Elder Law | What To Do -Read More Below!
Elder Law | For aging Americans, estate planning and financial topics are less stressful to think about by preparing ahead of time. These are some tips for navigating the golden years with peace of mind.
Plan For Future Income
Most seniors who will be relying on Social Security or VA benefits will not have enough money to live comfortably. Also, Medicaid and Medicare may not cover all medical expenses. This creates the problem of tighter finances because of more out-of-pocket medical expenses. Also, nursing home care may be needed someday. Nursing home stays are not always fully covered, which leaves family members trying to pay the difference or depletes individual assets and savings.
Plan For The Unpredictable
There are ways to plan for unpredictable events. A sudden stroke or heart attack can leave an elderly individual in a nursing home temporarily or permanently. Any length of stay in a skilled care facility is tremendously expensive. Long-term care insurance helps offset costs, and disability insurance prepares seniors for the financial detriment of an untimely disability.
Set Up An Estate Plan
Many seniors lose assets because of inadequate planning. They may have assets seized to satisfy debts. There are ways to protect assets for heirs by placing some of them in trusts. Also, elders must have wills to specify how their property should be divided. A power of attorney is helpful as well. This designates a person to make medical or financial decisions if the creator of the document becomes mentally incapacitated or dies.
At The Law Office of Michelangelo Mortellaro P.A. our attorneys are very familiar with elder law. This is the area of the law that protects elderly individuals and their designated representatives or family members. Attorneys who understand elder law can help seniors who are nearing a nursing home move or retirement prepare themselves. There are also tax issues to consider. Call the elder law attorneys at The Law Office of Michelangelo Mortellaro P.A. for a consultation.