What is elder law? Its a bunch of areas of law that come together to impact America’s aging population. According to the Census, in 2008, there were 38.9 million Americans 65 years old or older. That number is set to skyrocket to 71.5 million by 2030. Life expectancies are increasing, and along with the increased life expectancy and burgeoning aging population, new concerns are surfacing with how to transfer and protect assets in the face of anticipated medical care needs.
Elder law encompasses a wide variety of topics, including but not limited to:
- Medicaid eligibility and planning
- Eligibility and receipt of numerous government benefits, including Social Security and Veteran’s Benefits
- Safeguarding assets that an individual has worked a lifetime to accumulate through Wills, Trusts, and Agency documents
- Preparing and planning for long term care
- Preventing elder abuse and neglect, especially in nursing homes
- Planning for incapacity
Every individual and every family is different. Elder law does not look the same for every family or client. Having a skilled probate litigator in your corner can help clients and their families avoid litigation through proper planning and preparation by identifying potential conflicts and problems and addressing them before they occur. Putting in place the proper documents – like a will, trust, or power of attorney – can avoid costly probate hearings. Knowing what benefits to apply for, what the eligibility requirements are, and planning for long term care through purchasing insurance can help avoid expensive tax and property transfer penalties later. AGR Legal Services has a network of skilled wealth management specialists and tax advisors to coordinate with in order to achieve the client’s goals and assist families in making the best of the Golden Years.