The presence of family establishes a steadfast social network and connection that significantly influences a…
The two have similar concerns, but elder law applies estate planning strategies primarily to issues facing seniors as they age.
How Estate Planning and Elder Law Are Similar
No matter what stage of life we’re in, we face challenges. Hope for the best, but plan for the worst. We can get into accidents, especially when we’re young and under the impression that we’ll live forever. If you were incapacitated, who would you want to speak for you? Who would you trust to pay the bills or make medical decisions?
As adults, we start families, buy property, and accumulate valuable and sentimental items. If we’re thinking realistically, we want to ensure our families are taken care of and receive our property should something happen to us.
Both estate planning and elder law attorneys help you answer tough questions. Both attorneys also know how to protect your estate from tax burdens and avoid the expense and delay of court proceedings, such as probate and guardianship.
Elder Law Becomes Crucial in Later Stages of Life
Elder law expertise becomes crucial when we get older. We’re living longer, healthier lives – but nobody knows when we, or those we love, will get too sick to make decisions or live independently.
You may want to postpone thinking about these things, but delay or denial about incapacitation or declining health can mean that your entire savings gets wiped out paying for nursing home care. Misconceptions about government benefits, like Medicaid, can prevent you from seeking benefits, cause disqualification, or delays that leave you paying thousands of dollars a month for care out of pocket.
Senior business owners who are retiring need a succession plan for a smooth and profitable transition from their business. Older adults and their families have a quality of life to protect. Many want to stay in their homes as long as possible but must prepare for a time when skilled nursing facility care becomes necessary. Elder law attorneys help seniors allocate financial resources to protect against as many potential problems as possible. That includes preserving your home and savings for a spouse or future generations.
Reasons to Find an Elder Law Attorney
Elder law attorneys create custom estate plans with senior issues in mind. They can help you answer difficult questions and find the right solutions for your family by keeping their best interests at heart. Preparing for the future reduces stress and anxiety in an emergency. Your family will know your wishes and can make decisions for you when you need their help. Part of your plan to pay for long-term care includes how to use Medicaid, Medicare, Social Security, or retirement benefits.
Evaluating financial resources and determining eligibility for government benefits is complex and requires knowledge and experience to navigate the process successfully. Elder law attorneys use legal strategies to maximize your resources and will work with your financial advisor to align estate planning strategies with overall financial goals.
Our elder law attorneys want you to enjoy your life and independence for as long possible. And when life becomes harder with age, you’ll have something left over for your legacy. We are dedicated to keeping you informed of issues that affect seniors who may be experiencing declining health. We help you and your loved ones prepare for potential long-term medical expenses and the need to transition to in-home, assisted living, or nursing home care.