How Does Elder Law Help Aging Family Members?
Even the healthiest seniors experience some diminishing abilities as they age. Mobility challenges may make it more difficult to get out to the bank. Changes in vision and hearing may make it more difficult to communicate by phone or mail. Cognitive decline can increase the risk of financial exploitation.
Often these changes come about slowly, but one bad fall or infection can start a rapid decline. It’s best to put legal guardrails in place before they are needed. Elder law attorneys helps older adults address the unique issues they face and helps them age with dignity and security.
Planning for Long-Term Healthcare in Advance of Need
Long-term care takes different forms, from having an aide help out at home a few hours each week, to receiving 24 hours care in a nursing home. All are costly.
If you can qualify for it, Long Term Care Insurance can cover the cost of in-home care, assisted living, or memory care when needed. For war-time Veterans, and their widows, VA Aide & Attendance can help offset the cost of care.
Texas Medicaid covers the cost of nursing home care for those who qualify medically and financially. Medicaid planning ensures that care can be provided, while protecting a well-spouse from becoming impoverished or losing a lifetime of earnings to nursing home costs. One strategy often used by Elder Law attorneys is to create a Medicaid Asset Protection Trust. This irrevocable trust removes assets from personal ownership. However, it must be created and funded five years before applying for Medicaid or it will be included as a “countable asset.”
Protecting Seniors from Elder Fraud
We are all vulnerable to identity theft, scams, and fraud, but older adults are often specifically targeted by criminals. An elderly parent who lives alone may be eager for companionship and willing to help a “friend” who needs money. Scammers prey on retirees because of their presumed hefty retirement assets.
Protection can come in the form of moving assets into trusts, having a family member added to accounts, setting up transaction notifications, or creating a safety net with a financial advisor to alert a trusted family member of any unusual transaction requests before they occur.
Durable Financial Power of Attorney and Healthcare Power of Attorney Documents
Both types of Power of Attorney allow another person to be named to act on behalf of the person if they become incapacitated. Couples often name their spouse for these roles. However, additional agents should be named as backups. If the husband is incapacitated while the wife is recovering from a serious illness, another person will be able to step in to help.
Durable Financial Powers of Attorney can also help reduce the risk of financial exploitation, especially if created by an experienced Elder Law attorney who knows to include accountability procedures.
Guardianship When Mental or Cognitive Health Declines
If Powers of Attorney, or a living trust, are not in place when an individual begins to show signs of cognitive decline or dementia, immediate action must be taken. Once a person has been deemed incapacitated by a judge, they can no longer execute legal documents.
Having a Power of Attorney or living trust in place is far easier than going to court to obtain an expensive guardianship. For a guardianship to be granted by the court, there must always be a period of time when the individual makes bad financial and/or medical decisions. This evidence is then used to convince the court of the need for the guardianship. Unfortunately, sometimes these bad decisions have life-changing impact. Family members will need to petition the court for guardianship to take control of the person’s affairs. The possibility of other “interested parties” contesting the guardianship petition is real, as is the chance the court assigns a professional guardian instead of a family member.
Updating Estate Planning Documents
Estate planning documents should be reviewed regularly, and updated any time there is a major medical or financial change. It’s essential to do so while they are healthy and competent. Necessary documents include a last will, advanced directives expressing wishes for end-of-life care, a General HIPAA Release form and the Power of Attorney appointment for healthcare and financial concerns.
Preparing for the Future
An experienced elder law attorney prepares the individual and those that care for them for the potential problems that may come with advanced age. Having a plan for one’s later years provides protection and peace of mind for all concerned.
Contact our office today to get started.
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