If you’re like most people, you’re probably not entirely familiar with the practice of elder law – but elder law is going to become an increasingly important part of the social framework of this country in the future. The United States has a rapidly aging population. By 2040, one out of every five people is expected to be over 65 years of age.
“Elder law” is an umbrella term for a wide variety of legal services that pertain to seniors and their needs. Some of the things covered by an elder law practice include:
Estate planning
This involves preparing for the distribution of your estate after your death, ensuring that your wishes are honored and minimizing tax liabilities for your estate. Key elements include:
- Wills: Legal documents that specify how your assets should be distributed.
- Trusts: These are legal arrangements that allow a third party (trustee) to hold and manage assets on behalf of your designated beneficiaries.
- Powers of attorney: These are documents that grant someone the authority to make decisions on your behalf if you’re ever incapacitated before death.
- Healthy Care Proxies: These documents appoint a trusted individual to outline your wishes regarding medical treatment in situations where you cannot communicate.
Estate planning has long been a key component of elder law practices, and it continues to remain a central focus.
Long-term care and Medicaid planning
The older you get, the greater the likelihood that you’ll eventually need long-term care. Figuring out how to pay for that care can be hard, especially if you have assets you want to protect for your heirs.
Elder law practices can assist you in planning for this possibility by helping you structure your assets and income to meet New York Medicaid eligibility requirements while preserving as much of your estate as possible for your loved ones. It can also involve evaluating and recommending insurance options that cover your long-term care costs.
In addition, elder law practices help families of seniors with the application process for nursing homes, which are arduous and confusing. They also assist with managing Medicaid denials and any necessary appeals, which can help ensure that a senior gets the care they need in a timely fashion.
Financial and retirement planning
Elder law practices can also guide you on how to optimize your finances during retirement so that you can look forward to a stable and secure financial future. This includes things like understanding your entitlement to VA and Social Security benefits.
In short, elder law services encompass a wide range of things that can help seniors and their loved ones navigate the complexities of aging and dying, particularly where those issues intersect with financial concerns and asset preservation goals.
