When considering elder law matters, we discuss your future and legacy. For this reason, if you’re looking to preserve your legacy and ensure you’ll be taken care of towards the end of your life, it’s paramount that you hire a seasoned elder law attorney to guide you through the process and to ensure all your bases are covered. Contact our Butler County, Pennsylvania firm to learn about some of elder law’s most important components.
What is Elder Law?
Elder law is a branch that hones in on legal issues affecting older individuals. Some of the larger areas of elder law include disability and special needs planning, long-term care planning, estate planning and settlement, guardianship or conservatorship, and more. Our team of knowledgeable estate planning attorneys and professionals have several years of experience helping clients understand their options and implement sophisticated elder planning strategies. Our services in this area include asset protection, caregiver agreements, guardianship, life estate deeds, Medicaid planning, and more.
What is Guardianship?
Most people imagine they will be capable of managing their lives without the assistance of others. However, it is important to recognize that this is not always the case, so establishing an adult guardianship may be one of the best decisions someone can make. This can also help those who would like to create guardianship for a child in the event that something happens to one or both parents.
What is a Power of Attorney?
A power of attorney is an important element of any estate plan. There are several options when it comes to drafting a power of attorney, depending on your needs. A skilled legal team can help you determine what works best for your circumstance, whether a power of attorney is related to finances or healthcare.
The financial power of attorney is by far the most important document you can have in your estate plan. Financial powers of attorney are typically referred to as durable, which implies that if you become incapacitated, it is still effective. Powers of attorney can be effective right away, or they can become effective sometime in the future, known as a springing power of attorney.
Health care directives usually referred to as a health care power of attorney, health care proxy, or health care agent, can be split into two parts. The first part is a health care power of attorney, which allows someone to make medical decisions on your behalf should you lose your mental capacity. The second part of the health care directive is the living will. If you were in terrible shape, the living would become the guide. Your health care power of attorney reads this rule book should you never be able to regain the ability to make decisions moving forward.
What’s a Caregiver Agreement?
Suppose a loved one requires a professional caregiver. In that case, an agreement must be put in place to document any expenses or care so the family can keep track of everything happening. Caregiver agreements are usually used when a loved one receives out-patient care, insinuating that they are not in a nursing home or another residential facility. An attorney can help ensure your loved one receives all the assistance they need.
What is the Importance of Medicaid Planning?
Medicaid benefits can assist aging individuals in ensuring they get the health care they need without worrying about overwhelming costs. However, not everyone is qualified to receive these benefits. To ensure you qualify, it is important to plan for Medicaid benefits years in advance, which may need asset restructuring or early inheritances. A dedicated legal team can evaluate your estate and help you obtain the benefits you are entitled to.
What is a Life Estate Deed?
A life estate deed provides a partial interest for the remainder of your life on somebody else’s property. It is a powerful tool to transfer property ownership while guaranteeing that your family cannot remove you from your home. This is a safer option than selling or transferring the house to a family member. It also permits the person buying or selling the life estate deed to appropriately and adequately allocate who pays the real estate taxes and utility costs on the property without having issues down the road in achieving benefit eligibility or medical assistance. Life estates can also be used to lower penalties and transfer property at a reduced value. We usually refer to a life estate when dealing with these issues.
What is the Importance of Asset Protection?
Anything can happen, and with your future’s ability to change in the blink of an eye, it is important that you are prepared for anything life throws at you and your family. It would help if you were sure to protect your hard-earned wealth from anyone with dishonorable intentions. As you create an asset preservation plan, some of the many factors that should be considered include family-limited partnerships, foreign annuities, private placement insurance, and trusts to preserve assets. Some common problems that can arise unexpectedly and pose a threat to your wealth include divorce, debt claims, lawsuits, failed business ventures, and more.
Contact a Butler County Elder Law Attorney Today
At Heritage Elder Law & Estate Planning, our skilled attorneys are committed to helping our clients take control of their future with our tailored elder law, estate planning, and probate services. Our firm acknowledges that every family is unique and that individual circumstances and family dynamics should be considered when considering future estate planning. Whether you are facing matters involving estate planning, estate administration, or elder law, you will benefit from retaining the services of an attorney equipped with the knowledge and experience required to represent your best interests. Our legal team is just that. Contact us today to get started. We are ready to help you.