Most people are aware of the fact that they should plan ahead for their active retirement years. However, many of them do not think about the period of time that will follow.
Elder law attorneys focus on the legal issues that seniors face. Most of these issues typically arise during these twilight years.
If you want to be comprehensively prepared for the future, you should certainly consult with an elder law attorney. Let’s look at some of the questions that you may want to ask.
How Will I Pay for Long-Term Care?
Most seniors in the United States will eventually need living assistance. Nursing homes and assisted living communities are very expensive. According to Genworth Financial, in 2013 the median cost for a year in a private room in a nursing home in the state of North Carolina was over $77,000.
The median annual charge for a one-bedroom unit in an assisted living community was $34,800.
Medicare does not pay for custodial care. This is the type of care that you would receive in an assisted living community or nursing home.
Elder law attorneys assist clients who are concerned about long-term care costs. You should certainly discuss this subject with your lawyer. When you do, you will learn about Medicaid planning and the pros and cons of long-term care insurance.
Should I Be Concerned About Elder Financial Abuse?
Elder financial abuse is a big problem in the United States today. Billions are lost, and you should certainly consider the threat when you are planning ahead for the latter stages of your life.
Elders are often targeted by scam artists and con men, and now that everyone is on the Internet there is another avenue that these career criminals can exploit. Identity theft is a big problem as well, and you must be vigilant in the age of the Internet.
In addition to the above, there is a great deal of abuse committed by people that are close to the victims. Family members and others sometimes take advantage of seniors who are vulnerable.
There are legal steps that you can take to protect yourself.This is a matter that you should discuss with your lawyer.
How Do I Prepare for Incapacity?
A significant percentage of senior citizens suffer from incapacity. Alzheimer’s disease alone is enough to make incapacity planning a must.
If you were to become incapacitated late in your life, the state could be petitioned to appoint a guardian to act on your behalf.
You could take the matter into your own hands by planning ahead for this eventuality. An incapacity plan would at a minimum include documents called durable powers of attorney with which you name your own agents to manage your affairs in the event of your incapacitation.
- 10 Reasons You Might Need an Estate Planning Attorney - January 5, 2022
- How to Gift to Your Grandchildren in Your Estate Plan - January 3, 2022
- What Happens If I Leave Property Out of My Living Trust? - December 14, 2021