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SERVICING CENTRAL NJ FOR OVER 25 YEARS

Aging Parents

Finances

Urbach & Avraham can help with your Aging Parents

Who will care for Mom? How can we afford this?

A geriatric social worker should assess the health needs of your aging parent. We can work with your family members and the social worker to determine what care you can afford. Our services range from locating Mom’s assets, coordinating the investments, reviewing prior years’ income tax returns, and establishing a budget for Mom’s care. We can consult with your investment advisor in regards to cash flow issues. Which assets should you sell? Should you sell or rent Mom’s house? What about the tax ramifications? Capital gains tax? Minimum distributions from Mom’s retirement accounts? Who should be in charge of Mom’s assets? These are important financial issues, which we can resolve for you in a practical manner.

What about the legal issues?

We can work with your attorney on estate planning issues, income taxes, and investment issues. There may be a need for a specific type of elder law attorney to provide for a Special Needs Trust for a family member. An attorney specializing in Medicaid planning may be required. We can recommend an attorney suitable for your family’s needs. We can consult with the attorney about the income and estate tax issues and investment strategies.

Please call for a free consultation to discuss how we can assist you in establishing realistic budgets for your parents’ health needs. We can then coordinate the available assets and advice you of the tax issues, so that you can maximize the funds and provide quality health care for your parents.