The legal field is vast, and it is difficult for an attorney to focus on every different area of the law at the same time. As a result, attorneys tend to devote themselves to certain specialties that they are particularly passionate about. One of these areas is the elder law niche.
The name more or less explains the area of specialization: Elder law attorneys counsel people who are concerned about the eventualities of aging.
If you are looking ahead toward the future, there are a number of different matters that you should take into consideration. One major elder law issue is the matter of long-term care.
There is a big gap in Medicare coverage. This program will not pay for living assistance, and most seniors will eventually need help with their activities of daily living.
Long-term care is very expensive, and most people cannot pay out-of-pocket without suffering financial hardships.
Medicaid is a need-based government health insurance program that does pay for long-term care. Most seniors in nursing homes are enrolled in the Medicaid program, even though many were originally qualified for Medicare coverage.
To qualify, people often give assets to their loved ones before they apply for Medicaid coverage. This takes foresight, because you have to complete your gift giving at least 60 months before you apply. If you don’t, you have to pay out-of-pocket while you serve a penalty.
Because Medicaid rules are complex, elder law attorneys guide people who want to keep assets in the family as they aim toward future Medicaid eligibility.
Elder law attorneys help people address issues that they will face toward the end of their lives. As result, elder law and estate planning go hand-in-hand. An elder law attorney will typically handle estate planning matters as well.
In fact, elder law attorneys will often provide a comprehensive slate of financial planning services. When you work with an elder law attorney, you can position yourself financially so that you can enjoy a comfortable retirement.
With the proper planning, and you can be prepared for long-term care costs, and you can ultimately leave behind a suitable legacy for your loved ones to draw from going forward.
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If you would like to explore multiple different estate planning and elder law topics, visit our electronic library of special reports. These reports have been carefully prepared to provide in-depth information, and they are being offered to our readers free of charge.
Visit this page to browse the titles: Estate Planning and Elder Law Reports.
Schedule a Free Consultation
We can help if you would like to discuss the future with a licensed attorney. Our firm offers free consultations, and you can click this link to request 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.