As people age, they may need to make some important legal decisions about their health and finances. This is where elder law comes in. Elder law involves seniors and their families navigating the legal system so that they can make sound decisions about their future. Here’s what you can expect.
What is elder law?
This is a particular area of law that addresses the diverse legal issues faced by seniors and their families. It covers topics from estate planning to long-term care. You need to make sure that all these affairs are in order to have a comfortable life in your most vulnerable years.
Types of elder law
- Estate planning: Estate planning is the process of making decisions about your assets and how they will be distributed after your death. It involves creating a will or trust, designating a power of attorney and making other important decisions about your estate.
- Long-term care: Long-term care planning involves making decisions about your future care needs, such as where you will live and who will provide your care. If you cannot make these decisions yourself, elder law allows you to appoint someone to make them for you.
- Medicare and Medicaid: Medicare and Medicaid are two government programs that provide health insurance for seniors. However, not every person gets them. For instance, if you want Medicaid, you will need to restructure your assets if your household income is 138% above the federal poverty level.
- Social Security: Social Security is a government benefits program that provides financial assistance to seniors. You must qualify for the Supplemental Security Income to get benefits.
Elder law is an essential field because it deals with the unique legal challenges people face as they age. Don’t wait until it’s too late to start planning for your long-term care needs because some adjustments take time.