The decision to hire an elder care attorney could be one of the greatest financial safeguards a person can make in their life. Perhaps they are about to enter into an assisted living facility or maybe they are anticipating the eventual division and relinquishing of their assets and estate. Regardless of the circumstances, planning for the future is always important, but it’s especially important for seniors. Deciding how their money will be spent during their remaining time and how their assets will be distributed upon their eventual passing requires a secure strategy.
Read on to learn when to hire an elder care attorney and potential issues seniors may encounter.
An elder care attorney helps seniors protect their rights as they age and helps them navigate the legal issues that occur during their golden years. They can help with Medicaid and advanced long-term care planning to help protect seniors’ homes and various assets. Paying for long-term care out of pocket can be financially draining, but an elder care attorney can help to mitigate those out-of-pocket expenses as well as help with financial planning.
Choosing a power of attorney, someone designated as the main authority to help decide how and where money is spent, can be difficult, and an elder care attorney can help. They can also assist with estate planning by setting up a health proxy, someone who can handle health wishes should a senior ever become unable to speak for themselves. An elder law attorney can also help with wills, structuring them in a way that’s specifically tailored to senior citizens. Lastly, they can set up trusts, creating caregiver agreements and proceeding with guardianship. This list of elder care attorney services is not exhaustive but covers common ways these attorneys can help seniors.
Deciding on the correct time to hire an elder care attorney is something that people should plan on doing before they actually need one. The sooner the attorney is hired, the sooner affairs can be in order. Waiting to hire an attorney until one is definitely needed, such as when a senior is about to go into an assisted living facility or nursing home could put the senior at a disadvantage. It may be too late to gain all the advantages elder care attorneys offer, such as financial planning. If the basics are covered, small updates are possible instead of expensive last-minute planning sessions.
There are various services that an elder care attorney offers. Here are a few of the most common services that they offer and how they may be relevant to seniors.
Continuation of Benefits With Special Needs Trusts
Setting up a special needs trust can help to prepare for lifestyle expenses or other potential needs that public assistance benefits such as Medicaid, Social Security Insurance (SSI) and Section 8 housing may not cover.
Potential trusts may include:
Making the decision the hire an elder care attorney may seem daunting at first, but in the end, it is one of the smartest decisions a person can make. Knowing that financial and legal issues will be taken care of in a senior’s absence can go a long way in providing peace of mind and assuredness for family members.