Many have probably heard the term “elder law” but what does elder law actually mean? Elder law is a specialized area of law focusing on the needs of senior citizens and the issues affecting the aging population. Elder law covers a wide range of legal matters, including the following:
If you or a loved one has questions or is experiencing any issues or difficulties with any of the above-mentioned legal matters you should consult with an elder law attorney. An elder law attorney will be able to walk you through these issues and explain your options.
If you are concerned about the cost of long-term care and how you will for it, speaking with an elder law attorney can be very beneficial. An elder law attorney will be able to explain the various methods of paying for long-term care and determine what is cost effective for your situation, as well as assist you with protecting assets.
If you have concerns about incapacity and being unable to make decisions, you should speak with an elder law attorney. The elder law attorney can help make sure your wishes are carried out even when you are incapacitated.
Long-term care is expensive. In Minnesota the average cost of care for a year is:
Long-term care can be paid for in one of four ways:
It is never too early to start planning. You never know when illness or an unforeseen diagnosis will occur. Long-term care is not just for the elderly, as many middle-aged adults find themselves as nursing home residents. Further, the government has imposed a five-year lookback period on all transfers prior to applying for medical assistance, making it extremely difficult to protect assets last minute.