When it comes to protecting your loved ones and your legacy, it’s crucial that you work with an elder law attorney who understands your needs. As you may know, most lawyers have a specific field of focus when it comes to their law practice. One of these distinct areas is known as elder law. Elder law attorneys focus on the unique requirements of older clients—serving as advocates and helping them navigate certain federal and state rules and regulations.
Reason #1: Estate Planning Considerations
It should be noted that an elder law attorney should not be confused with an estate planning lawyer, though many attorneys—like myself—practice both areas of law. While estate planning is primarily concerned with planning for the distribution of assets after death, elder law targets the preservation of assets for personal benefit and care while the person is living. Elder law attorneys are equipped to handle the sensitive emotional, and physical needs of older adults, and are therefore able to handle a variety of challenging situations:
• Discussing the importance of wills and estate planning
• Creating a durable power of attorney
• Providing help with healthcare planning
• Helping to locate long-term care facilities and manage assisted living costs
• Drafting a living will or other advance directives
Elder law attorneys see an abundance of financial and medical circumstances that seniors and their families may encounter. Their experience can bring insight to a wide range of situations, from choosing long-term care arrangements to preparing for future scenarios.
Reason #2: Planning for Long-Term Care
Determining the best type of care for an aging adult is not easy. An elder law attorney is able to offer an objective opinion and help develop a long-term care plan. Many aging individuals would prefer to stay at home, but many times this is not the best option. An elder law attorney will explain which kind of care is recommended and determine whether the individual can receive that care at home, at a nursing home or other long-term care facility.
Approximately 70% of adults who reach the age of 65 will need some form of long-term care. An elder law attorney can work with you to strategize effective ways to protect your assets when your spouse requires nursing home care. Key strategies that can shield your assets from depletion include:
• Early planning and communication
• Utilizing Medicaid Asset Protection Trusts
• Maximizing exempt assets
Seeking professional guidance can help mitigate the financial impact of long-term care, while protecting the assets you’ve built up over your lifetime.
Reason #3: Control Over Your Future
Choosing the right elder law attorney can make sure you have control over your future—even as your circumstances change. It’s crucial to have the appropriate documents in place to ensure your wishes are respected and your plans are communicated. For example, establishing a power of attorney gives someone the authority to make legal and financial decisions on your behalf. It’s important that you choose a reliable individual to act as your power of attorney.
An elder law attorney can ensure these documents are in place, even before you think you may need them. A dementia diagnosis may call into question one’s ability to sign legal documents. You never know what life has in store, so it’s important to always be prepared to ensure your loved ones and legacy are secure.
Taking the Next Steps
Hiring the right elder law attorney can help ensure you are protected from matters that uniquely affect older adults, and alleviate worry to gain peace of mind knowing that you and your loved ones are being taken care of.
I offer free workshops to help individuals and families learn more about estate planning and asset protection. Register for our next workshop using the brief form below, or contact us at (256) 251-2137 to schedule an initial consultation with Miller Estate & Elder Law today.
