As people get older, their priorities and interests will change. Aging could require additional care at home or in a nursing facility, and an respected estate planning attorney could assist with the planning for that care. This area of legal practice is known as elder law.
Elder law relates exclusively to the legal and practice issues facing people when they age. This type of law not only protects seniors but their loved ones as well. If you have questions about your needs now and in the future, a Pittsburgh elder law attorney is here to help.
Estate planning provides you with a plan for how your assets are to be distributed upon your passing. Although some believe estate planning is reserved for the wealthy, an estate plan could help anyone achieve their goals regarding their assets.
Estate planning frequently starts with a last will and testament. For many people, their will makes up the bulk of their estate plan. This document could appoint a person to oversee your estate following your passing and direct how you want your property to be distributed. A will is only one tool available to estate planners, however. Other options include:
Preparing these documents with the help of a compassionate attorney in Pittsburgh with experience in elder law could ensure your future and that of your heirs looks the way you want it to.
As they age, many people require long-term care either in their homes or at a nursing facility. While many people pay for this care through private insurance, other options may be available to you. An elder law attorney could customize a plan that combines private insurance with other funding sources like Medicaid or VA benefits to ensure that you have the care you need.
Medicaid planning is another important aspect of elder law. While many people rely on Medicaid when they age, a certain degree of planning is necessary to not only maintain eligibility but also to preserve your assets.
One aspect of Medicaid planning involves a spouse that does not rely on Medicaid benefits. In a situation where only one spouse requires Medicaid support, there are options that allow the other spouse to maintain ownership of important assets like pensions, investment accounts, homes, and motor vehicles.
Some people think planning for retirement means gifting away enough assets to qualify for benefits through Medicaid. This can be a mistake for Medicaid and the rules surrounding this gifting can be complex. For example, IRS rules on gifting differ from those that apply to Medicaid. An elder law attorney in Pittsburgh could evaluate your circumstances and develop a plan that works for you.
It is vital to seek out legal assistance for elder law matters before they become problems. If you wait until you or a loved one is in crisis, it could be difficult to address those needs.
A Pittsburgh elder law attorney could help protect your rights or those of your elderly loved ones. Reach out now to learn more.