Last week we reviewed the specifics of the new CLASS Act which is part of the new health care reform bill that passed through Congress and was signed into law by President Obama last month.  CLASS attempts to provide coverage for long term care.  But, is it going to have

Congress’ passage of President Obama’s health care reform last month has generated much controversy and fear, including, in some cases death threats against politicians in Washington who voted for it.  I have been asked my thoughts on the long term care provisions contained in the bill, known as the Community

An article in last Sunday’s business section of the Star Ledger, New Jersey’s largest daily newspaper, caught my attention.  It discussed the rising trend of multigenerational households, highlighted by quotes from a few families in which adult children modified their homes so their parents could move in.  Looking at it

As I am fond of saying, navigating through the long term care system usually requires a team of advisors.  While the elder law attorney is, no doubt, a pivotal person, the accountant, financial advisor and insurance specialist are equally important.  And when one piece isn’t properly in place it can

Last year on this blog I wrote about the financial risks of investing in a continuing care retirement community (CCRC) .  Late last year Erickson Retirement Communities, which operates CCRCs in 10 states, including New Jersey, filed for Chapter 11 bankruptcy, reinforcing many of the concerns I have often expressed

The fact that we are living longer than our parents and grandparents is changing so many aspects of our lives.  One area that will be impacted by this longevity  is retirement accounts.  So many of our clients have it ingrained in their minds that they must not touch their retirement

Mary’s husband Joe, passed away several years ago but she continued to live in the home where they had raised their family.  Mary was now struggling with the effects of dementia.  But she wouldn’t hear of it when her children talked about moving her to a safer environment.  So they

I could hear the panic in Mary’s voice. Her husband Joe’s health had been steadily declining for years and Mary has been his primary caregiver. But last week he fell at home, breaking his hip, and now he’s in a subacute facility. The recovery process hasn’t gone well, in part because of Joe’s age and partly because of the toll that Alzheimer’s has taken on his mind. Mary is now facing the prospect of either long term care at a cost of $11,000 per month or, in an effort to keep the cost down, trying to bring him home and provide much of the care herself, supplementing it with a few hours of home aide assistance. “Joe never wanted to talk about long term care and so we never did plan for this,” she tells me. It’s a classic scenario and one that, so often, is more damaging to the wife than the husband. How so? Mary’s situation is a typical one. At 72, she’s 6 years younger than Joe. Add the fact that women have a longer life expectancy than men and chances are that the husband will need long term care first. And if the couple haven’t planned for it, they’ll likely spend most of their savings on his care. Mary and Joe have $400,000 of assets plus their house. Without any guidance Mary could be left with as little as $109,000 and the house before the State will help pay for Joe’s care.

Once again the holiday season is upon us, a time of joy but also stress.  We often visit family members we havenât seen in some time and thatâs when changes in older loved ones become more noticeable.  Some of the changes that may indicate your loved one needs some extra

Much has been written in recent years about the health of Social Security.   As the population ages two things are happening.  Fewer people are paying into the system, while at the same time more people are receiving benefits, raising concern that the program will run out of money.   But there