Protecting Your Loved Ones As They Age
Elder law is more than “estate planning.” Elder law includes traditional estate planning (i.e. after an individual passes away), but also considering the golden years of an individual’s life (considering how the individual lives and necessary care).
Elder law considers preplanning for long-term care, powers of attorneys, advance directives, trusts and possible public assistance eligibility. Lawson Legal can help you develop the appropriate plan for you.
Medicaid Planning: A Necessary Step
The most dangerous financial threat to the elderly is the cost of long-term care. A nursing home could cost a beneficiary over $100,000 per year and completely deplete all assets, leaving nothing for inheritance. There are several mechanisms that may assist or address this threat. One is to preplan and wait for the appropriate “look-back period” and apply for assistance in paying for long-term care.
The second is to find the best way to pay for assets if preplanning never occurred or the “look-back period” has not expired. There are many rules in place before being eligible for assistance in paying for expensive long-term care costs.
If the government aids in paying for your long-term care, it may step in when you or your spouse passes away to recover the cost from your estate. This is called estate recovery. If this happens, the government can and will have a claim to your assets that you may wish to pass on to your heirs.
A Living Will Ensures Your Needs Are Met
There is a lot of confusion about what a living will is and what it does. The biggest point of confusion is that it is for testamentary/distributive purposes when you die or while you are still living. A living will does not distribute your belongings in any way.
A living will is a document that conveys your end of life wishes. For instance, if you do not wish to be on life support, or if you do not want to be resuscitated, this document is where you would state those wishes. A living will also trump your medical power of attorney and prevents that designated power of attorney from making your end of life choices against your will.
Don’t Wait; Call Today
The best thing about a living will is that it takes the toughest decisions off of your loved ones if the time arrives. It will give you peace of mind and prevent your loved ones from questioning whether they did right by your wishes in the end. Let us help you with your elder law questions and needs. Call us today at 614-602-5300, or email us and we’ll reach out to you.