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Riverdale, New Jersey Elder Law Blog

Are there benefits to reverse mortgages?

Reverse mortgages are, in essence, a loan. A homeowner who is 62 years old or older may be able to borrow against the value of their home through the use of a reverse mortgage. These funds can then be paid out to the homeowner in one of a few ways, like with a single payment, through fixed monthly payments or even through a line of credit.

Reverse mortgage loans are not due until the homeowner dies, sells the home or moves away permanently. At that point, the balance of the loan is due. Interestingly, federal regulations have made it a requirement that lenders don't allow the loan to exceed the current value of the home. The borrower's estate will also not be liable for the difference if the home's value falls for any reason.

Let's talk about ways to protect your estate plan

No matter how much you'd like all of your heirs to get along, you suspect (or know) there will be some kind of fight over your assets once you're gone. Sometimes sibling rivalries or old jealousies just won't stop.

Fortunately, there are a number of different ways that you can try to protect your estate plans from being challenged in court by an unhappy heir. Some options include:

How can parents plan for their child's future?

Parents anxiously await the arrival of a new baby. While you are probably focused on getting everything ready for the baby, there is one crucial duty that you might overlook. You need to set up your estate plan so you can ensure your child is taken care of if something happens to you. This plan will only go into effect if something happens to you and the other parent.

There are several things for you to think about. These cover different aspects of the child's life, and they create a comprehensive plan if the unthinkable happens.

Essential tips to choose the agent who will represent you

Establishing powers of attorney can be incredibly beneficial for people across New Jersey. It is an estate planning tool that ensures individuals will still have a voice, even if they cannot speak for themselves. 

But how can individuals choose someone who will speak on their behalf and represent them? It can be a challenging decision, but here are some questions that individuals can consider to find the right representative.

Making a will helps you take control and keep it that way

Maybe your parents didn’t leave you with much and you had to figure out how to live out on your own. It was neither pleasant nor easy. Often, it’s one of the things that makes us the proudest, making a living and managing to get our kids up, out, on their way to making their own lives.

Now, why should you pass out checks just because you died?

Preparing for the future with tailored, focused estate planning

A unique and dynamic process.

That is essentially how we define estate planning at the law firm of Rudolph & Bloodgood. Our deep legal team in Riverdale has been delivering tailored and comprehensive work product for diverse and valued New Jersey clients for decades. We deeply appreciate that sound planning is fundamentally different in every case.

Medicaid: An overview

Health care and health insurance remain at the forefront of national discussion. And why wouldn’t they be? Medical care is something we all need at some point in our lives. Many of us take our health insurance for granted until we’re in a position where we don’t have it.

Paying for medical costs on your own can be prohibitively expensive. Luckily, there are programs available to assist people who do not have private health insurance. On the state level, Medicaid offers low-cost health care to those with low incomes.

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