When it comes to elder-planning considerations, many caregivers and family members are not prepared?when something tragic occurs. Often, final wishes are unknown, and estates and assets left behind can be the cause?for conflict as decisions need to be made on behalf of the person who has died.?
There are many aspects dealing with elder law that families and caregivers should discuss early on so that the wishes of their loved ones are known and prepared in advance. Elder law attorneys play a critical role in helping families make sure they are not overlooking important issues that commonly arise so that proper arrangements can be in order.
Estate Planning
No one likes to think about death, but it is something that is inevitable. It?s important to plan one's estate to ensure that there is control over how assets and affairs are handled after their death.?Planning protects intentions for desired beneficiaries and eliminates unnecessary bureaucracy and confusion left for caregivers to decipher. Estate planning may include writing up clear medical directives, trusts, wills, estate administration, tax issues, guardianship?and power of attorney.? ?
Disability Planning
No one can foresee if there will be a need for disability care, but it should be assumed in the event circumstances deem it necessary. It?s important for caregivers to know what benefits their loved ones can receive to reduce the financial burden for the person receiving as well as the caregiver who often picks up additional expenses. The federal government has programs that help seniors with little or no income. There are many SSI (Supplemental Security Income) benefits available through the Social Security Administration. Disability planning also addresses other legal disability issues.
Retirement Planning
Planning ahead of time for retirement is critical to ensure that there will be enough income to live comfortably within a person?s means upon leaving the workforce. Many factors influence the approach taken such as savings, circumstances, age, tax bracket and priorities. The age of a person?s desired retirement greatly affects how early planning should take place. This will help determine how much income needs to be saved and/or invested so that these goals can be met. Whether someone is planning early, mid or late retirement, the sooner a plan is mapped out, the better the chances for a successful financial outcome.
Medical/Medicare Planning
There are several key aspects when planning for the medical needs of elders. This includes establishing who can make decisions related to health and well-being on behalf of someone else in the event they are physically or mentally incapable of doing so. Planning will also help protect estates from being drained from long-term medical care, by making sure they receive the benefits to which you are entitled under the Medicare and Medical programs. Elder law attorneys can help with medical directives, living wills, health care proxies, long-term care plans and assisting with medical or Medicare benefits.
Planning for the Future
Caregivers and families should not be in a position where they do not clearly know the wishes of their loved ones. Planning and preparing for the many aspects of elder care and asset protection will eliminate unnecessary turmoil regarding legal issues and decisions if they are addressed ahead of time. If you are a caregiver for an elderly person or family member, seek the advice of an elder law attorney to help ensure your loved one's desires are planned out.
Local Elder Law Attorneys
The following nearby law firms are listed with the??National Academy of Elder Law Attorneys?:
Largo
Clearwater
About this column:
Support Share is a weekly column that serves to educate and share helpful information through the stories of caretakers in our communities. Contact redwritergirl@gmail.com to share your experience as a personal or professional caregiver.Source: http://largo.patch.com/articles/elder-law-attorneys-can-eliminate-confusion-for-caregivers-2
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