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How Does Elder Law Help Aging Family Members?
Even the healthiest seniors experience diminishing abilities as they age. A slower pace and more caution can help with mobility challenges. However, if cognitive losses are suspected, it’s time to put legal guardrails in place. Elder law helps older adults address the unique issues they face and helps them age with dignity and security.
Planning for Long-Term Healthcare in Advance of Need
Long-term care takes different forms, from having a healthcare aide at home to living in a nursing care facility. All are costly. Medicaid planning ensures that care can be provided, while protecting a well-spouse from becoming impoverished or losing a lifetime of earnings to nursing home costs. One way to do this is to create a Medicaid Asset Protection Trust. This irrevocable trust removes assets from personal ownership. However, it must be created and funded five years before applying to Medicaid or will be included as a “countable asset.”
Protecting Seniors from Elder Fraud
Seniors are vulnerable to thieves and are frequently targeted. An elderly parent who lives alone may be lonely, eager for companionship and willing to help a “friend” who needs money for fictitious family members. Scammers prey on elderly people because of their hefty retirement assets. Protection can come in the form of moving assets into trusts, having a family member added to accounts, setting up transaction notifications, or creating a safety net with a financial advisor to alert a trusted family member of any unusual transaction requests before they occur.
Power of Attorney and Healthcare Power of Attorney Documents
Both types of POA allow another person to be named to act on behalf of the elderly person if they become incapacitated. Couples often name their spouse for these roles. However, additional agents should be named for elderly people. If the husband is incapacitated while the wife is recovering from a serious illness, another person will be able to step in.
Guardianship When Mental or Physical Health Declines
If POAs are not in place and an individual begins to show signs of decline or dementia, immediate action needs to be taken. Once a person has been deemed incapacitated, they can no longer execute legal documents. Having a Power of Attorney in place is far easier than going to court to obtain a guardianship. Family members will need to petition the court for guardianship to take control of the person’s affairs. The possibility of “interested parties” seeking guardianship is real, as is the chance the court assigns a professional guardian instead of a family member.
Updating Estate Planning Documents
If an elderly person has not updated their estate planning documents, it’s essential to do so while they are healthy and competent. Necessary documents include a will, an advanced directive expressing wishes for end-of-life care, a HIPAA Release form and the healthcare and durable POAs.
Preparing for the Future
Elder law prepares the individual and the family for the inevitable events of aging. Having a plan for one’s later years provides protection and peace of mind for all concerned.