Some will say that getting older brings about wisdom, change, and opportunities for growth. As you move towards your golden years in life, it is important that you plan your future. This includes creating a plan that protects your money and assets for your retirement and ensures your loved ones receive your financial wealth and assets upon your death.
An attorney, like an elder law attorney in Alexandria, LA from Theus Law Offices, knows how to help seniors and their loved ones draft and execute detailed estate plans that include elder law planning. An experienced lawyer will utilize a broad range of tools that empower older people to make the most of their retirement and later years in life.
How Can an Elder Lawyer Help You?
As you age, you might encounter various issues, including the ability to receive Medicaid. Elder law is a broad area of practice that usually incorporates estate planning law. In fact, most estate planning lawyers will also handle elder law matters. Services estate lawyers often provide include, but are not limited to:
- Medicaid Planning- Medicaid covers some or all medical costs for a person who is over 65 years of age. However, there are income limits to receive Medicaid. Before you can receive this government benefit, you must qualify. There is a five year look back period, and during that time, if you have too much money or assets, you may be unable to qualify for a period of time. If you are planning to apply for Medicaid, it is important that you plan well ahead of time. Let a good elder lawyer review your situation and apply strategic methods that can ensure you receive these medical benefits.
- Power of Attorney- A power of attorney can be used in many ways, but typically ensures a nominated person will make decisions on your behalf in the event of your incapacitation. Our elder lawyers can draft a power of attorney for you that meets your needs and is legally binding.
- Estate Planning- If you do not have a will, trust, or other estate plan in place, you may die intestate. This means the court will get involved and oversee the distribution of your assets. To ensure your loved ones receive what you want them to, it is important to have an estate plan. This might include a will or trust that dictates how much money and assets will be transferred upon your death. Let an elder lawyer advise you on which solutions are right for your needs.
- Advanced Medical Directive- This directive can help your loved ones to ensure your wishes are carried out should you be injured or ill and are unable to make decisions for your health or life.
There are many more services that estate planning lawyers offer. If you would like to explore which ones are right for you, call an estate planning attorney or elder law lawyer today.