Seniors today have the freedom to live anywhere they like, and many strategically retire in certain states to take advantage of various benefits. New Jersey is an attractive choice for many seniors, and it offers numerous benefits worth considering. Before choosing your new home for your twilight years, consider discussing your unique goals and priorities alongside an experienced New Jersey estate planning lawyer. These legal professionals can help you understand the legal and tax benefits of retiring in the Garden State.
Granny Cams Are Legal in New Jersey
One potential benefit of retiring in New Jersey is its lenient stance toward so-called “granny cams.” Many other states either ban granny cams outright or restrict their usage. In contrast, New Jersey allows you or your family to install hidden cameras in your residence or nursing home. This hidden camera may capture abuse, ensuring serious consequences for guilty parties. These might include caretakers, nurses, and other individuals.
In fact, New Jersey even has a special program that loans out granny cams to anyone who needs them. To learn more about protecting yourself against elder abuse in New Jersey, consider a consultation with an elder law attorney.
New Jersey Has Various Tax Benefits
Unlike many other states, New Jersey does not tax your retirement benefits. You can also keep 100% of your social security benefits, retirement income, pension, and other income in many cases.
In terms of estate planning, New Jersey also offers various tax benefits that can limit burdens incurred by your beneficiaries. To learn more about maximizing your tax benefits while retiring and estate planning in New Jersey, contact an experienced elder law attorney.
New Jersey Has Solid Healthcare
Healthcare should be a priority for retiring seniors, and New Jersey’s healthcare system is fairly solid. Hospitals in the Garden State are among the highest-ranked in the entire nation.
An experienced estate planning lawyer can help you make the most of this healthcare system. One option is a Medicaid trust, which allows you to access more affordable healthcare without sacrificing your wealth. Lawyers can also assist with Medicaid applications.
Creditor Protections in New Jersey
New Jersey also offers various protections from creditors if seniors retire with existing debt. Various types of assets are off-limits for debt collectors, including retirement accounts, life insurance, trusts, and more. You can also claim the federal homestead exemption for greater protection against creditors. To learn more about asset protection strategies during retirement, contact an experienced estate planning attorney.
Speak With a New Jersey Elder Law Attorney
As you research the benefits of retiring in New Jersey, you might consider a consultation with an experienced elder law attorney in New Jersey. These legal professionals can help you get the most out of retirement in the Garden State, and they may be knowledgeable about tax implications, legal protections, and various estate planning strategies. To learn more, schedule a consultation with Giro, LLP, Attorneys at Law today.