As a senior, you’ve worked hard your entire life for your assets. Passing down those assets to your heirs when you pass should be a priority. Having an effective estate plan is the best way to ensure those assets get into the hands of your heirs smoothly rather than having to go through lengthy and costly court proceedings. Working with the right New York elder law attorney can ensure your assets are passed on according to your wishes. However, that’s not the only issue surrounding elder law. We’ve explored some of the many legal concerns seniors face.
Ensure Your Heirs Get Your Assets
Without an estate plan and will, where your assets go after you pass could be determined by the courts. An elder law attorney in New York can work with you to create the most effective estate plan possible to ensure your heirs get your assets. Whether you only have money in a bank account or if you have property, business assets, or anything else, hiring the right attorney is essential. When you work with a New York elder law attorney, your job is to explain your assets and who you want to have them, and your attorney will take care of the rest.
Avoid Costly Legal Fees By Working With An Elder Lawyer
Not having a will or an estate plan can lead to costly legal fees and proceedings your heirs will have to deal with. The courts will look at factors like any outstanding debts, family members, business partners, and more to determine how assets get split. Your heirs will likely need to hire an attorney to sort out these issues, which could cost them a significant amount of money. In most situations, it’s more cost-effective to work with an elder law attorney before you pass rather than putting the burden on your heirs.
Financial Planning Concerns As You Get Older
An elder law attorney in New York can also help you with financial planning during your retirement years. Being on a fixed income can change the way you manage money, and it can be a challenging transition for some seniors. Whether you need to consider downsizing your home or cutting out some expenses, financial planning as a senior is more important than any other time in your life. A trusted elder law attorney in New York will evaluate your financial situation and provide advice and guidance on how to spend it according to your desired lifestyle. The goal is to live as comfortably as possible throughout your retirement.
Medicaid And IRA’s
Many seniors rely on Medicaid during their retirement years. However, many factors can cause complications with your Medicaid application, including any IRAs you have. Your IRA could be considered a source of income or even a non-exempt asset, which could impact your Medicaid benefits. These laws can be complicated, and everyone’s financial situation is different, so working with an experienced attorney is essential. Otherwise, you might not receive the benefits you were expecting or potentially leave money on the table that you are entitled to.
Healthcare Concerns As You Age
Even before people reach retirement age, they often think about their healthcare situation. Since no one knows how long they will live, it’s difficult to plan to have enough money to take care of medical expenses while living comfortably. Navigating Medicaid and Medicare comes with plenty of complications, as well as dealing with long-term care insurance. Your New York elder law attorney can help you navigate these uncertain times with effective financial planning and balancing multiple factors and scenarios.
Keep Power Of Attorney Current
Part of estate planning is establishing a Power of Attorney. This is the person who will make decisions on your behalf if you are ever unable to for any reason. The person with Power of Attorney should have beliefs similar to yours so they can make decisions based on what they believe your wishes would be. Without the Power of Attorney being designated by your elder lawyer, many issues could arise between you and your family.
Protection From Elder Abuse
Elder abuse is a real factor, especially in places like nursing homes. In-home caregivers have also been accused of abusing the elders they are caring for. Too many seniors let elder abuse slide because they don’t know what they can do otherwise. Working with an elder lawyer can protect seniors from physical, emotional, and even financial abuse.
How To Hire The Best Elder Lawyer
When you’ve decided it’s time to hire an elder lawyer, it’s important to interview different options to determine the best fit. Aside from the experience and expertise, the New York elder law attorney should communicate clearly and always be responsive. You never know when you will need their legal services, but you should have confidence knowing they will answer the phone when you call. Ask them about specific situations in which they helped other clients so you can get an idea of the approach they take.
Gordon & Gordon can help explain the ins and outs of issues seniors face and how our elder lawyers can help. Some of the signs of elder abuse are not obvious, and if they are not addressed quickly, a senior’s quality of life can deteriorate. From elder abuse to estate planning, guardianship concerns, and anything in between, our attorneys are here to help. Don’t hesitate to contact us to schedule a consultation to review your situation.