WAGM’s recent article entitled “A Closer Look at Elder Law” takes a look at some of the finer points of estate planning and elder law.
Elder law focuses on issues that concern older people. However, it’s not just for older people.
Elder law attorneys frequently also speak with family members of older people about their concerns.
Wills and estate planning may not be the most riveting topics of conversation. However, in this day and age, they can be one of the most important tools to ensure your wishes are carried out after you’re gone.
An attorney who practices in this area of law will talk to a senior or his or her family and ask questions to determine what they may require. In many cases, there are things that can and should be done immediately.
In many instances, a senior member of their family isn’t sure what they should do. An elder law attorney will walk them through the process.
One of the main concerns is, “How do I get started and how much planning do I have to do before hand?”
As far as an estate plan, everyone should have a will, a financial power of attorney, a medical power of attorney and a healthcare directive.
Elder law often also centers upon long-term care planning, and this should be started before a senior is in a crisis and needs an immediate solution.
With planning, an elder law attorney can help with questions about Medicaid, protecting assets and proper senior care, whether that’s at home or in a care facility.
This can benefit families who want to help protect their loved ones, lifestyle and assets; retirees and pre-retirees who’d like to preserve the savings they’ve worked hard to compile over the years; and those seniors who may not have someone to care for them or significant assets to pay for these costs.
Planning can also ease the transition, if a senior suffers from dementia or Alzheimer’s disease and will require specialized care.
Reference: WAGM (Dec. 8, 2021) “A Closer Look at Elder Law“