Why Choose an Elder Law Attorney?
Why choose an attorney who practices Elder Law? One reason is perspective. Elder Law focuses on end of life transitions, which brings tremendous value to the estate planning process.
Elder Law supplements Estate Planning by considering how you should handle your finances and estate while you are still living. Many of us will reach a point when we need assistance and might even be incapacitated, unable to make healthcare or financial decisions. Without a firm plan in place to direct our care and desires, those closest to us will struggle with the lack of legal authority or clear directions to follow. Estate Planning generally emphasizes how your assets will be distributed at your death, with efforts to minimize the probate expenses and potential estate tax liabilities for your loved ones.
Elder Law attorneys consider additional scenarios that have important options. They can help you understand the financial steps you need to have in place to qualify for Medicaid if you (or someone close to you) needs long term care. Benefits are income and asset-based and might require preparatory “pay-downs” and awareness of the five-year “look back” regulations that can wreak havoc without prior understanding.
Another advantage of an Elder Law attorney comes from their skills at considering the complex terrain of family relationships and finances. A wide range of variables make a direct impact on how you will want to handle your planning:
Adult children with complicated problems or addictions
Family legacy properties
An incapacitated spouse in need of care
You have a disabled family member or you are disabled
You are in a second marriage
There are countless situations that make having a trusted and competent attorney a major asset. They will be able to help you consider your best options for self-care, how to avoid setting up complicated plans that will burden others, and securing your assets in a way that will best serve you and those you love.
So beyond a basic Will and Last Testament, an Elder Law Attorney will help you put in place a number of legal tools that will build a circle of security. They include a Financial Power of Attorney, Healthcare Power of Attorney, and other legal directives that allow you to put protections in place if you are ever need help. The team at Hillsborough Wills & Trusts has the expertise to help you Build Your Circle of Security.