 There are many things on a person’s mind when they’re young. They might spend time leveling up in their career and growing their families.
Wealth management is certainly present in a young person’s mind in preparation for retirement.
As you get older, however, you will find that there are a great many other matters for which you need assistance from an attorney. That’s where elder law comes in.
Not familiar with elder law? Read on to learn everything you need to know about this broad area of law.
Financial Management
Managing your finances is an incredibly important thing to think about throughout your entire life, but it becomes increasingly important as you get older.
Many people utilize accountants for this, but an attorney can help you navigate the legal aspects of your finances as you get older. For example, if you are eligible to draw on a former spouse’s Social Security, but you’re also thinking of retiring early, then it’s important to speak to an attorney about your options. You might be in a better position if you work a few years longer.
Power of Attorney
We hope that we are always of sound mind and able to make decisions on our own. That’s not always the case, however. For that reason, many people should consider contacting a lawyer to draft a durable power of attorney.
A durable power of attorney allows someone you trust to act in your interest should you become incapacitated. This can include everything from handling your finances to making important medical decisions on your behalf. An attorney can help you and whomever you appoint draft the power of attorney and lay out the specifics.
Getting this done sooner rather than later will give you peace of mind that your interests will be represented no matter what happens.
Wills and Trusts
One of the most common reasons you’ll meet with a practitioner of elder law is because you’re interested in drafting your will and/or creating a trust.
A will can help save your surviving loved ones a significant amount of stress after you pass by designating which portion of your estate should go to each loved one. It’ll also allow you to designate an executor and subsequent trustee to handle the distribution of your assets. There are a number of options available for your will, and your attorney can help you customize it to the fullest extent possible.
Once the will is complete, your attorney can assist you in having it recorded at your local courthouse. This will help prevent any questions about its validity.
Long-Term Care Placements
As you get older, there may come a time in your life in which it will no longer be possible to live independently. This can be because of issues like dementia or just simple frailty. If that happens, then it’s helpful to have a plan in place for long-term care.
An elder law attorney can help you or your loved ones decide which level of care you might need, and how you can go about getting it. Long-term care is an expensive service, and most financial assistance programs require that your income and assets are below a certain level. An attorney can help you navigate that process and help protect your assets, too.
Medicare and Social Security
Two of the most complex things you’ll have to deal with as an older adult is Medicare and Social Security. There are countless rules that seem to conflict, and it’s super easy to get confused by the whole process. You might find yourself wondering how you can maximize your Social Security payouts and decide which Medicare plan you’re eligible for.
Attorneys have tons of experience dealing with Medicare and Social Security and they can help ensure that you leave their office in the best possible position.
If your retirement income falls below a certain level, you may be eligible for Medicaid in addition to Medicare. This can help make health care much more affordable. Your elder law attorney can help you determine whether you might be a good candidate for Medicaid.
Elder Abuse
One of the saddest parts about family getting older is that they are much more prone to becoming the target of physical, emotional, and financial abuse.
Elder abuse can come from anyone involved in an older person’s life. Maybe an unscrupulous neighbor comes over to help with housework and pilfers money found around the house. Adult children have been known to gain access to their parents’ bank accounts or take out credit cards in their name.
While this may seem shocking, you should also know that it is illegal and any suspicion of elder abuse warrants a call to social services. If you’re concerned about your loved ones, an elder law attorney can help you find ways to protect your parent from fraud and elder abuse.
When You Should Hire An Elder Law Attorney
Now that you know about the services elder law attorneys can provide, you might be wondering when you should reach out to one.
There’s no hard and fast answer to that question. You can set up a will or trust at any time in your life, and if you have a significant amount of assets, it’s better to do it sooner than later.
Otherwise, you should contact an elder law attorney at a firm like AJC Law whenever you have a question about your interests or the interests of older loved ones.
Are You Ready for Your Golden Years?
Elder law encompasses a wide variety of legal matters that impact America’s aging population. An attorney that practices elder law can help you do everything from drafting your will to laying out your final wishes with your medical treatment. While elder law matters may not be at the forefront of your mind right now, it’s important to remember that there will come a time in which they will need to be addressed.
Do you have more than one pressing legal concern that you want to research? You’re in the right place! Check out the rest of our blog for all of the helpful information you need!
