Medical technologies of today continue to extend the average human lifespan. Because of that, many are able to enjoy many comfortable years in retirement, or otherwise celebrating their life’s achievements. Because such a reality is truly unprecedented, many of the challenges older people face, could be unfamiliar and confusing. Indeed, it is reasonable to be concerned with the plan of your medical care, or what would happen to your properties after your passing. With the help of an elder law attorney, you can begin to tackle these issues head on and make a plan for a secure and joyous future.
What Are Some of the Things I Should Plan For?
Distribution of Assets
One of the areas of focus for elder law attorneys is estate planning. Though many estators begin planning for their future incapacitation or death far in advance of their later stages in life, certain aspects of estate planning eventually become infused with a greater sense of urgency. And so, many documents need to be finalized, and estate planning devices and contracts need to be completed. For example, if a property is jointly owned by two spouses, as they grow old together, they may want to consider adding another owner with rights of survivorship, or detailing this property into their wills.
Protecting one’s health is important at any age. But the more things we acquire, the more connections we make and the more our lives take shape as the years go by, the more value being healthy has for us. Short of an ability to see directly into the future, nobody is able to predict whether they will be in a medically challenging predicament at some point in their life. But as we get older, these events are not entirely unimaginable and communicating your preferences in important areas of medical treatment becomes even more vital. With an elder law attorney, you can choose out of the wide array of available advanced healthcare directives, or devise an individual one, so that you can feel confident about any potential medical situation.
Plan for Loved Ones
It is completely natural to become more aware of those who rely on our own decision-making and care to survive and thrive. Many older parents of minors or adults with disabilities, can grow concerned over their children’s future. However, there are many legal constructs which are designed to be helpful in planning your children’s care in the event of your incapacitation or passing. For instance, a trust fund can be established, using clear and distinct guidelines for the care of a special needs child, ensuring that arrangements are made for their wellness and success.
For those who are passionate about an organization or a cause, charitable gifts could be set up, that could be automatically absorbed by these beneficiary-organizations upon the decedent’s passing. These gifts are often untaxed, and planning for them in advance can even help your other heirs reduce the taxes and fees to which their inheritance will necessarily be subject.
Why Do I Need an Elder Law Attorney?
This stage of life is certainly known as more delicate. It is a time during which health can become more easily compromised, and various new concerns become more relevant like the fear of neglect or subpar medical care, questions of nursing home rights, or allocation of assets. So many elements of life suddenly require not only rigorous planning, but careful adherence to local laws. With the help of an elder law attorney, you can streamline your process and begin making a comprehensive plan for your future today. Contact us to receive your consultation!