Both Elder Law and Estate Planning are important legal solutions available for senior adults who are concerned with asset protection.
If you are a senior adult concerned about preserving your assets while you are living, you may already be familiar with Elder Law and Needs Planning. Although many people are knowledgeable about Estate Planning, fewer people are familiar with the legal services available to senior adults to help protect and preserve their assets while they are living.
What is Elder Law?
Elder Law and Needs Planning involves legal solutions meant to ensure that seniors live long, healthy, and financially secure lives. An Elder Law Attorney can be a valuable resource to individuals and families that are concerned about healthcare and long-term care for senior adults.
An experienced Elder Law Attorney can also help seniors qualify for Medicaid and other benefits or address issues of senior abuse.
Needs planning anticipates future medical needs including long term care while supplying protection for your assets. A complete Elder Law plan will also address concerns about Guardianship and supplies directions for your care givers in the event you become incapacitated.
Important Facts to consider:
- Every year 1.7 million people suffer a traumatic brain injury
- By 2025, it is estimated that 7.1 million people will be suffering from Alzheimer’s
- On average, there are over 10 million accidents each year
- 1 in 7 Medicaid patients are the victims of a medical error while in a medical facility
Without a plan your spouse or beneficiary will not receive control over your medical care or estate and caregivers are left to make decisions on your behalf without your input.
Senior adults wanting to provide direction for their caregivers should work with an experienced Estate Lawyer or Elder Law attorney to help you develop a plan based on their situation.
Your plan may include:
- A Living Will
- Direction for Guardianship or Conservatorship
- HIPAA Authorization
- Medical Power of Attorney so your agent can act your behalf
- A Revocable Living Trust which guides how your estate is managed if you become incapacitated
How does Elder Law relate to Estate Planning?
While Elder Law and Needs Planning focuses on senior adults, Estate planning is a concern for adults of all ages. Estate Planning concerns legal solutions focused on what happens with a person’s money and estate after a person is deceased. Having an Estate Plan can be a good idea for individuals of all ages not just senior adults.
Many Elder Law attorneys can help with Estate Planning ensuring a smooth transition from asset preservation and protection to asset distribution. Your Estate Planning Lawyer will create an Estate Plan that includes a Last Will and Testament which supplies clear direction on how your assets get distributed to your heirs.
If you are concerned about what will happen to your money and assets after you are deceased or would like to provide protection for your heirs, you should work with an Estate Planning lawyer to develop your estate plan.
