PROTECTING YOU AND YOUR FAMILY'S FUTURE BY PLANNING TODAY
PROTECTING YOU AND YOUR FAMILY'S FUTURE BY PLANNING TODAY
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Estate planning is the process of making arrangements while you're alive for what you want to happen to your assets at your death. A good estate plan also takes into account what happens if you become ill or incapacitated.
Estate planning is important for everyone, regardless of how much money you have. It makes sure what you do have gets to the people you want to have it, allows you to designate beneficiaries, appoint guardians for minor children, and make important healthcare decisions.
While it's possible to create basic estate planning documents yourself, consulting with an experienced estate planning attorney in your state can ensure that your plan incorporates your loved ones as you intended, complies with state law and meets your specific needs.
Common estate planning documents include a last will and testament, a living trust, powers of attorney for finances and healthcare, and advanced directives (such as a living will).
If you die without an estate plan, state laws (intestacy laws) will determine how your assets are distributed, which may not align with your wishes or values. Your estate could also be subject to probate, which can be time-consuming and expensive.
Yes, you can and should update your estate plan periodically, especially after major life events such as marriage, divorce, birth of a child, or when you acquire new, substantial assets such as buying a home.
A power of attorney is a legal document that authorizes someone to act on your behalf in financial and legal or health care matters if you become incapacitated and unable to make decisions for yourself.
A living will is a document that specifies your wishes regarding medical treatment and life-sustaining measures in the event you become terminally ill or incapacitated and are unable to communicate your wishes. It ensures your healthcare preferences are respected.
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Elder law is a legal practice area focused on issues affecting older adults, including estate planning, long-term care planning, Medicaid and Medicare, guardianship, elder abuse, and age discrimination.
It's never too early to start thinking about elder law planning, but it becomes particularly important as individuals approach retirement age and beyond, or when they anticipate changes in health or financial circumstances.
Seniors should have essential legal documents such as a will, powers of attorney for finances and healthcare, advance directives, and potentially trusts depending on their individual circumstances.
Medicare is a federal health insurance program primarily for individuals age 65 and older, while Medicaid is a joint federal and state program that provides healthcare coverage to low-income individuals of all ages, including long-term care coverage for eligible seniors.
Medicaid planning involves legally and ethically arranging assets and income to qualify for Medicaid benefits while protecting assets for spouses or heirs. It's legal when done correctly and within the guidelines established by Medicaid laws.
Community Medicaid is a program offered that provides long-term care services to individuals who are eligible and wish to remain living in their home or communities instead of receiving care in a nursing home or institutional setting. Community Medicaid typically covers a variety of services and supports that help individuals with activities of daily living and medical needs while allowing them to reside in their own homes or communities. This program varies significantly by state and an experienced elder care attorney should be consulted.
Institutional Medicaid, also called Chronic Medicaid or Nursing Home Medicaid,
is a Medicaid program that provides healthcare coverage and long-term care services to individuals who require care in a nursing home or other institutional setting due to medical, functional, or cognitive needs that cannot be met in a community-based setting. Institutional Medicaid typically covers the costs associated with nursing home care, including room and board, medical services, assistance with activities of daily living, medication management, therapy services, and other necessary supports.
There are various legal strategies available to help protect assets from the high costs of long-term care, including Medicaid planning, long-term care insurance, annuities, and certain types of trusts.
Guardianship is a legal arrangement where a court appoints someone to make personal and/or financial decisions for an incapacitated adult (the ward) who is unable to make decisions for themselves. It may be necessary when there are concerns about an individual's capacity to make decisions or care for themselves.
Signs of elder abuse include unexplained injuries, financial discrepancies, emotional withdrawal, and neglect. If you suspect elder abuse, it's important to report it to the appropriate authorities, such as Adult Protective Services or law enforcement.
An elder law attorney can help seniors and their families navigate complex legal issues related to aging, including estate planning, long-term care planning, government benefits, guardianship, elder abuse, and age discrimination. They provide personalized advice and assistance tailored to each individual's unique circumstances.
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