With advancements in healthcare, people are living longer. And since people are living longer, planning for the future is more important than ever. That’s where elder law comes in.
Elder law addresses the problems of older adults and their families: long-term care, estate planning, and protection against abuse and exploitation. It’s not just wills — it’s also about security, dignity, and peace of mind.
If you’re elderly or caring for someone who is, here are five key things to know about elder law in the United States.
Elder Law Encompasses More Than Just Wills
Most people immediately think of wills and inheritances when looking at elder law, but it encompasses much more than that. Actually, it’s a merging of estate law, family law, and healthcare law — and touches nearly every aspect of aging.
The following are some of the services an elder law attorney can handle:
- Estate planning, including wills, trusts, and powers of attorney
- Healthcare planning, including living wills
- Guardianships to appoint a person who’ll make decisions should one become incapacitated.
- Medicaid and long-term care to ensure seniors can afford the care they need
- Elder abuse protection to safeguard against financial or physical exploitation
You might look at elder law as a toolbox with tools protecting the rights of seniors and their future needs, whether those needs are legal, financial, or personal. It‘s not just about dying — it’s about living well and staying in control as the years go by.
The Long-Term Care Plan Is Important
Few families are prepared for what long-term care actually costs until they are facing it. Finding the right senior living community is a blessing, but families should prepare for the cost. Assisted living isn’t cheap, either. Few families can afford those kinds of costs out-of-pocket for very long, which is one reason to plan ahead…well ahead.
It’s worth noting that Medicare doesn’t pay for long-term care. It may pay for some short-term rehabilitation or skilled nursing, but not for ongoing help with daily living. That’s where Medicaid comes in. Qualifying for Medicaid can be complicated, however. Each state has its own income and asset limits.
The key is to plan early. Waiting until care is needed often limits your options. Starting the process years in advance preserves family assets while ensuring access to care.
The Essential Legal Documents Every Senior Needs
Elder law involves not just how you handle your assets but also making sure someone can step in and handle decisions for you when you cannot. All too often, families wait until an emergency hits before getting the correct documents in place.
Consider the following four important documents that every adult should have in place:
- Durable Power of Attorney: A kind of legal document that enables one to independently make decisions about finances and legal matters on another’s behalf.
- Healthcare Proxy/Medical Power of Attorney: This identifies who is authorized to make medical decisions for someone when said person is unable to make decisions independently.
- Living Will or Advance Directive: This documents your wishes related to life support and resuscitation.
- Will: A document that states how one’s property and assets should be distributed once the owner of such assets has passed away.
Without these documents, family members would have to use the court processes called guardianship or conservatorship to gain control.
Financial Exploitation of Seniors Is Real
Unfortunately, financial abuse of older adults is an emerging problem: scammers, dishonest caregivers, and sometimes family members take advantage of them.
Warning signs include suspicious bank withdrawals or money transfers, sudden changes in a will or power of attorney, or even a new “friend” who is overly curious about one’s finances.
Picking the Right Elder Law Attorney Makes All the Difference
Elder law is complex. For that reason, taking the added time to find someone experienced in the field who can advise and lead you can make quite a difference. Not every attorney specializes in elder law, so it’s worth seeking out the right one.
When considering elder law, you’ll find that it’s about preparation, protection, and peace of mind. It is characterized by helping seniors and their families to make informed choices well in advance to avoid potential problems down the road.
Everyone ages. But uncertainty in life doesn’t have to be part of the aging process. With the right planning and right professionals around you, you can face the future with confidence, knowing you and your loved ones are protected.