The Key Details Regarding Elder Law

| Tuesday, April 30, 2013
By Jason Riley

Elder law is used in the United States as a legal term, referring to the legal practice focused on issues related to aging people. The three main categories for this law: estate planning and administration; Medicaid, disability and long-term care programs; and conservatorship, guardianship and commitment matters. Elder law planning is crucial, and widely recommended, for the aging population.

Numerous other issues are classified under this term, such as: protection against neglect, fraud and abuse; mortgage and real e state assistance; retirement planning; wills; Social Security benefits; trusts; and end-of-life planning. As individuals age, the may be faced with obstacles that provide emotionally and financially draining. There are many businesses who help people plan for their future.

Former President of the United States Lyndon B. Johnson signed the Older Americans Act, OAA, in 1965. This was done the same year Medicare was formed. The inception of OAA led to the creation of Administration on Aging, AOA, a division of the Department of Health and Human Services. These are the developments that led to similar services and programs focused on older people.

Planning, of this kind, is essential for improving life quality. As people age, they often become more dependent on help from others. Still, it is suggested that people make sure they are as prepared as possible for what may come. Residential care and medical treatments can be costly, particularly for people who rely on government aid and do not have a steady working income. Money that has been set aside for emergencies and retirement may be used quickly.

Estate planning refers to the process of arranging and anticipating the disposal of a particular estate. This term overlaps with elder law, which involves long-term care and other provisions. The reality is that people die and while this truth is not worth dwelling on, it may be important to plan for.

Beneficiaries, usually the loved ones of a person, may not be able to receive what has been left in their name, if the deceased does not plan. This could be because of administration costs, disagreements between heirs or unnecessary taxes. Estate planning is vital, no matter how large or small the estate may be. It ensures that the property is awarded to the people it should be. Likewise, it can help people save a considerable amount on taxes, fees for an attorney and cost of court. Loved ones can find relief and the ability to grieve the loss of a person rather than stress over financial disputes and confusions.

These types of plans must include, as a bare minimum: a power of attorney and will. The attorney is the professional assigned to manage a property while people are still alive, particularly when they cannot do it themselves. Wills are beneficial post-death, as they help with management and distribution of property as it was assigned.

All older individuals should work closely with professionals to handle elder law, as well as estate planning. Doing this can help eliminate stresses and other troubles that can occur in old age and following death. It does not matter how little a person has financially, proper planning is always for the best.

About the Author:


Post a Comment