You will probably enjoy a longer life span than your parents, since we are living longer today than ever before. Unfortunately, as we grow older, we will eventually have chronic health problems. Once we reach the age of 65, there exists a one in two chance of eventually requiring long-term care. This care can be provided at home or in a facility such as assisted living or a skilled nursing home.

The cost of long-term care can be catastrophic. The average cost of skilled nursing facilities in New Jersey is greater than $70,000 annually. Once a person's assets have been expended on long-term care, Medicaid will then pay for this expense. In New Jersey, an individual cannot qualify for Medicaid unless his or her assets are worth $2,000 or less.

There are many legal methods available under both federal and state laws to protect one's life savings. For example, we have successfully used the "half-a-loaf" strategy in numerous cases to protect a significant percentage of our clients' life savings.

It is never too late to protect assets from the catastrophic cost of long-term care. If you or a family member needs skilled care, then please consult with a Certified Elder Law Attorney for proper advice and counseling.