One of the most important areas of law in the United States is in regard to our senior citizens, Elder Law. Elder Law covers three main areas: estate planning, long-term care issues, and guardianship in the case that aid will be necessary. Elder law, while immensely important, can be incredibly complicated. That’s why here at Concierge Care Advisors, we strive to provide you with the information and resources necessary to better understand what Elder law is and what it entails.
Estate Planning
No one wants to talk about it, but last wishes are very important to discuss. As we near the end of our lives, it’s crucial to plan one’s estate to help reduce the stress and sorrow experienced by relatives. The most common estate planning tool is a will. This lays out who will be in charge of managing your estate and how your property should be divided up. Once the testator, the writer of the will, has passed away, their will has to be approved through probate proceedings to verify the validity of the will.
Another tool for estate planning is a trust, where one party holds on to a piece of property to benefit another party. One of the most common forms of this is a living trust, which is increasingly growing in popularity. Living trusts, unlike wills, are able to avoid the probate process and can save the beneficiaries money and ensure privacy.
Long Term Care Issues
Another crucial part of elder law is in regards to your long-term care options. Medicare and disability issues are included in this as many seniors lose their health insurance when they retire from their careers. Medicare is available for seniors over the age of 65, regardless of income level and medical history.
Guardianship and Conservatorship
As you grow older, simple tasks can become increasingly more difficult to perform without the aid of a loved one or professional nurse. When planning your estate you should decide who will become your legal guardian should you become incapacitated or disabled. Deciding who your legal guardian will be will make things less contentious and reduces the need for legal litigation should you need a guardian. Guardianship is typically granted to a child or children and allows them to manage your personal finances and, if necessary, estate.
If you or a loved one are in need of estate planning or one of the other areas of elder law, you can contact Concierge Care Advisors here to talk to an advisor about your options or call us at 855.444.7364.
