Elder law is a field of legal practice which focuses on issues that directly impact the aging community. These issues range from medical conditions, healthcare issues and income and cost management to estate planning and property ownership. As the Baby Boom generation ages, issues that were considered quixotic in the past are now becoming more problematic for many seniors. An attorney who specializes in elder law will be able to assist clients with legal needs and will act as a guide for the elder in their complex and sensitive financial situation. Often these attorneys will be able to prevent or reduce drastic estate and other financial changes that may occur as the client ages.
- Estate planning, also known as estate tax planning, involves making certain that any financial assets the elder possesses are properly taken care of.
- This includes anything from investments in mutual funds to any insurance policies. Some states have particular elder law rules when it comes to insurance.
- While it is important to make sure that life insurance policies are properly titled and protected, it can sometimes be complicated for the client to take care of the policy after they pass.
- If the attorney that you work with handles estate tax issues, they will be able to ensure that any outstanding insurance issues are paid and that the policy is fully protected.
Another issue that is common within the world of senior citizens is that of special needs. Many seniors have needs that aren’t fulfilled by the community that they live in or the type of care that they receive. As they become ill or develop other medical problems, they can require long term or even short term care in an environment that they feel comfortable in. In cases where there is no home to go to, an attorney may be able to secure funds to help pay for a home with special needs.
Probate is one of the biggest areas of concern; in the world of elder law. When someone dies, their estate is usually left in the hands of their surviving spouse or other family members. However, in some cases, the estate doesn’t go down to just one family member. There are times when the wishes of the deceased can be respected and a will is made. When this happens, there are estate taxes that must be paid and probate hearings. An experienced estate planning attorney will know when to ask for a stay of execution so that capital gains and other inheritance taxes can be deferred until distribution.
As you can see, there are two fields of law: when it comes to elder law. These are probate and asset protection. The two areas are usually dealt with on a case by case basis. It’s important that if you have a loved one who has passed away that you seek out a probate attorney so that your legal affairs are taken care of and you can continue enjoying your senior years without any issues taking over your life.
Asset protection:
Asset protection is something that all seniors should consider as they enter their golden years. There are many things you can do to ensure that your property doesn’t need to be sold. In addition, some insurance companies will help protect your belongings if you pass away before a certain amount of time has been reached. These are just two of the many ways that you can protect your financial future while you’re not around to make it happen. If you’re looking for ways to take care of your loved ones while they are still young, then considering elder law may be one of the best decisions you could ever make.