Estate planning attorneys typically focus on elder law as well. You certainly want to make sure that your loved ones receive their inheritances after you pass away, but you should also prepare yourself for the eventualities of aging.
There are a number of elder law issues that are being prioritized at the present time. One of them is the matter of long-term care.
Most elders will need help with their activities of daily living eventually. Since Medicare will not pay for living assistance, there is a significant gap.
People who want to be comprehensively prepared for their senior years should take potential long-term care costs seriously, because most people will need help with their day-to-day needs eventually.
Long-term care is quite expensive, and most elders cannot pay out-of-pocket without losing all or most of what they intended to leave behind to their loved ones.
The solution for many people is Medicaid. This government program will pay for long-term care, but you have to stay within income and asset limits, because Medicaid is a need-based program.
Elder law attorneys help people who are concerned about future long-term care costs. Medicaid can be the answer, but you have to plan ahead carefully, because of the fact that it is only available to people with financial need.
People who want to angle toward Medicaid eligibility often give assets to their loved ones along the way. However, this takes careful planning, because your eligibility will be delayed if you give away assets within five years of applying.
Elder Financial Abuse
Elder financial abuse is another pressing elder law concern. Billions of dollars are lost each year, and many cases go unreported, so it is hard for experts to fully grasp the extent of the problem.
If you take the right legal steps, you may be able to protect yourself.
We have mentioned a couple of elder law issues here, but there are others. Serious minded individuals who want to be prepared for their twilight years should definitely discuss things in detail with a licensed elder law attorney.
How do you find the right attorney? Many people will look for professional affiliations. We are members of the American Academy of Estate Planning Attorneys. The Academy has been providing education to estate planning and elder law attorneys for over two decades.
If you live in the greater Indianapolis area, we would be glad to help you understand the issues that elders are facing at the present time.
We offer free consultations, and you can feel free to contact us if you would like to take action.
To request an appointment, send us a message through this page: 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.