit deeper if you want to make sure that your loved ones are properly provided for after you pass away. It is best to simply retain the proper representation from the start rather than finding out later that there really are no easy answers or quick fixes in life.
Executing the proper vehicles of asset transfer that will definitely be legally binding here in the state of New Jersey is one of the primary reasons why you would do well to seek out a good estate planning attorney. But in addition to this, there are a number of elder law matters that should be addressed if you want to properly prepare for all the eventualities of aging.
People are living longer than ever, with the oldest old being the fastest-growing segment of our population. So if you want to make sure that all your bases are covered you need to consider the possibility of incapacitation; this requires legal planning. There’s also the matter of a possible stay in a nursing home or assisted living facility, or the need for in-home care. Last year the average cost for year in a single room in a nursing home in New Jersey was over $100,000, and the average nursing home stay was upwards of 2 1/2 years. These expenses are something to take into consideration when you are planning for the latter stages of your life.
So when consider all of the contingencies that you will face as you enter your twilight years there is a great deal to address. The only way to do so in an intelligent manner is with the assistance of an experienced, dedicated estate planning attorney.