Elder law is the legal practice of planning for the financial and health care needs of the elderly. Thanks to modern technology and medicine, there are more seniors living now than ever before, and the numbers are expected to increase dramatically over the next 25 years. Planning for your own mortality or disability is sometimes difficult, but advance planning is essential to ensure that your goals and wishes for your assets as well as your health care needs are met. Elder law is not just for seniors who are on the verge of requiring nursing home care. Elder law is for anyone who doesn't already have a plan in place for their future needs. These can include wills, powers of attorney, healthcare directives/living wills, living trusts, special needs trusts, and planning for disability. Lack of planning can result in unnecessary court intervention, increased costs and negative tax consequences. As an elder law attorney, I can help you to set up an effective plan that will preserve your assets, ensure that your health care needs are met, and carry out your desire to pass your estate to your loved ones.
Estate Planning/Asset Protection
One of the most important issues facing seniors is the protection and distribution of their assets. Estate planning not only defines a person's wishes to be carried out after death regarding his or her property, but also provides the means for personal well being into the future. With proper planning, you can ensure that your health care needs will be met, and your assets will be distributed according to your wishes. There are many tools available to people in the estate planning process, including wills, living trusts, testamentary trusts, durable powers of attorney, and living wills. However, not all options are right for everyone. It is important to seek the advice of an elder law professional with experience and knowledge of the law to assist you in developing the best plan for you.
Long Term Care/Medicaid Planning
No-one looks forward to the prospect of entering a nursing home, but for many, the need for long term care is a reality. Many people fear the prospect of entering a nursing home because such a move signals loss of independence. Equally important, they believe that the only way to be able to afford it will be to spend all their savings and sell all their assets. Many people also believe that in order to protect their assets they need to give them away to family before entering a nursing home. While this may be a good idea for some people, if gifting is done improperly, it may cause you to lose Medicaid (link) benefits you may otherwise be entitled to. Nursing home care is expensive, with an average monthly cost of $5800 in Washington. But with proper planning (link) through an elder law attorney, the financial impact of moving to a nursing home can be minimized.
Care Management - Planning for Disability
It is essential for everyone over the age of 18 to plan for the possibility of disability. Without proper planning, incapacity often requires guardianship. Guardianship procedures can be expensive and time consuming. In addition, you lose control over who will be appointed as your guardian, and consequently your wishes may not be carried out. This becomes especially important as we get older. Some critical questions to ask yourself are:
- Who will make my medical decisions when I am no longer able to make them?
- How can I ensure that I get the highest quality of care without bankrupting myself or my family?
- Who will make my end of life decision?
- Who will be able to manage my financial affairs when I am no longer able to?
As an elder law attorney, I can help you prepare for the unfortunate event of disability through:
Understand your needs and goals before you being begin planning
People thinking ahead should ask themselves some questions before they make decisions about asset protection:
- Do I want to give any of my assets to charity before or after death?
- Do I want to leave everything to my children?
- Do I think I will need to enter a nursing home or require long-term care?
- Can I transfer assets to a spouse?
- Do I have enough life insurance?
- Do I own a business, and what type of business is it?
- Do I own collectibles, antiques and artwork that could be sold or gifted during my lifetime?
Of course, many of these questions are difficult to answer. It is hard to know, for example, what your health status will be in 15 or 20 years. You cannot anticipate whether you will even need the benefits that Medicaid planning provides. However, even if you can't make decisions based on an unknown, it is important to know the time limits on certain types of asset protection strategies.
Contact a lawyer with a focus on helping seniors
At my Seattle law office, I help people develop effective plans for their financial and health care needs. More important, I help clients get the peace of mind that comes with knowing that you and your loved ones will be taken care of. My entire nursing and legal career has be dedicated to working with seniors. I understand their needs and concerns.
Contact me at the law office of Catherine S. Strong, RN, BSN, JD. I can help you get started along the path that will allow you to arrange your assets in a way that matches your goals and objectives.
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