Three Very Important Ways That an Elder Lawyer Can Assist You

elder law lawyerThe most frequent question that potential clients have for an elder law attorney is, “How can an elder law attorney assist me?”

In short, an elder law attorney can assist you with legal issues that are associated with the natural process of aging. This is done in three very important ways:

  1. Estate Planning
  2. Incapacity Planning
  3. Long-Term Care Planning

Read further for a look at how each of these aspects of elder law practice can address your needs.

What Does an Elder Law Attorney Do?

As you get older, you develop different problems and concerns. Many might say that you even have different medical problems and other ailments. A doctor who serves the medical needs that arise, due to the natural process of aging, is called a gerontologist. In the same vein, an attorney who attends to the legal needs that arise, due to the natural process of aging, is called an elder law attorney.

Theses issues can be broken down into three broad areas of elder law practice:

1. Estate planning

Estate planning deals with deciding what happens to your assets when you die, and what processes will be employed to move your assets to your heirs after you are gone.

This involves more than simply preparing a will. Not only does it involves planning for the disposal and finalization of your estate after you die, but it also involves avoiding probate, reducing estate taxes, protecting your estate from unforeseen creditors, and providing for the protection of those who will inherit your estate.

2. Incapacity Planning

Incapacity planning addresses the issues that you may face if you become incapacitated. There may come a time when you are not able to handle your own affairs any longer – perhaps due to accident, disease, or loss of physical mobility. If you become mentally or physically incapacitated, who will make decisions on your behalf in regards to your financial and physical well-being?

When you are in your twenties, these kinds of problems are much less of an issue; as you age, they become more of a concern. Therefore, it becomes more important that you have competent advice as to what solutions can be put in place to address these particular concerns, if and when they arise.

Some of the most important tools than can be employed in planning for incapacity are:

  • A durable power of attorney
  • A healthcare surrogate
  • A living trust
  • A living will

Each of these measures is designed to assist you in protecting your assets and/or ensuring that your financial and physical well-being will be attended to, should you not be able to do so yourself.

3. Long-Term Care Planning

The third elder law issue that you may encounter as you age is the need for care to be provided to you from some sort of outside source, such as an assisted living facility or a nursing home.

The costs associated with this can be far beyond your means. So, you will need to do something to protect your assets – both for yourself and your family – as opposed to funneling them all into the cost of long-term care until you eventually have nothing left. This is what we call planning for long-term care or public benefits.

Often, public benefits, such as Medicaid or veterans benefits, can be used to offset the cost of long-term care. In order to do this, however, you will need to abide by very strict and nuanced rules that you may not be aware of.

There are also a lot of myths and misconceptions regarding the use of public benefits that, if you believe to be true, will prevent you from taking advantage of what they can offer toward paying for long-term care.

If, for example, you are under the impression that you make too much money to qualify for public benefits, or that you have done something with your assets that disqualifies you from being eligible, an elder law attorney can help you find out what is available in your specific case, or how you can qualify to take advantage of it.

An elder law attorney will assist you in finding solutions to the problems that you will encounter as you age. Not only will he or she help you find these solutions, but your attorney will also assist you in weaving various solutions together to create a comprehensive plan for addressing all of the issues that you will encounter in terms of ensuring your financial and physical well-being as you age, This expert can also help you in handling the disbursement of your estate after you die.

Speak to an Elder Law Attorney About Your Needs

Contact the Law Office of Andrew M. Lamkin P.C. today for assistance with your estate planning, incapacity planning, and/or long-term care planning. Call 516-605-0625 for a free consultation or contact us online with your questions.

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