Understanding the importance of elder law planning

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Carl S. Goode |

The purpose of elder law is to aid seniors in enjoying secure and independent golden years. This may involve different kinds of planning.

As someone concerned about caring for your elderly parents in the coming years, you may wonder what type of planning you need to focus your attention on. Each form of elder law planning is vital for ensuring a quality future for older loved ones.

Long-term care planning

It is important to understand your options for paying for any assisted living facilities or in-home care that may be necessary for the future. Part of elder law planning is figuring out what Medicare, Medicaid and veterans benefits your parents qualify for and how to obtain them. Long-term healthcare planning helps ensure your parents receive the treatment and aid they need to go about their daily lives.

Disability and incapacity planning

Another part of elder law planning is preparing for the eventuality that your parents may end up disabled or incapacitated in a way that renders them unable to make decisions. Assigning a power of attorney to make medical or financial decisions in such a case is one solution. Your parents may also want to consider creating a living will in which they specify their healthcare wishes. These help ensure the carrying out of your parents’ desires even if they become unable to express them.

Estate planning

Due to lowered physical, and, in certain cases, mental abilities, elders are vulnerable to abuse. One way to help prevent it is estate planning. A well-drafted estate plan provides clear directives, reducing the chance of mistreatment.

These are not the only aspects involved in elder law planning, but they are imperative. Planning may help your parents live the lifestyle they deserve as they age.

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