Senior Resources 2022 Northeast Directory
lder law Elder law attorneys help clients plan in advance for the costs of long-term care. They also guide families in emergency situations on options to protect assets and maintain control of a loved one's care. When planning prospectively for long-term care, the most important document is a good Financial Power of Attorney (POA). If you are worried that the costs of nursing homes and care will deplete your assets, and you will find yourself with- out money available to direct your care or provide care for your spouse, then you must give your POA the authority to work with an elder law attorney. The two programs available to help people afford the costs of long-term care are Medicaid and the Department of veteran's Affairs Improved Pension Program (commonly called Aid & Attendance available to wartime veterans and their spouses). Qualified attorneys can help families gain access to assistance and understand the options available to maintain assets and control while using the different programs. Families can become over- whelmed by all of the responsi- bilities: completing numerous applications for facilities, pro- grams, and benefits, finding the right information, protecting funds and property, advocating for medical care, and honoring the wishes of loved ones. Elder Law attorneys can help families
does not protect assets from the costs of long-term care, i.e. the assets are still countable for Medicaid. using a trust gives your loved ones a plan for your estate that maintains privacy and minimizes administrative fees. conclusion Whether Elder Law or Estate Planning, always seek an experi- enced attorney who focuses their practice in the those areas. This can be a confusing and, in the case of Elder Law, a stressful time for clients and their loved ones. End of life decisions, med- ical care, benefit programs and qualifications, inheritances, cost of care, legal documents, and access to information all can become complicated issues where everyone seems to have a different answer. The best advice comes from a team that includes your finan- cial advisor, your tax advisor, your senior advisor, and your estate planning or elder law attorney. Take the steps to make sure they are there to help you and your loved ones when needed. Article submitted by Attoney Sarah J. Kons, a partner with Hooper Law Office, LLC. She is also accredited by the Department of Veteran's Affairs to plan for Veterans and their spouses. The Attorneys at Hooper Law Office practice solely in Estate Planning & Elder Law, teaching locally and nationally on those topics.
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navigate the system and plan to afford care. estate planning Wills A Last Will and Testament is a set of instructions intended for the Probate court. The judge uses the Will to determine the distribution of money and property. In Wisconsin, the process takes about a year, and the average cost is 3-5% of the estate. Many people try to avoid Probate through automatic transfers on accounts. These types of trans- fers, such as beneficiary desig- nations, avoid probate, but they lack a central plan. There are no instructions for benefi- ciaries predeceasing, young beneficiaries, beneficiaries with disabilities, etc. trusts A Revocable Living Trust, is an agreement about how assets are managed during someone's lifetime, who man- ages assets during incapacity, and to whom it passes after death. Property passed using a Trust avoids Probate and has a plan for the assets. Importantly, a revocable trust
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