Last Updated on March 13, 2024 by Nasir Hanif
It is a matter of concern for most senior people that they will be physically and financially dependent on other children when they become disabled or unhealthy. Long-term care planning helps them stay stress-free about their future and old age. It may include buying long-term insurance, Medicaid, Medicare and veterans administration. Apart from this, you should seek legal advice before opting for anything. A lawyer can help you in many ways to plan your future.
Advantages of hiring a long-term planning lawyer
There are a number of benefits to hiring a long-term planning lawyer. Some of them are discussed below:
Elder law is their area of expertise
These laws are complex and different in every state. A lawyer can help you plan your long-term care planning in a better manner. He can compile everything such as Medicare, health insurance plans, assets, housing needs and others. Besides that, he will also be able to evaluate various other documents such as veteran’s benefits, financial and tax planning and Geriatric benefits. This type of planning and evaluation needs in-depth assessment from the expert.
Qualifying Medicaid eligibility
If you are planning to buy life insurance such as Medicaid, you might not understand how it will affect your financial condition and aging. Since a lawyer has expertise in this field, he will be able to read these documents and make you understand them in simple words. Moreover, he understands the difference between Medicaid and Medicare, he can assist you understand the future benefits depending on your income and current asset holdings.
Estate planning
A long-term care planning attorney also helps in ensuring the distribution of the assets among the family members by guiding you in various legal implications. He can also make you aware of the tax liabilities after you draft wills and power of attorney. This way, you can plan for your future in a better manner.
Guardianships
It has been observed that some people are unable to look after their assets if they fall severely ill or suffer from medical conditions including Alzheimer’s disease. In this case, the judge will appoint a guardian, who will make all required financial decisions. An elder law attorney can help the family members obtain guardianship by filing the relevant documents.
