There are many ways that preparing for aging can protect your loved ones. Elder law has many components to it.
- Planning for disability by establishing Powers of Attorney for healthcare and finances. If these Powers are in place the person you have entrusted with them can manage your health and finances as you have instructed them without court involvement. Having these documents in place can avoid the necessity for a court appointment of a Guardian and allow your trusted persons to make decisions as you would have and quickly.
- Planning for the possibility of needing to apply for government assistance line Medicaid or Veteran’s benefits. There are certain asset and income limits that must be achieved before you can qualify for assistance through these programs. There are time frames in which you would have to spend or divest yourself of certain assets in order to make the application for and granting of this assistance possible. Your can help your loved ones by making some of these plans in advance.
- Planning for distribution of assets upon your death is crucial. If you do not make a plan for distribution through creating a Will or Trust then the State will determine the distribution of your assets and to whom. The process of distribution is easier on your loved ones when you have established a plan. In the case of a second marriage it can protect your new spouse and their ability to remain in your shared home and to protect income and assets for them.
- Pre-planning or pre-paying for your funeral can make it easier on your loved ones when the time comes. They do not have to guess what you would have wanted because you made those decisions. Allow your family to mourn you not worry about if they did the right thing for you.
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