Older adults and disabled individuals encounter distinct legal challenges. It may seem difficult to handle these issues alongside other life pressures. As an older or disabled individual, you might face increased medical costs and mobility challenges – making legal considerations particularly difficult to think about. Fortunately, you can tackle these issues effectively alongside legal professionals. Whether you need to handle estate planning, social security, or any other legal consideration, a qualified elder care lawyer can help. Here are just a few legal considerations that you may face as a disabled or elderly adult in the United States:
Estate Planning
A key consideration for elderly individuals is estate planning. This may also represent an urgent issue for disabled individuals. If your condition is terminal, it is important to get started with an estate plan as soon as possible. You should also consider your estate plan if your disability will shorten your lifespan.
That being said, virtually anyone can benefit from an effective estate plan. This includes young, old, healthy, and ill people. It is never too early to get started with an estate plan, and your lawyer can help you begin this process.
Estate planning is a very broad area of law. It contains numerous steps and procedures, including:
- Trusts
- Wills
- Advance directives
- Powers of attorney
- Life insurance
At the very least, you should establish a Last Will and Testament. This document identifies your beneficiaries and an executor. The executor will carry out your wishes and make sure your beneficiaries receive any assets you leave behind. If you plan to pass away with few assets, your executor may still play an important role in settling your remaining debts.
A more advanced estate planning tool is a trust. Unlike a Will, a trust may go into effect after or before your passing. You have many other options for your trusts, and they may help you achieve your specific estate planning goals with greater accuracy.
Estate planning is not just about protecting your assets, however. It may also involve making important decisions ahead of time. This might include your decisions about medical procedures. You can also select individuals to make decisions on your behalf if you ever become incapacitated.
Asset Protection
If you are approaching your twilight years or have a serious disability, you should also consider asset protection strategies. Many elderly people become vulnerable to fraud and scams. Disabled individuals may also face financial abuse, particularly if their condition is mental in nature.
An experienced lawyer can help you protect your assets in a number of ways. A trust may provide your assets with a layer of protection. A trustee controls your trust funds, and they may investigate potential transactions on your behalf before distributing funds. You might also consider relatively simple banking tools to protect your assets from hackers and digital fraud.
Business Succession
If you own a business, you should consider business succession as you approach retirement. Business succession ensures that your operation passes into the right hands after you retire or die. For example, you might select a family member as your “successor.” This is the person who will lead your business after your passing.
Alternatively, business succession may involve selling your business. This could be the right move if you need the resulting cash for your retirement. With certain strategies, you can sell your business to a successor and receive periodic payments in return. These periodic payments can provide reliable, passive income throughout your retirement.
Healthcare Access
Access to healthcare is critical for elderly and disabled individuals. Fortunately, programs such as Medicare and Medicaid make accessing treatment easier and more affordable. However, applying for these programs can be challenging. To give yourself the best possible chance of success, consider working with an elderly care lawyer.
Many Americans are ineligible for these programs due to financial factors. For example, Medicaid is mostly reserved for low-income people. However, you can make certain alterations to your financial situation with help from a lawyer. Relatively minor alterations could help you qualify for Medicaid.
Homestead Exemptions
As an elderly person, you might want to explore homestead exemptions in your State. These exemptions vary from State to State, but they can provide much-needed financial relief during retirement. For example, a homestead exemption may help you avoid rising property taxes. This strategy may be particularly useful in areas where real estate has risen sharply in value. Homestead exemptions can also help you avoid debts and creditors in some states. Some seniors can qualify for Medicaid and other programs by real estate adjustments.
VA Benefits
If you have served your nation in the military, you likely qualify for VA Benefits. These benefits can be quite comprehensive, and it is worth taking full advantage of them. VA Benefits can pay for your medical expenses. You can also receive free treatment for mental health issues, dental, and much more.
Social Security
Social Security is another potential consideration for disabled and elderly individuals. If you qualify, you can receive Social Security retirement benefits for the rest of your life once you stop working. You may also qualify for Social Security benefits if you lose the ability to work due to a disability. In addition, your spouses and children can receive income through this program in certain situations.
Social Security calculations depend on numerous factors. To get the maximum benefit amount based on your specific needs, it helps to work alongside a qualified, experienced legal professional. You may need to make certain adjustments to your finances to qualify for higher benefits.
Contact the Elderly Care Law Firm Today
Each adult approaches disability and retirement with slightly different needs. An online article can only provide you with basic information without taking these unique needs into account. In contrast, a consultation with an elderly care lawyer can offer you personalized guidance based on your specific circumstances. Whether you are facing retirement, disability, or both, the Elderly Care Law Firm can help you address any legal considerations along the way. To begin this important discussion, book a consultation today.
