These areas of rulings help protect the elderly as well as prepare them for their Golden Years in matters of finance and care.
Elder Law addresses regulations to protect citizens, especially those with specific needs. As most people reach their senior years, there are many different factors to consider. How finances will be managed, health care needs and protection from abuse are covered under Elder Law and handled by Elder Law attorneys. The following information pertains to retirement age and beyond.
Financial Related Elder Law
While saving for retirement may be accomplished through financial advisors, protecting those assets should be done through an attorney. Estate planning includes creating wills or trusts for assets; it also includes stipulations for financial needs during the last years of a person’s life. Designating how assets will be distributed after death as well as setting up durable powers of attorney for health and business are included in decisions facing the elderly.
Social security and retirement income are also part of planning for the elder years. Understanding what income will be available and the requirements to access and manage these finances is necessary. Professionals help ensure these accounts are managed properly to cover expenses for the remainder of a person’s life. This may include selling a home or using other assets when needed to meet financial needs.
Health Care Benefits and Directives
It is expected there will be extensive health care needs as a person becomes older. Medicare, Medicaid, private health care insurance and veteran’s benefits are all options to cover medical and health care needs. Knowing benefits available for care is important. It is also wise to appoint a trusted Health Care Power of Attorney to make confident End of Life decisions, such as do not resuscitate orders.
Elder Care lawyers are able to assist in documenting End of Life decisions.
Elder Abuse Laws
Unfortunately, the elderly are often targets of financial, physical and emotional abuse. Elder laws are in place to protect those who are vulnerable to abuse and neglect. There are both Federal and State laws covering abuse and protection of the elderly.
Programs through State Adult Protective Services or Elder Protective Services are in place to investigate, report and prosecute elder abuse cases.
Education of Elder Law for Seniors is imperative to plan medical and financial decisions to continue “quality of life” during the Golden Years.
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