ELDER LAWThe most significant Elder Law issue that most of us need to think about as we age is, "How do I plan for the possibility that I may become incapacitated or disabled”?
Some of the techniques used to plan for possible disability include durable powers of attorney, revocable living trusts and/or health care powers of attorney. In those documents you are delegating decision making to another person in whom you have confidence. Failure to plan ahead can result in your becoming subject to a judge-supervised guardianships.
Another planning technique used by couples concerned about Elder Law issues is the use of a will containing a special needs testamentary trust. Special needs testamentary trusts can provide powerful protection to keep the surviving spouse from being made destitute by his or her long-term care costs.
Elder law also includes understanding what Medicaid's rules are as those rules impact long-term care costs. Understanding Medicaid is especially important if one cannot qualify for or afford long-term care insurance.
Another question that frequently comes up in Elder Law is whether a parent and child should buy a home together. There are many issues that need to be considered carefully.Elder Law also encompasses planning for how to pass your estate to your heirs. Relevant questions are:
• What is probate and should I avoid it and how?• How does Community Property law impact my planning?• Is my estate subject to federal or state estate tax? If my estate is subject to estate tax, can I eliminate or reduce my estate tax exposure?• Do my children have special "life issues” like disability, money management problems or spendthrift spouses? How can I best plan for the protection of my children with special "life issues”?
When folks marry later in life a relevant matter to consider is whether they should sign a prenuptial agreement.These are all issues to review with a good Elder Law attorney. How To Select The Right Attorney is a guide I have prepared to help you know what questions to ask when you are hiring an attorney.
Since 1976, I have been helping seniors and their families in SW Washington.
Call (360) 816-2485 or click here to schedule an appointment or to get more information.805 Broadway Street, Suite 1000Vancouver, WA 98660Voice: (360) 816-2485Voice: (503) 283-3393 ext. 2485Fax: (360) 816-2486
My practice emphasizes Guardianships, Probate, Revocable Living Trusts, Wills, Medicaid, Elder Law, and Estate Planning issues.
The information you obtain at this site is intended for general informational purposes only and should not be construed as specific legal advice. I would be happy to have you contact me to schedule an appointment for individual advice regarding your situation.
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