Elder law lawyers are assisting disabled or older clients with legal issues that are specific to their stages in life. They help in navigating complex healthcare issues, retirement, estate planning, long term care options and a lot more. A compassionate and experienced elder lawyer is the best option you have while general practice lawyer may have knowledge of senior needs.
Following are examples of the services provided by an elder law lawyer.
Number 1. Asset preservation and financial planning – regardless of the value of your assets or cash, you don’t want to see even one cent of your hard earned money to go to your creditors, falsified nursing home bills or the government. Many actually prefer to have choice in how the assets will be distributed after death. Experienced and qualified law firms can provide assistance to decide on what is the best possible strategies for asset preservation for your long term goals and economic situations. Some of the things that you have to discuss consist of avoiding probate expenses, protection from judgments, minimizing income, gift and estate taxes as well as planning for long-term care costs.
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Number 2. Trust and wills – both of these are serving different purposes with regards to your estate planning. Both could be useful but, you should understand each benefits and drawbacks. The key points that you have to remember is that, Will only takes effect after the person’s passing while the trust is already effective upon its creation, a Will passes through probate or in other words, the court will overseeing the process but a trust doesn’t pass through a probate and thus, the terms of the trust stays private.
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Elder law attorneys help in determining whether one or both of the said documents are fit for your situation.
Number 3. Long term care and healthcare – as people age, there is a possibility that one may get disabled or sick, which is something no one wants to think about but, it’s still wise to plan in advance. Say that you are not able to make your own medical decisions, you have to plan on such thing that details your desires for medical care. While the laws are varying from one state to another, there are basic health related instruments that you must discuss with your lawyer and some of these are healthcare proxy and power of attorney, advance directives and living wills.
By working with an elder law attorney, it ensures that your assets, finances and other important documents will be handled professionally. You can be sure that you’re getting always the best decision on what move should be done next with his.