You should hire an elder law attorney as you approach retirement age or when you, your parents, or a loved one are expecting to undergo a life transition. Elder law attorneys can help with many of the legal and financial issues that accompany aging.
As we get older, we begin to worry about estate planning, whether our spouse or children will have the resources they need if we are gone, and how we will pay for long term care if necessary. Addressing these issues with an elder law attorney can bring you peace of mind.
If you are considering hiring an elder law attorney, speaking with a Texas Medicaid Eligibility and Asset Protection Lawyer can help you understand your needs and how to proceed. Call today and tell us how we can help.
Do I Need a Will?
Estate planning and establishing a will are among the most important things an elder law attorney can help you with. A will dictates what happens with your estate when you pass away.
Anyone with assets, no matter what age, should consider creating a will.
Benefits of a will include:
- Allows you to specify how you’d like your assets distributed after your death
- Minimizes disputes between family members, as you have clearly outlined your wishes
- Allows you to appoint guardians for minors under your care in the event of your passing
- Simplifies the legal process and makes it easier for your executor to settle your estate
- Can potentially minimize estate taxes
Most of all, having a will can give you peace of mind, knowing that the people you care about will be taken care of after you are gone.
Do I Need a Power of Attorney?
A durable power of lawyer document outlines your legal appointment of another person to make decisions on your behalf, even if you are mentally incapacitated. There are two distinct responsibilities for your powers of attorney—medical and financial.
Your appointed power of attorney is bound to act according to your wishes and under the terms outlined in the documents. An elder care attorney can help you decide which powers to grant and under what circumstances.
Having medical and financial power of attorney documents can be tremendously helpful if, for example, you become temporarily ill or injured and require someone to help with your banking or sign your medical paperwork.
Do I Need a Living Will?
A living will is a document that outlines your wishes when you are under serious medical care and unable to make decisions for yourself.
It differs from a medical power of attorney in that it deals primarily with life-sustaining decisions, though the two are often combined.
In your living will, you can choose if and when you would like life-saving medical interventions such as a ventilator or feeding tube or when you’d prefer to forgo them. These are difficult decisions, and an elder law attorney can help you understand your options.
The benefit of a living will is not only to make sure your wishes are carried out when you are unable to make choices for yourself. It can also remove the burden and guilt of making such a decision from your loved one.
Can a Nursing Home Take My House?
Losing a home after a long nursing home stay is a real concern. If you need to go into a nursing home for long term care, your income sources may not cover the full cost of care. Long term care is extremely expensive.
When that happens, and you have no financial resources to draw from, you will apply for Medicaid to make up the difference. Upon your death, the state will seek to recover the costs of your care by accessing assets such as your home, even if they are willed to someone.
An elder law attorney can help you explore options for protecting your home for your family, such as trusts, gifting, or a sale. Medicaid has a 5-year lookback period, so it is important to develop a strategy as soon as possible.
Do I Need Long Term Care Insurance?
Long term care insurance can help with the costs when you need extended care services for daily living. An elder law attorney can help you consider whether or not it is wise for you to purchase long term care insurance, and what type of plan you need.
Some people mistakenly think their long term care insurance plan will cover their full costs during a nursing home stay, but that isn’t always true. It is very important to understand your policy’s terms and limitations so there are no surprises when you need it.
Another situation when you should hire an elder law attorney is when a facility does not honor your insurance policy or if your insurance refuses to pay for your care. Your attorney may also help you apply for veterans’ benefits and other assistance to help with your costs of care.
Will My Heirs Pay Estate Taxes?
Depending on where you live, when you pass away, your surviving family may be required to pay estate taxes, inheritance taxes, or both. In some states, this is tough to avoid, but you have options.
An elder law attorney can help you consider ways to shield your family from taxes when you pass away.
Do You Need an Elder Law Attorney?
When you should hire an elder law attorney depends on your age and where you are in your planning process for life after retirement. Around retirement is a good time to contact an elder law attorney and start considering your options.
It is wise to get started early, as managing all the different aspects of your medical, legal, and financial needs can be daunting. It is a mistake to put it off and assume nothing bad will happen. It is far better to be prepared if something does.
At Marc Whitehead & Associates, we handle complex issues related to life insurance, social security, long term care, and more. Call us if you have any questions about hiring an elder law attorney.