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Retirement Saving Is Going Digital

July 20, 2017

Filed under: Retirement Planning — Neel Shah @ 9:15 am

There is a good chance that you’ve probably been sorting away most of your retirement funds in a traditional account, however, digital capability in millennials may be the key to making changes in how retirement savings occur. If you are looking to boost retirement assets, millennials have a larger share of the available market and more are willing to move to find different advisors, while older consumers tend to have more money and they are less likely to change. retirement planning

A recent 2017 Future of Advice study identified that millennials between the ages of 18 and 34 have $1.5 trillion in total retirement assets, compared to the $22.5 trillion held in retirement by consumers aged 35 and above.

Retirement is a major priority for millennials. Consulting with a retirement planning professional in conjunction with the estate planner that you use to help draft all of your legal documents for what happens if you were to become incapacitated and what happens to your belongings after you pass away is a good idea.

Even if you feel late to the retirement game or are concerned about the best way to make your retirement investments last over the course your older years, being knowledgeable and engaging with these materials on a regular basis can help to benefit you. Do not hesitate to schedule a consultation with an experienced estate planning lawyer to talk more about how your retirement savings may become an important component of how you live your life and pass things on to your future generations.

Effectively Shopping for Long Term Care Services

July 19, 2017

Filed under: Long Term Care — Neel Shah @ 9:15 am


Unfortunately, there is a huge disconnect across America about who will be paying for long term care and the total cost. There are several common alternatives to paying for long term care insurance to assist you. These include:

  • Low or no cost, in which your friends, family or spouse pitches in to take care of you, if they are able to and willing to do so. The time involved each day will vary widely, but many other family members and spouses may have to reduce their work schedule or quit their job entirely in order to assist you.
  • Low or medium cost. Personal care assistance, home health aides and companions can come to your house regularly to assist you with what you need. Genworth’s 2016 Cost of Care survey identified that the median rate in 2016 was a $125 for licensed homemaker services. The median daily rate for an adult day care facility is $68 so this can plough through your retirement savings quiet quickly.
  • High Cost. The most expensive option for a loved one who needs assistance is placing him or her in an assisted living facility or a nursing home. The median monthly rate for an assisted living facility according to the Genworth survey was $3628.

long term care planning NJ

Looking at the low-cost alternatives and the time to figure out what will work most for your individual family members is strongly recommended. However, it can be extremely expensive to try to figure out the best opportunities for your loved ones. Talking to an estate planning lawyer can help you to identify whether Medicaid and other options are available to you and how to plan for them appropriately.

Is It Possible to Be Too Early in Drafting Up a Will?

July 18, 2017

Filed under: Wills — Neel Shah @ 9:15 am

Is someone age 18 too young for a will or other estate planning documents? You might think so initially, but having a plan is always beneficial, particularly if you have special plans for your belongings or assets. In conjunction with a will, other tools like a power of attorney can even help a college student facing a medical issue. Once someone becomes an adult in the legal sense, scheduling a meeting with an estate planning lawyer makes sense just in case.

Putting together crucial estate planning documents is all too easy to ignore. In fact, most people skip the step of having an estate plan at all and don’t even have a basic will that articulates what they want to happen their possessions when they pass away. With no wills, some of the negative consequences that your family members may face include little to no direction, prompting conflicts and litigation costs, leaving children who have no assigned guardian and paying more in attorney fees, costs and taxes.

In addition to putting together a will, you may also want to list a document that explains what you want to happen to your remains, a financial power of attorney, create a willand a health care power of attorney. Individuals with more assets might also want to consider the most basic form of a trust and can accomplish this by consulting with an attorney. There are many different aspects involved in the estate planning process, but it’s important to remember that any person of any age and of any asset amount should consider the benefits of estate planning and consult with an attorney sooner rather than later. Failing to take these necessary steps could put your family members in a difficult situation in the future.

Getting the Most Out of Your Individual Retirement

July 17, 2017

Filed under: Retirement Planning — Neel Shah @ 9:15 am

Most people who are approaching retirement age are asking a similar question; what will it be like? Others assume that they’ll take a couple of months off and then determine what happens from there. Somewhere between the fear about filling your days and lethargy may be the perfect opportunity for your retirement. It’s important to think about the strategy and planning how you’ll spend the next few decades when you do walk away from work. retirement planning NJ1515

You’ve probably made a tremendous number of life changes between the ages of 20 and 40. You got married, moved a few times and saw your children grow from babies to adults. The years between 60 and 80 will not be as different as you are thinking. You’ll need plans, goals and flexibility to adjust when your life circumstances change. Pursuing your passion, staying healthy, continuing to communicate, giving back and getting organized are some of the most common goals for people approaching retirement.

Choosing where to live and planning things out with their spouse or partner are strongly recommended so that you can ensure that everyone is on the same page. You may even be interested in figuring out how to adjust with your loss of work identity or how to prepare for your finances in retirement when you are no longer receiving a regular paycheck.

All of these goals can be accomplished by looking ahead to the future and thinking about how you envision your retirement and then planning in conjunction with an experienced estate planning attorney and a financial planner. Engaging with professionals in this way gives you an overview of the different opportunities available to you and the next steps that you need to take to prepare for a future in retirement.

Why Is Retirement Planning So Important for Women?

July 13, 2017

Filed under: Retirement Planning — Neel Shah @ 9:15 am


Everyone can benefit from the process of estate planning, but it’s more important for women than it is for men, frequently because many women do not think about the estate planning process. First of all, women tend to live longer and despite advances in gender equality in the United States, women still shoulder much of the burden associated with child care. This means a non-existent or a reduced income and ensures that savings for the future is difficult. retirement tips for women

As women tend to outlive men by five to six years, it is important for women to take crucial steps in the estate planning process that can help to position them to make an empowered decision should something arise. No one wants to find themselves in the position of failing to take the necessary planning steps and putting that burden on your loved ones. It can lead to unnecessary conflicts, court costs and legal fees.

Articulating your own desires now and thinking about the intersection of your estate and your retirement planning will give you peace of mind in addition to helping you feel confident that your family members will understand your intention when the necessary time comes. Some of the crucial steps to take include:

  • Getting organized
  • Taking control of your finances
  • Planning your estate and considering elder law issues.

Don’t put off these simple, but effective steps in planning for your future and for your loved ones. Taking action now is important because it saves your family members time and stress down the road.

Even High School Graduates Need Estate Planning

July 12, 2017

Filed under: Estate Planning for Children — Neel Shah @ 9:15 am

It’s easy for someone young and relatively healthy to push off estate planning entirely, but this could be a huge mistake. Anyone who has recently graduated from high school or reached age 18 has a couple of critical decisions to make. What happens if this 18-year-old suddenly becomes incapacitated and is unable to make decisions for himself or herself? college student estate planning

Parents are no longer directly eligible to make decisions on a child’s behalf once this child has reached the age of maturity. This is why it is necessary as you are considering the packing process for sending your beloved child off to college at the end of the summer or off to a career, to consider the benefits of estate planning. You need a professional to assist you with this process as there are unique considerations for somebody who is young.

Having documents in place, like a healthcare power of attorney, articulates what happens if the minor becomes unable to become decisions for himself or herself. Identifying an attorney now can assist you with this process more comprehensively and give you an overview of the key issues involved that may ultimately affect someone.

Before making that big trip to drop off your child at college, talk about what he or she wants. Having these documents created over the summer will, at a minimum, give you the peace of mind that you can step in and act quickly if you need to. Your child may not understand the role of these documents, so budget in some time to talk about why this is important.

Updating these documents over the course of your child’s life is strongly recommended, but getting them in place now is a crucial component of protection.

What Distinguishes Elder Law Estate Planning from Traditional Estate Planning?

July 11, 2017

Filed under: Elder Law — Neel Shah @ 9:15 am


In general, estate planning refers to all of the steps that a person takes to protect the assets they have worked so hard to build and identify a plan for distribution. Furthermore, the documentation used in the traditional estate planning process helps to articulate who you would like to make decisions on your behalf if you were to become unable to do so.elder law attorney

There are plenty of different reasons to conduct elder law estate planning, which is somewhat different. Elder law estate planning involves the intersection of many complicated issues, including your estate plan and your retirement plan. You can benefit organizations and people that you hold dear by articulating to whom you want your estate to go. A comprehensive elder law estate plan can assist you in accomplishing these goals.

Elder law estate planning services everybody. To save your family the court costs, the legal fees, and family disputes when it comes time to settle your affairs, engaging in elder law estate planning allows you to fully encompass all of the different assets inside your estate and what you would like to happen to them when you pass away.

Furthermore, elder law estate planning contemplates whether or not you may need Medicaid in the future and what assets or savings plans you have in place should something happen to you that prompts a long-term care event. Consulting with a dedicated estate planning attorney who also practices elder law can give you a board overview of the critical issues you need to be familiar with in this process.

Did You Know That There Is a Life Cycle to Your Retirement Plan?

July 10, 2017

Filed under: Retirement Planning — Neel Shah @ 9:15 am

Most people understand the basic benefits of planning ahead for retirement, but they may not understand the specific cycles and important impacts of planning for retirement. The financial life cycle follows your general aging cycle and every decade it will play its part in your financial lifecycle. During your 20s, you’ll be primarily focused on building a foundation for any financial independence. As you get into your 30s, you’ll be looking at accomplishing goals such as building your wealth, debt reduction and career consolidation. retirement planning tips

It is commonly in the 30s that people may begin contemplating the benefits of asset protection planning. In the 40s, you’ll still be focused on wealth accumulation and paying down any necessary debts. During your 50s, however, you will likely need to remain fully employed to age 60, if you do not have an employer’s sponsored pension or were somewhat older when you had a child. Your 60s is the work optional, semi-retirement period of your life, followed by the golden years and traditional retirement of you 70s and beyond.

Consulting with an experienced estate planning lawyer is just one of the steps that you should take as you look forward to retirement. Having the necessary documentation in place to assist you if you were to suddenly become incapacitated as well as to protect the assets you have spent so much of your life working to build, is an important component for anyone. Your retirement plan is the focus of much of your working years, and likewise you should continue to revisit it and determine how it will be used during your golden years or passed on to loved ones. All of these are important steps you should consider taking.

Working Longer is Better for Your Brain

July 6, 2017

Filed under: Retirement Planning — Neel Shah @ 9:15 am


Are you trying to determine the perfect time to retire? Many older people have difficulty figuring out when to leave their job at the ideal time to cash in on retirement benefits and maximize Social Security. It turns out that waiting a little bit longer could be better for your mental health.

NJ retirement planningA new study conducted in France determined that working longer could help to ward off dementia. More than half a million self-employed laborers in France participated in the study and were linked to a decreased risk of dementia when they worked longer. There are numerous different benefits to delaying your retirement. In addition to increasing your social security benefits up to a certain age, work often gives you a sense of purpose and a sense of community.


You have to communicate with others to do your job and also learn new programs and skills. This helps keep you sharp mentally and gives you a sense of purpose every single day. The work environment today puts demands on individuals that forces them to be there, engage, and socially interact. Although older employees may process information at a slower rate than their younger peers, other functions like speech, language and semantic memory can improve with age. To talk more about retirement planning benefits and how they work in line with your estate planning, consult with an experienced estate planning lawyer today. Finding that perfect time to retire involves careful consideration of your future healthcare needs and the money you have set aside to retire. 

Using Limited Liability Companies for Asset Protection Planning Purposes

July 5, 2017

Filed under: Asset Protection — Neel Shah @ 9:15 am

Are you concerned that a lawsuit or other threat could jeopardize your personal finances? While some people face a higher likelihood of an incident like this, everyone should be concerned about asset protection planning. Using an LLC for asset protection planning


Accomplishing asset protection planning is often successful after you consult with an attorney who has experience in this area. Holding assets outright and in particular, those assets that may be exposed to serious risk like real estate investments can be a big mistake in the event that a creditor or lawsuit threatens you in the future.


A limited liability can be structured to hold some assets. This is often used in conjunction with the benefits of providing an orderly transfer of assets to the next generation and reducing your estate taxes.


So long as you respect the legal formalities associated with an LLC, you can also tap into their asset protection planning potential. A limited liability company can be extremely valuable for isolating a risky asset. If in the event that you hold real estate and an injury happens to someone on the property, your personal assets could be tapped for that. However, if the property is owned by an LLC, then the injured party is only eligible to reach the assets in the LLC.


Furthermore, personal creditors typically cannot reach assets inside an LLC. The creditor is limited to a charging order that entitles them to collect distributions made from an LLC to you but not the underlying LLC’s assets. Consulting with a knowledgeable asset protection planning attorney is strongly recommended.

How Much Can a Job Loss Today Cost You by Retirement?

July 4, 2017

Filed under: Retirement Planning — Neel Shah @ 9:15 am


What happens if you lose a job in your 30’s, 40’s, or 50’s? Doing so could impact your life significantly, it turns out. If you have multiple events, or income shocks, over the course of the critical years for your retirement savings, you could be facing challenges down the line.

Many individuals may suffer an event over the course of their life that could cause them to dip into their retirement savings account. Furthermore, major financial setbacks can generate challenges that can decrease the amount of money you’re contributing towards your retirement account. retirement savings in NJ

Up to 96% of Americans will experience at least 4 income shocks or a 10% or greater decrease in their pay as a result of something like a job loss, job change or poor health. This is shared by a study conducted by the New School for Social Research. Individually, these minor income shocks will not significantly impact your overall retirement savings.

One setback, for example, could lead to as little as $1000 less savings in retirement. However, multiple income shocks can really add up. 4 or more 10% income decreases can drop your retirement savings by $10,000.

In conjunction, having poor health can also significantly decrease your nest egg value. Poor health reduces it by more than $86,000 and less than outstanding health reduces the retirement savings by about $34,000. Don’t let one job loss discourage you from continuing to work towards your retirement planning goals- it’s well worth the effort to continue contributing as soon as can again. When it comes to retirement savings, it can be hard to bounce back from a job loss, but it might also be a crucial component of being able to recover the funds you need for a comfortable retirement. 

Consulting with an experienced estate planning attorney about your retirement planning goals is strongly recommended if you find yourself in this situation. Looking ahead to the future is one way to minimize the potential impacts.

Is a Lack of Business Succession Planning Threatening Your Company’s Health?

July 3, 2017

Filed under: Business Succession Planning — Neel Shah @ 9:15 am

Have you spent a good portion of your life growing the viability of a business? If so, you can’t ignore the second step of a firm business foundation: creating a succession plan that carries on your legacy and your offerings. The right business succession planning lawyer can help you with this process so that you have a clear idea about the future. business succession planning lawyer

Far too many people and successful company owners never engage in the process of business succession planning. It might seem like the process of transferring the company is too far off the future to worry about these concerns but a sudden incapacitating event such as a disability or an accident could render you unable to make decisions in the business and force you and your loved ones to make a decision without maximizing all of the options.

Only 16% of firms have discussed as well as documented a succession plan, according to a Price Waterhouse Cooper’s 2014 study. The potential problems associated with lack of succession plan have not been effectively addressed or fully grasped by many different companies. Most family-owned businesses struggle to keep that family on status passed to the second generation which presents a unique concern that should be discussed directly with your business succession planning lawyer.

Many of the succession plans in place focus only on the financials, but the best succession plans will also consider a people focused combination of leadership development and succession management that helps to set up the business for success in the future. To learn more about the process of business succession planning and why having a documented plan can help you significantly, consult with an experienced lawyer today.

Retirement Account Loans: Do They Make Sense?

June 29, 2017

Filed under: Retirement Planning — Neel Shah @ 9:15 am

If you have designated someone to receive the assets inside your retirement account after you pass away and you then take a loan, there are other things to consider before you pull out these funds. If you fail to return the money and pass away in the interim, the loved one you intended to receive those assets will be affected. Furthermore, there are other downsides to pulling money from your 401(k) plan. retirement account loans

Keep in mind that for any money you pull out, you’ll pay interest. You cannot deduct the interest paid, and those funds will not appreciate while on the loan. In addition, since you’ll have to repay that loan from your personal paycheck, your cash flow will be affected. Other restrictions and fees can apply based on your employer’s rules. For example, most of these plans only allow you take out one loan at a time. Repayment comes up pretty quickly for anyone who has withdrawn the funds, so it can be dicey as to whether or not you’ll be able to pull out enough money to cover your immediate needs.

Don’t forget about tax consequences if you’re unable to pay the loan back, either- this means it’s taxed like ordinary income and a penalty could apply of 10% if you’re younger than 59 1/2. Having a large tax bill could be an even bigger challenge if you were to lose your job and had no way to pay it back.

When you take out a loan, don’t forget that you probably allotted your estate at least partially on the current value of those accounts. Awarding your retirement accounts to one child, as an example, could lead to conflicts after you pass away if you pulled funds from that account if the account was worth much less. Make sure you consider all these factors when looking to withdraw funds from an existing retirement account.



Naming More Than One Beneficiary: A Smart Estate Planning Move

June 28, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am

When contemplating your estate plan in full, it’s a good idea to ensure that you have more than one person listed on your accounts asked for beneficiary info. Usually these accounts will be your life insurance, your brokerage accounts, and retirement accounts. Outside of your will, these accounts have their own forms regarding beneficiaries and take precedence over what’s listed in your will. beneficiary

This means that when you outline who you want to receive these assets if you pass away, the company is responsible for upholding whatever was last accurately written on these forms. If you haven’t updated them since your divorce, a former spouse would be legally entitled to get those benefits. Furthermore, you should review these designations every single year just in case your life has changed and you need to update this information.

Having a primary and secondary beneficiary helps your family if you do pass away. This articulates what the company in charge of that asset will do with it. If your primary beneficiary has passed away themselves, this ensures that your secondary beneficiary will get access to that asset in full. You can often determine the percentage split for the primary and secondary regardless such that if the first person passes away the second will receive all of the assets.

No matter what you decide, it’s smart planning to review these details every year and to update your primary and secondary beneficiary as needed. You’ll allow for a smooth transition of assets without confusion or mistakes that entitle someone to receive these assets without your full blessing.

What’s the Difference Between Your Legacy Plan and Your Estate Plan?

June 27, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am

When it comes to looking towards future, there are many different components you need to consider. If you have a will, a simple trust, and a life insurance policy in which you’ve named beneficiaries, you may assume that you’ve taken care of all of your crucial end of life planning. 7

However, you’ve only managed your estate plan at this point. Protecting and creating a legacy can take some more effort and a sit-down meeting with a knowledgeable estate planning attorney. An estate plan looks at the distribution of your assets as well as the opportunities to minimize taxes but a legacy plan creates a more far-reaching and comprehensive strategy for your assets, your family and the way that you intend to be remembered.

This means it’s about more than just naming who will receive the assets you pass on but also about preserving and sharing your community involvement, your personal history, your beliefs and your morals. There are several things you should consider in the process of generating a legacy plan including:

  • How much control, if any, do you want to have over the continuing distribution of your assets?
  • How do you want your heirlooms to be displayed or passed down?
  • What are some ways that you can contribute to causes you care about?

Consulting with an experienced estate planning lawyer is strongly recommended if you find yourself and are prepared for the process of legacy planning and your estate planning together.

Your legacy plan and your estate plan articulate who you are to your loved ones and even to charities you care about. Talk to an estate planning lawyer today to learn more about the best options for you.

Estate Planning Is About More Than Taxes

June 26, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am

Most people assume that estate planning is only for the extremely wealthy but that is not the case. Do you have elderly parents? Assets like a bank account? A home? Grandchildren or children? If you have any of these, it’s important to have a comprehensive estate planning and it goes beyond more than just planning for taxes. estate planning NJ

An estate plan is crucial for protecting your family when you pass away. However, it can also help you articulate your wishes over the course of your life should you become incapacitated. Naming a power of attorney allows an agent to step in and make decisions on your behalf when you become unable to do so. One of the most important components of your estate plan is your last will and testament. A recent Gallup poll identified that only 44% of Americans had a will in 2016.

This crucial document tells everyone of your final wishes and yet over half of Americans certainly have not made one. This leaves much more up to chance and can lead to confusion and potential legal battles for your loved ones. In addition to having a last will and testament, you should also name beneficiaries on tax deferred accounts so that those pass directly to the individuals specified outside of your will. Retirement accounts and life insurance falls into this category. If you have further questions about the estate planning process and how to draft it in a manner that serves your individual needs, contact an experienced estate planning lawyer today.

Managed Care at Home Becoming a Common Form of Long Term Care

June 22, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am


The long-term care landscape for Medicaid is changing quickly and this may cause us to consider as a society how to reconsider the way that we get personal assistance as we age or become disabled. Nearly half of all states in the country are currently provided long-term care benefits through Medicaid as managed care, and in fact a further 13 states are requiring that older adults receive care in this same way. Four out of five states in the country are expanding their home care benefits through Medicaid and others are even beginning to provide housing services through the federal program as well.  long-term care at home

Since 1965, when Medicaid was first enacted, nursing homes were considered to be the primary place where long-term care benefits were delivered. However, this has shifted gradually towards the home and community assistance for many reasons including the fact that federal waivers programs gave states the flexibility they needed to make it a reality. A Supreme Court decision at one point required it and consumers demanded it.

More recently, the federal government allowed states to provide this care at some assisted living facilities. The trend towards home based care mostly affects those individuals who are recipients of Medicaid. The accelerated shift to managed care will have bigger consequences for all adults. Being able to get the help necessary in your own home as you age raises important questions. It is critical to have the estate planning documents that you will need to transition to this phase successfully, including your will, any trusts and then any powers of attorney that allow another individual to step in and make decisions on your behalf.

The Most Fundamental Error You Can Make in the Estate Planning Process

June 21, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am


Far too many studies show that Americans who are most in need of estate planning have done absolutely nothing to protect themselves. Some of the most common estate planning mistakes can have a significant impact not just on you but also on your beneficiaries when you pass away.

Here are the most common mistakes you can make:

  • Failing to update you will. Many people believe that their will is a ‘set it and forget it’ document, but if you get divorced or have any other major life changes, your will needs to be updated.
  • Not having a will. Up to 64% of people living in the United States do not have a will at all. Many believe that they just haven’t gotten around to it or that they didn’t need one, both of which can be catastrophic mistakes.
  • Overlooking the benefits of a trust. Wills only account for how your property will be distributed when you pass away but trusts go on for a set period governing the distribution of those assets. They can also provide greater control and privacy.
  • Not being realistic about your heirs. Make sure you consider whether or not your beneficiaries have the emotional and financial capacity to handle money appropriately.
  • Choosing the wrong trustee or executor. Choosing the individuals who will help step in and make decisions for you or to assist your family when you pass away can be extremely important. Make sure that the individuals that you have chosen understand the responsibility and are willing to accept it. You may also need to appoint contingency people to serve in this role in the event that the person you originally selected passes away.

Tips for Making Any Retirement Goals Stick

June 20, 2017

Filed under: Estate Planning — Neel Shah @ 9:15 am


Planning ahead for your retirement is important in conjunction with your estate planning. A study by Fidelity Investments recently identified that up to one-third of people hope to make financial resolutions they can stick to. retirement and estate planning

There are six different tips that you can follow to ensure that your retirement goals stay on track. These include:

  • Breaking your goal into smaller chunks.
  • Learning where you currently stand by assessing how much money is already in your retirement account and how much more you will need to accomplish your estate planning goals. You can use Fidelity’s retirement score calculator to assess your retirement savings needs as they stand now.
  • Write down your goal and post it somewhere that you can see it every day. Research shows that this increases your chances of success.
  • Share your goal with a person you trust, like a relative, spouse, trusted advisor or close friend.
  • Track your progress and make it into a game. Checking your savings on a regular basis can help motivate you to continue with the progress you’ve already made.
  • Put your savings on auto pilot by signing up for an automatic withholding out of your paycheck, either through an arrangement with your financial institution or through your 401(k) plan at work.

Employing all of these tips together dramatically increases the chances that you’ll be successful when setting a new retirement goal. Staying on top of your retirement planning will allow you to envision the future more successfully and have less anxiety about the prospect of leaving the workforce.

The Benefits of In-Home Care for Seniors When Compared with Nursing Homes

June 19, 2017

Filed under: Aging In Place — Neel Shah @ 9:15 am

As you or your elderly parents age, there will frequently come a time when a new level of care becomes important. This is the appropriate time to consider how Medicaid can help assist with your financial planning but it is also time to consider whether or not it makes sense to have in-home care or to consider a nursing home for your loved one. When such a change becomes necessary, you need to be able to evaluate all of your options quickly. Aging at home is one common alternative to nursing homes.

Geriatric facilities are moving away these days from providing long term care beds to increasing the number of rehabilitative beds they offer instead. Since Medicare pays $500-$600 per day for a rehabilitative bed, while Medicaid only pay $125 a day for a long-term care event, this means that there is decline in the availability of long-term care beds, making it harder to find a space in an affordable and high-quality facility around the country. In-home care may be one solution that your family is eligible to use. 

Home care options are much less expensive than a permanent facility and allow an individual to age in place and get the help that he or she needs in the comfort of their own surroundings. Finding the right person to provide in-home care is critical. Increased access to necessary services, better feelings of independence and cost savings are just a couple of the reasons why you and your family members may consider in-home care versus a permanent nursing home placement. Make sure to do your research about the provider for in-home care to feel confident about your final decision. This can help put you at ease regarding a great deal of the fears associated with helping a loved one transition into a new phase in their life.

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