Wednesday, June 12, 2013

The Important Facts Regarding Elder Law

By William Howe


Elder law is the legal term used in the United States that refers to the legal area that is focused on issues that impact the aging population. There are three main categories that make up this law: administration and estate planning; disability, Medicaid and other long-term care arrangements; and commitment matters, conservatorship and guardianship. Elder law planning is important for the older society and should be considered by all.

There are several other important issues that fall under this categorization, such as: trusts; protection against fraud, neglect and abuse; wills; end-of-life planning; retirement planning; mortgage and real estate assistance; Social Security benefits. As individuals grow older in age, they are faced with many different obstacles that can prove emotionally and financially draining. Numerous businesses are available to help individuals plan their future.

Lyndon B. Johnson, former US President, signed the Older Americans Act or OAA, in the 1960s. Medicare was formed in 1965, the same year of the OAA signing. OAA is what led to the AOA, Administration on Aging, which is a division of the Department of Health and Human Services. These acts have been the stepping stones for other similar programs and services geared toward the aging population.

Planning, of this kind, is essential for improving life quality. As people age, they often become more dependent on help from others. Still, it is suggested that people make sure they are as prepared as possible for what may come. Residential care and medical treatments can be costly, particularly for people who rely on government aid and do not have a steady working income. Money that has been set aside for emergencies and retirement may be used quickly.

The anticipation and arrangements of estate disposals is estate planning. This terminology is associated with elder law, which includes long-term care and other similar provisions. The reality is that everyone will die at some point and though it is an uncomfortable reality, it should be addressed and planned for as best as possible.

Beneficiaries may be unable to receive what is left to them, if a person does not do proper planning. This may be because of unnecessary taxes, administration costs, or fighting among heirs. Estate planning is crucial, regardless of how small an estate is. It guarantees that the property will be given to the people to which it is intended. Furthermore, it can help individuals save on taxes, attorney fees and court costs. Loved ones are able to mourn the loss of a person without being burdened with the stresses related to financial confusions.

All such plans should have, at a minimum, two main elements: a will and a durable power of attorney. The attorney helps manage the property while persons are still living, if they are unable to do it themselves. The will is beneficial after death, managing and distributing the property as preferred.

It is important for all aging individuals to work with professionals for elder law and estate planning. These can eliminate unforeseen stresses that come with old age and even death. Regardless of how much or how little a person has, successful planning has the best intentions for the aging individual.




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