More than 40 percent of people over age 65 will spend some time in a nursing home. In their angst about funding long-term care or depleting their children’s inheritance, many senior citizens, acting on bad advice, actually make things worse. An Elder Law Attorney handles estate planning issues, including wills, trusts, powers of attorney and advance directives. They also assist with issues like care coordination, government benefits, preservation of assets and elder abuse. Keep reading this blog to see the ways that Elder Care Law Attorneys can help provide peace of mind.
Assisting With Medicaid & Other Financial Assistance
Public assistance programs such as Medicaid have certain asset and income criteria that you must meet to be eligible. An elder law attorney can assist you in verifying and safeguarding your assets while ensuring that you remain eligible for financial benefits. Consulting with an attorney can be invaluable before applying for these benefits. They can evaluate whether Medicaid is the right choice for your situation, and if it's not, they can provide guidance on the most suitable long-term care assistance options available to you.
Setting Up An Estate Plan
Estate planning involves outlining your assets and possessions after your passing. It's crucial, even if you believe you don't possess substantial wealth, to establish clear instructions for the division of your estate, as without a will, your assets, after settling debts, will be distributed to living relatives. Typically, your spouse and children are the primary beneficiaries, and your assets may go to the state in the absence of family. To ensure a comprehensive estate plan, engaging an elder law attorney experienced in estate planning is essential to avoid any potential gaps or oversights. Your elder law attorney can assist you in specifying several key aspects of your estate plan:
Instructions for managing your financial affairs if you become incapable of decision-making.
Details regarding the transfer of retirement and other accounts.
Designating guardians for children or individuals with special needs under your care.
Providing for your loved ones.
Defining how assets, including property, will be distributed.
Establishing trusts.
Developing a long-term healthcare plan.
Creating a living will.
Start Elder Law Planning With Attorney Andrew Bucklin On The North Shore
Elder Law attorney Andrew Bucklin provides sound strategies and comprehensive planning for seniors to plan for nursing home care, preserve family wealth and anticipate other legal and financial concerns associated with aging. We serve clients across Massachusetts and New Hampshire, with our home base in Essex County in the Greater Boston area. He works closely with elderly clients or family members, overseeing their interests to cover all the bases. Schedule a free consultation with Attorney Andrew Bucklin to start securing your future!