Increasingly, more people are realizing the benefit of elder law planning and are setting up consultations with elder law attorneys to discuss mitigating their risks. However, there are opportunities for mistakes in this process if you are not knowledgeable about what to do. Looking ahead to the future is not always easy, but you must consider elder care and protecting your assets.
The first and most common failing of elder law planning include not to address all of the comprehensive issues that make up planning for your older years.
Sadly, most people don’t realize what they’ve missed- instead, it’s their family members grappling with problems in the aftermath.
They can include:
- Protecting your assets from the cost of long term care while also qualifying for government benefits that exist with that care.
- Choosing trusted individuals who are capable of managing your affairs if you are disabled.
- Protecting your inheritances for your beneficiaries from lawsuits, creditors and divorces affecting your children.
- Transferring your assets to your heirs in the manner that you want, when you want while also avoiding family disputes.
If you are not able to manage your affairs at any point in time, you could become the subject of a guardianship proceeding in which a judge appoints a legal guardian to serve on your behalf.
Taking your future into your own hands and scheduling a consultation with an elder law and estate planning attorney is one way to avoid this problem.