Safeguard Your Legacy Through Elder Law Estate Planning
In a fast-changing world of legal & financial matters, protecting your legacy involves more than just having a basic will; elder law estate planning has evolved into a broad, comprehensive method by which older individuals can be prepared for long term nursing home or family assistance, to protect their valuable possessions and other belongings, and to ensure that their wishes regarding their possessions are carried out as intended. As life expectancies continue to increase and the costs of health care continue to grow, families now have new obstacles in front of them that require them to engage in proactive estate planning. By becoming familiar with the current issues associated with elder law, individuals and families will have the tools they need to successfully manage today’s complex estate structures.
Growing Importance of Long-Term Care Planning
With the escalating nursing home and assisted living costs, families are now beginning to realize how crucial early preparation is. Today, elder law lawyers are assisting clients in estimating the amount of future care they may need, determining how to organize their assets for potential treatment, and identifying programs that may assist them in lowering their long-term out-of-pocket care costs. For this reason, the traditional long-term care plans are changing and will typically use hybrid long-term care insurance policies, provide for caregiver contracts, and include plans for home-based care. By preparing for the eventuality of nursing home or other long-term care, the proactive long-term care plan will aid individuals to obtain the proper level of care without sacrificing their financial resources. Additionally, due to increased life expectancies due to advancements in medicine, comprehensive long-term care planning is now necessary to ensure one’s economic security and preserve one’s dignity.
Medicaid Planning as a Mainstream Strategy
No longer a last-minute afterthought, Medicaid planning has become a viable and widely accepted method of protecting oneself from losing one’s home and savings to long-term care. More frequently than ever, Elder Law attorneys assist families by legally restructuring their finances to meet Medicaid eligibility requirements while providing quality of life for the individual receiving care. With increasing amounts of funds needed to pay for long-term care costs, families are planning now more than ever, 5 years in advance of when they will need care, due to the 5-year Look-Back Period required by Medicaid. This increased awareness of the financial impact of long-term care has created a demand for professionals who can assist families with preserving their assets.
Rise of Digital Estate and Password Management
As more families begin to plan for their online identities and estates, digital estate planning has become a popular trend. Elder Law attorneys are now working with clients to help them organize, secure, and manage their digital estates, including online account logins and passwords, and a full report of all digital assets. Without proper planning, families often cannot access their loved one’s crucial digital information after their loved one has passed away. Updated estate plans now include Digital Authorization and Password Management Clauses, which contain securely stored, encrypted passwords in an encrypted vault at the time of the individual’s death. This transition to digitally preserving and managing digital estates has given an entirely new meaning to estate planning.
Increased Use of Revocable and Irrevocable Trusts
Many older adults are now making it a priority to appoint individuals they trust to manage their finances and make medical decisions for them if they ever become incapacitated. There are now updated healthcare directives that address how older adults wish to be treated medically, their preferences for end-of-life care, and what type of long-term care they would like to receive. To ensure that all of these matters are handled appropriately, durable financial powers of attorney have become essential to maintain the proper management of your bills, taxes, and investments. With the increased realisation of how expensive guardianship proceedings can be, it is more important than ever to ensure that your decisions regarding financial and medical care are in line with your personal values and those of your family members.
The Finale
Today’s trends promote planning as early as possible, the management of digital assets, the need for preparing for long-term care, and increased family involvement. The combination of trusts, medicaid planning, health care directives, and protection from elder abuse will allow you to keep your assets safe while being able to make your own decisions concerning your personal and financial affairs. As society changes, early planning gives you and your family a better understanding of your future options and the best protection for you and your family. Consulting an Elder Law Estate Planner will allow you to develop a Legacy that is passed on for generations.