Five Things You Need to Know About Elder Law
As you age, unique legal and financial challenges that require specialized expertise might pop up. That's where elder law comes in, a field that focuses on the legal issues faced by older adults and their families. It covers a wide range of topics, from estate planning and long-term care to guardianship and elder abuse. Here's a list of five things you need to know about elder law to help you navigate the complexities of aging with confidence.
Estate Planning
Estate planning involves planning for the disposition of your assets after death to ensure that your loved ones are taken care of according to your wishes. It's important to talk to a lawyer specializing in elder law to help you design a legal plan that aligns with your values. If you haven't made any estate plans yet, now is the time to start. Waiting too long could be costly for your family members and loved ones.
Long-Term Care
As you get older, it's common to need more assistance with activities of daily living such as bathing, dressing, and eating. When it comes to long-term care, nursing homes and assisted living facilities can be expensive. Medicare does not cover long-term care, and Medicaid only covers long-term care for those who meet the eligibility requirements. It's essential to consult with an elder law attorney to navigate the complexities of long-term care requirements and planning.
Guardianship
As you age, the possibility of becoming ill or incapacitated increases. Often, this necessitates the appointment of a guardian to make decisions and act in the best interest of the person. It's essential to specify the conditions for the appointment of a guardian in your estate plan or through court proceedings with the help of an elder law attorney.
Elder Abuse
Unfortunately, elder abuse is increasingly prevalent in society. Elder abuse can be physical, emotional, or financial. It's crucial to take measures to protect yourself against elder abuse. You can achieve this by sharing details of your legal identity only with family members whom you trust, using checks and balances with bank accounts to prevent abuse, and speaking to an elder law attorney to ensure you are legally protected.
Medicaid Planning
Finally, it's essential to consider Medicaid planning when creating an estate plan with the help of an elder law attorney. Being eligible for Medicaid can assist in managing costs towards nursing homes or long-term care expenses in older age. Additionally, through legal Medicaid planning, older adults typically can preserve assets to pass on to their children or an inheritance.
Elder law involves complex legal issues, and it's imperative to know the basics to navigate the process with ease. By consulting with an attorney specializing in elder law, you can take steps to ensure that your estate plan reflects your values, understand the ins and outs of long-term care requirements, specify your preferences for guardianship, protect yourself from elder abuse, and plan for Medicaid eligibility. Consider contacting an elder law firm today for more information.
Share