No one wants to think about losing the ability to manage their own finances or to prepare for the end of their life.
However, being prepared for serious illness or the effects of age can help you not only protect yourself but your loved ones as well. This is where an elder law attorney comes in.
Keep reading to learn how to know whether or not you need a lawyer specializing in elder law.
If You’ve Been Diagnosed with a Life-Changing Condition or Illness
Estate law deals with how an individual’s money and assets will be handled after their death. But while having a will in place is important, preparing for how your finances and assets will be handled before your death may also become a necessity.
There are a number of life-altering conditions and illnesses that can affect your ability to handle your own finances. Debilitating conditions like Alzheimer’s or Dementia can make it difficult to make decisions or remember to pay bills, while illnesses can leave you physically incapable of doing either.
An elder law firm can help an individual prepare for the time when they will no longer be able to handle their own affairs. Your attorney will help assign certain responsibilities to family members, and protect you against those who may try to prey upon you while you are ill.
When You are Looking Into Medicaid Eligibility
Medicaid allows senior citizens to pay for important, life-saving medical procedures and care as they age. However, applying for Medicaid and navigating eligibility can be complicated.
An elder law attorney can help you file your Medicaid applications and better understand whether you qualify. If you do not currently qualify, your attorney may be able to advise you on your options.
For instance, if you are likely to need long-term care, you may be able to use a “spend down” strategy to reduce your total assets and qualify for the Medicaid that you need.
Navigating Medicaid planning on your own is complicated enough. Doing so while dealing with an illness or injury is even more so. But having an experienced attorney on your side can go a long way towards getting you the care that you need during this difficult time.
Follow the link to learn more about how an elder law lawyer can help you with Medicaid planning.
If Your Finances are Complicated
If your finances are straightforward and you have a spouse or child who can manage your finances for you, you may not need an elder law attorney if you’ve been diagnosed with a serious medical condition.
However, if things are a bit more complicated, legal help may be necessary.
Some examples of times when an elder law attorney will likely be necessary to help you straighten out your finances include:
- If you have been married multiple times
- Those who own real estate in more than one state
- If you are responsible for an adult child with a disability
- Those with children who are still minors
- You own more than one business
Deciding When to Hire an Elder Law Attorney
If your finances are complicated, you’ve been diagnosed with a life-altering illness or condition, or you are looking into Medicaid planning, hiring an elder attorney might be the right choice.
An experienced lawyer can offer expert advice and guidance every step of the way.
If you found this content helpful, check out the rest of our blog for more legal advice.