Elder law issues can be extremely complex. One wrong move or word can mean the difference between a good result and disaster should you or your Bradenton loved one becomes incapacitated or other complications happen later. An elder attorney can help plan for what will happen if you or your loved one becomes mentally or physically incapable of caring for themselves and personal business matters.
This article will discuss what an elder law attorney can help manage, and touch on the way they may charge.
Although they cover similar issues, elder law and estate law are not the same. Elder law addresses finances and properties in a way as to best provide for one and their family while alive. An estate is what one leaves to their Bradenton loved ones when they die and how it is left to minimize probate complications and potential estate tax liabilities.
Medicaid imposes strict guidelines for eligibility should one need long-term care. Benefits are income and asset bases, but one cannot just give away all that they own to qualify if they suspect they may need this type of care sometime shortly. Spend Down rules and a five-year look-back period pull assets back into ownership for qualifying purposes if you attempt to move them to others. An elder law attorney will be intimate with these regulations and guide you before the event that you need long term care.
An elder law attorney will provide counseling, advice, and future planning if you were to get married later in life, recently divorced, own a business, own real estate in various states, minor children, or substantial assets in a 401k or IRA. Otherwise, your state, former spouse, or the IRS might receive control of or the largest part of your assets, leaving your Bradenton loved ones in trouble.
State laws are particular about what can and cannot be included in trusts, wills, an advance medical directive, or a financial power of attorney. These laws dictate who can and cannot serve as a personal representative, health care surrogate, trustee, or attorney under a POA. The laws also dictate who can be a witness to a will, trust, or medical or financial POA. An elder law attorney will know what formalities must be followed in Bradenton for each of these circumstances and avoid simple but very costly mistakes if one is unfamiliar with their state’s specific laws.
Many elder law attorneys charge by the hour, so you are only paying for the time you use, but some do offer packaged deals. The amount of money you will save or prevent from ending up in the wrong hands will outweigh the amount spent using an elder law attorney to ensure everything is submitted correctly.
James E. Johnson is an elder law bradenton attorney who is vastly experienced in elder law and possess the attention to detail it takes to have you and your loved ones taken care of.
