You may be young – or at least young at heart – but that doesn’t mean you won’t someday require the services of an elder law attorney.
In this blog post, we’ll outline the many ways an elder law attorney can help you or your loved ones prepare for your golden years, so that you can choose the opportune time to meet with one to discuss your specific needs.
Financial matters
It’s worth talking to an elder law attorney when:
- You are giving away a house, or part of an interest in a house.
- You are selling a home, no matter if you’re taking cash, buying another property or selling the home on contract.
- You are buying an annuity.
- You are giving money or stock as a gift, either to a family member or to charity.
Long term care
If you, your spouse or your parents need long term care, an elder law attorney can help you make some important decisions. Talk to a lawyer if:
- You feel that long term care will be necessary soon for you or a loved one.
- You know that home care might become overwhelming for your family.
- You have noticed that you, your parents or your spouse are less able to manage financial affairs on their own.
In situations where you or a loved one can’t handle financial matters on your own, an elder law attorney can help you establish powers of attorney and other protections.
Financial preparation
You should connect with an elder law attorney if anyone is advising you to make changes to your finances so that you, your spouse or your parents:
- Are prepared for Medicaid
- Have preserved assets from a Medicaid spend down
- Have set aside assets for your loved ones instead of using them for medical bills.
An elder law attorney can help you make a plan that allows you to navigate programs like Medicaid and preserve your assets from a Medicaid spend down, or help you family avoid the type of expenses that can result when preplanning isn’t done.
A friendly voice
Many of these issues can be hard to discuss with loved ones, meaning that they often aren’t talked about at all until it’s too late. In other cases, families don’t have these important discussions, and then are forced to make crucial decisions under financial and emotional pressure.
An elder law attorney can help families get through sensitive financial and healthcare decisions. By having an impartial non-family member guide the discussions, families can rest assured knowing they’ve made important choices with the help of an expert.
And if you find yourself serving as the primary caregiver for an elderly loved one, an elder law attorney can assist you with decisions about long-term care.
If you think it’s time to consult with an elder law attorney, contact the lawyers at Yorkway Law. From wills to power of attorney documents to trusts and guardianships, we can help you and your family prepare yourselves for what can be some tough decisions.