Elder Law
Effective elder law planning can assist with obtaining long term care financial assistance when complete independent living is no longer an option.Elder Law
The aging process presents challenges to families with parents or loved ones who are suffering from physical and mental decline. No longer able to take care of themselves without assistance, many families are at a loss in terms of knowing what to do, what are the legal methods available to protect their elderly parents, and what actions can be taken in their current situation. This is where elder law can be applied to provide guidance to the children of elderly parents.
What is Elder Law?
Put simply, elder law applies to the changes that occur during the aging process. For parents who were once active and outgoing, sudden changes in their physical or mental state can suddenly make them dependent on more assistance. Elder law provides for guidance to families whose parents need the following.
Nursing Home or Assisted Living Care
Skilled Nursing for Long-Term Care
Care Provided at Home
Medicare, Medicaid, and Elder Law Planning
Guardianship, Power of Attorney, and More
Although there are many complications to the elder law process, it can be divided into two basic categories. Pre-planning, and sudden changes.
Pre-Planning
This aspect of elder law occurs before the need arises for additional care. This is when elderly parents and their children can agree on a course of action in case something changes in the future. For example, granting the power of attorney if the time comes that the elderly parent can no longer manage their finances, or they need additional care.
By planning for such changes, this brings peace of mind to both the parents and their children. A smooth transition that can be planned for well in advance.
Sudden Changes
Of course, not every family can anticipate all the issues that the aging process brings along. An active, healthy senior may suffer an unexpected downturn or be involved in an accident that suddenly changes their lives for the worse.
There are actions that can be taken when the unexpected occur. Establishing guardianship is the legal method to overseeing the financial state of the elderly parents when pre-arrangements have not been made. Other actions can be taken as well to ensure that protections are put into place depending on the situation. This may include the following.
Placing the person in a nursing home or assisted living center
Selling their home or property if needed
Providing for at-home care
Applying for Medicaid, Medicare, or other type of government program
The goal of elder law is to provide guidance and peace of mind to families who suddenly face the consequences of aging parents who need more assistance. By providing a legal structure, individuals can make decisions that abide by the law while providing care for their aging parents or relatives.
If you have a parent or loved one who is facing physical or mental decline, then contact John Tallarido, P.A. today. He will listen to your situation, explain how elder law works in your situation, and work with you to ensure the best for you, your family, and those in need of elder care.
A New Treatment for Alzheimer’s Disease and the Controversy Surrounding It
The Food and Drug Administration (FDA) has approved a drug purported to slow the progress of Alzheimer’s disease. However, the decision is not without controversy. A recent article by AARP explores this subject in some detail. Here is a synopsis. The drug, Aducanumab...
A Change to the Rules Governing Reverse Mortgages Provides Greater Protection for Non-Borrowing Spouses
A reverse mortgage is a loan that allows homeowners age 62 or older to borrow against the equity in their homes and receive a lump sum, a fixed monthly payment, or a line of credit. Reverse mortgages are often used by seniors to augment their income in retirement....
Should You Be Concerned About Changes to the Step-up in Basis?
Whenever a new president takes office, “discussions” about taxes are sure to follow. During his campaign, President Biden proposed a number of changes to the tax code that would affect wealthy Americans. One proposal, however, could impact people of more modest means:...
As Part of National Family Caregivers Month, Caregivers Should Remember to Care for Themselves
November is National Family Caregivers Month. It is a time to honor those who provide care to ailing loved ones, and to remind caregivers about the importance of caring for themselves. Caregivers often devote so much time and energy to caring for a loved one that they...