Elder law means something different to everyone. For this reason, it’s imperative to understand how it fits into your life at the present time.
In short, elder law encompasses a variety of issues as they relate to elderly and disabled individuals. This can include but is not limited to long-term care insurance, Medicaid, and estate planning in general.
While some people have an estate plan in place that they are comfortable with, this is not true with everyone. Others require the assistance of an elder law attorney, as this is the best way to learn more about their situation and to make confident decisions that will have a positive impact on the future.
Times to Hire an Elder Law Attorney
The last thing you want to do is put off consulting with an elder law attorney. If you believe this can benefit you in any way, now is the time to take a step forward. Waiting around is nothing more than a risk that you don’t need to take.
If you are on the fence regarding what an elder law attorney can do for you, here are three times when it makes sense to consult with a professional:
- To Protect Your Money
For example, the cost of nursing home care is higher than ever before. If you aren’t careful about what you do, your savings and retirement accounts could be drained if you require professional care.
If this happens, you won’t have much, if anything, to leave your family when you pass on. With the help of an elder law attorney, this is no longer a concern. Your legal professional can assist you in creating a plan to protect your money.
- Medicaid Asset Protection
What do you know about Medicaid asset protection? Are you ready to take the steps necessary to implement a strategy that will work in your favor?
While things have changed over the years, especially since the passing of the Deficit Reduction Act, there are still strategies you can employ. These include but are not limited to:
- Making gifts to family members.
- Creating an irrevocable living trust.
- Paying for some Medicaid expenses out of pocket.
If Medicaid asset protection is on your mind, you don’t want to tackle this detail on your own. It’s best to consult with an experienced attorney who can show you the way.
- Create an Estate Plan
Regardless of your situation, regardless of what has happened in the past, an elder law attorney can help you create an estate plan. There is a lot that goes into this, so it’s best to connect with an experienced attorney as soon as possible.
As you think about your estate plan, you will need to answer many questions:
- What type of arrangement is best for you and your family?
- Which steps will you take to protect your assets now and in the future?
- Do you need to adjust any estate planning decisions you have made in the past?
Creating a sound estate plan is easier said than done. Fortunately, elder law attorneys know what you are up against and are more than willing to provide you with the assistance you require.
When you create an estate plan on your own, you will never know if it’s free of errors. Furthermore, you may always have questions about what you could have done better.
Do you need help? Are you looking to get on the right track? If you have any questions related to estate planning or elder law, it’s time to download our free report entitled “Fifteen Common Reasons To Do Estate Planning.”
Reading this report will give you a clear idea of why you need to create an estate plan, including the steps to take and the benefits it will bring into your life.
There is no right and wrong time to hire an elder law attorney, but there is something to remember: this type of legal professional can help you with many details. If you have a question or concern, you might as well ask for assistance. This could be the one step you take towards making things right and feeling better about the future.
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