We believe you are meant to enjoy your later years with all the extras you gave up while providing well for your family’s daily needs first. The bank, retirement, and investment accounts, plus other assets you have amassed, are now meant to provide for you and your spouse.
However, with some astute planning, you can do both. Elder law encompasses your changing needs and where your assets will go when you pass away. It’s the culmination of a successful and good life to be able to pass down treasures and financial security after enjoying it yourself, and a dedicated estate planning lawyer could help you get there. For ideas and information on what might work for you, our Warrendale elder law attorneys are standing by.
Wills allow you to transfer in probate the assets you have amassed to those you choose as the new owners. Family, friends, and charities can accept bequests, from money to heirlooms to real estate. If you do not leave a will with instructions to your executor, the court will determine by a formula who among your family members inherits.
Living wills, also known as a physician’s directive, inform your healthcare team what life-saving methods you will accept when your case is terminal, and you are unresponsive. These include ventilators, feeding tubes, and pain medicine.
Some trusts are revocable during your lifetime and allow you to add or remove assets and beneficiaries. You can distribute assets and provide for beloved pets if they survive you. Trusts are not subject to probate, so assets are distributed quickly after your death.
Irrevocable trusts accept ownership of the assets you deposit for your trustee to manage. You cannot remove assets or beneficiaries. Irrevocable trusts offer tax benefits and can be used to qualify you for Medicaid long-term nursing home care with its strict income caps. Special Medicaid trusts accept all assets that disqualify you for Medicaid, but the assets in the trust are used for your comfort.
Trusts can also be used to benefit a disabled relative who will lose Social Security benefits if they inherit enough to propel them above the income cap. Talk to a Warrendale lawyer experienced in elder law to customize an estate plan for your later years.
The courts can appoint guardians and conservators when an elderly person in Warrendale becomes incompetent and unable to share their wishes. An attorney could review the responsibilities of guardians and conservators. Essentially, a guardian makes personal decisions on behalf of a compromised senior, such as for their medical care or where they live or if intercession is needed because someone is exploiting them. Conservators make financial decisions on behalf of a diminished senior, paying bills, leasing, and selling real estate, and managing bank and investment accounts.
You can circumvent court-appointed guardians and conservators by adopting a durable power of attorney for financial matters and one for healthcare matters. Your appointed trusted loved one does not have to be an attorney, but they will make decisions for you when you become incapacitated.
The financial durable power of attorney does not kick in until incapacity, and your agent can then manage your banking and investment accounts, sell and lease real estate, and generally operate in your best interest.
The healthcare durable power of attorney allows an agent to make medical decisions when an elderly person cannot. A Warrendale lawyer could help you better understand these documents.
When you are near retirement, or interested in planning early, there are elder law tools that can benefit you and should be unique to your needs. This planning encompasses the assets you want to use for your comfort, your beneficiaries’ future, and end-stage needs.
We are available to consult about the unique legal challenges surrounding aging, which is a fact of life for everyone. Different challenges arise, which we can apply to your situation. A Warrendale elder law attorney could take the stress off you when it comes to decisions for the future. Contact us today to discuss your situation.
