Elder law is a specific area of law that specializes in issues or matters that affect the aging population. The purpose of this branch of law is to prepare plans to make elderly persons ready for autonomy and financial freedom through planning their finance and long-term care options. Elder law protects the aging population from financial strains and uncertainty about their future and helps the elderly receive the care they need in a sustainable, affordable manner.
Elder law is an incredibly specialized and increasingly important area of law. It incorporates long-term care planning, Medicaid planning, foundational estate planning, and more. Essentially this branch of law allows you to prepare now so you don’t find yourself in crisis later. Preparing financial and care plans early is the sensible and logical thing to do to avoid draining all of your assets within a year or two of being in a care home.
A Medicaid crisis is when someone is admitted, or about to be admitted into a care home but is told they have too many assets to qualify for assistance from Medicaid. The laws surrounding Medicaid assistance are complicated and ever-changing, and advice from friends, nursing home personnel, or social workers is likely to be outdated or incorrect. It is therefore highly recommended that you contact an elder law attorney at your earliest convenience to discuss the best way forward. A lawyer will understand these laws and can work to get you eligible for Medicaid as quickly as possible.
Life Care Planning
Lifecare planning is a legal service that takes the strain of aging off a family’s shoulders, as caring for a senior relative can be draining, overwhelming, and very emotionally charged. An elder law attorney can navigate the financial, medical, and legal challenges that aging can present to families and create a personalized, holistic roadmap for aging that is flexible to adapt as health and financial needs change over time.
This service can provide families with a sense of assurance and relief that their financial best interests are being protected, and they can spend more quality time with their aging loved ones, rather than stressing about their depleting assets.
Virtually every family, regardless of their financial situation, can benefit from having an estate plan created by an attorney. For instance, having a will puts the control in your hands regarding the distribution of your assets and to whom. Without a will in place, the state will control how your assets are distributed after you pass away.
You can also select a close family member to have power of attorney, which is the power to make medical and financial decisions on your behalf, in the event of incapacity. Without an estate plan in place, someone will petition a court to gain control over your medical care and assets, and it could be someone you would never have chosen to have this responsibility.
Plan Your Future Today
If you wish to avoid a potential Medicaid crisis, a family feud over your estate, or the potential for someone you haven’t chosen to make medical and financial decisions on your behalf, the solution is simple. Plan your future today and contact an elder law attorney.