Five Reasons You Need An Elder Lawyer

The American population is aging. Many people live into their 80s and 90s. This is up significantly from even 50 years ago. As we age, our physical and cognitive abilities decline. It’s hard to admit this sometimes, but it’s important to face up to the facts. Part of managing the aging process is understanding your legal needs. 

Effective, thorough and compassionate elder laws strive to provide a holistic approach to the natural process of aging. Not everyone needs financial or physical assistance, but many older Americans do. A Long Island elder law attorney can help you understand what makes sense for you from a legal perspective. Here are five reasons that you need an elder lawyer.

Planning for Incapacity

Incapacity gradually happens to most people as they age to one degree or another. While we hope not to lose our mobility, suffer a stroke or endure dementia or Alzheimer’s, this isn’t something that we can totally control. When you plan for your incapacity, you ensure that your desires for your healthcare and finances are met if you are unable to act for yourself. 

Planning for incapacity is often done through advance directives that allow you to name someone to make medical and financial decisions on your behalf if you are incapacitated. These generally include a Durable Power of Attorney, Health Care Proxy, and Living Will.You may change your Advance Directives anytime that your needs or wishes change. Your Long Island elder lawyer can help you put together the package of advance directives that will help you as you age. 

Estate Planning

Estate planning is for everyone. Young adults, young couples with no children, families with children, middle-aged adults, empty nesters, and older Americans. You should hire an elder lawyer to help you with your estate planning and asset protection if you don’t currently have one. And if you do, it should be regularly updated. Estate planning provides for asset protection and tax strategies. And it’s important to decide what will happen to your estate after your death. An elder law attorney can provide valuable assistance in creating a comprehensive estate plan according to your specific needs and guide you toward decisions such as making a will, creating a trust, and so forth.

Many New Yorkers die without even a will in place. When that happens, state law designates how the person’s assets will be distributed to spouses, children and others. It may also open the door to fighting among family members over their piece of the estate. An estate plan allows you to decide ahead of time where your money and assets will go in the event of your death.

Long-Term Care Planning

What will happen when you need help as you age? In some cases, people go to assisted living and nursing homes. In other cases, people age at home. However, these carry expenses can threaten assets that people have worked hard to acquire and would like to leave to their families. 

There are a number of strategic decisions that you can make to effectuate long-term planning goals. For example, it may make sense for you to purchase long-term care insurance. Alternatively, Medicaid benefits can cover a significant chunk of long-term care coverage, including home care and nursing homes. To be eligible for Medicaid, however, you must meet certain income levels, meeting strict asset and income limitations.  Without proper advance planning, you can spend all of your assets on your care until you fall below these poverty limits.  

You can often obtain Medicaid eligibility through the use of an Irrevocable Trust, also known as a “Medicaid Asset Protection Trust” or “MAPT.”   These instruments can be used to protect assets and ensure that they are not counted in determining your  Medicaid eligibility. Examples of this include placing your home and investment assets in the MAPT. While you would relinquish control of these assets, you can continue to reside in the residence and receive the income from your portfolio. The assets would also be shielded from Medicaid’s estate recovery program. Because of the complexity of this, it’s important to consult with a Long Island elder lawyer. 

Guardianship Issues

Guardianship grants authority to an individual to make day-to-day decisions for the elderly ward. Conservatorship enables someone to manage the financial needs of an elder. These legal authorities come into play when an elder becomes incapable of making decisions. If you have failed to establish a guardianship or conservatorship situation, the court determines who will assume the roles of guardianship and conservatorship for the elder. An elder law attorney plays a crucial role in assisting older people and their family members through this process.

Representation or Support In Cases of Elder Abuse

According to the National Council on Aging, financial fraud and abuse against the elderly range up to nearly $40 billion annually. Disturbingly, much of this abuse is caused by family members. Seniors are also frequently victims of physical or psychological abuse by caretakers, nursing home workers, and even their own families. 

An elder law attorney can represent you or help you find resources to help you. They can provide you and your family with information about how to spot signs of elder abuse, be it financial, physical, or psychological. An elder law attorney can give you options, including filing complaints, to stop elder abuse.

Let Our Long Island Elder Lawyer Help

There are many more reasons to consult a Long Island elder lawyer. We haven’t even ventured into the complicated types of scenarios presented in elder care law, such as second marriages, business ownership, special needs children, and other complicating issues when putting together a comprehensive plan covering your long-term care, estate planning, and guardianship issues.

We have been in the legal business for over 100 years, focusing on estate planning, special needs trusts, elder care, and other related matters. Contact us today, and let us help you plan for the future.