When you are traversing your career path and raising your family, you have day-to-day concerns that occupy your thought processes. As time passes, you may start to envision your retirement years, and those active years can be among the best years of your life.
It can be difficult to envision the period of time that will follow your active retirement years. At the same time, there are certain eventualities that elders face, and you may want to discuss them with an elder law attorney.
Elder law attorneys focus on legal issues that impact senior citizens. There are a number of things to think about, and you may not be aware of all of them. When you discuss matters with an elder law attorney, you can gain an understanding of the current state of affairs.
Nursing Home Asset Protection
Nursing home asset protection is something that you should definitely discuss with a licensed elder law attorney. Many people are not aware of the fact that Medicare does not pay for long-term care. Seven out of every 10 senior citizens will require living assistance eventually, so this is a matter that everyone should take seriously.
Paying out-of-pocket can be catastrophic from a financial point of view. Several years in a nursing home could result in bills totaling hundreds of thousands of dollars.
Elder law attorneys help clients who are concerned about nursing home costs. Medicaid is the solution for many. This government program will pay for living assistance, but there is an asset limit, because it is a need-based program.
Qualifying without losing a great deal in the process can be complex, and elder law attorneys understand the rules and regulations thoroughly. When you consult with an attorney, you can carefully craft a nursing home asset protection plan that leads to Medicaid eligibility at the ideal time.
Elder Financial Abuse
Another matter that you may want to discuss with an elder law attorney is elder financial abuse. It is difficult for experts to determine the extent of the losses, because many cases go unreported, but estimates are in the billions. This is because of the fact that the perpetrators are often close to the victims.
There are legal steps that you can take to mitigate your exposure to elder financial abuse, and an elder law attorney could explain your options to you.
Schedule a Free Consultation
If you have not taken any steps to prepare for the eventualities of aging, you should definitely sit down and discuss everything with a licensed elder law attorney.
Our firm can help if you are ready to take action. We offer free consultations, and you can contact us through this page to set up an appointment: Indianapolis IN Elder Law Attorneys.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.