Our North Carolina Elder Law Attorneys Can Help You Prepare for the Challenges of Aging
Imagine navigating a maze where the walls keep shifting, and the stakes are your life savings and future well-being. That's what dealing with elder law issues can feel like without the right support.
At Carolina Family Estate Planning, we speak the language of later life. Our North Carolina elder law attorneys are part legal eagle, part financial guru, and part family counselor. Whether you're trying to protect your nest egg from the crushing costs of long-term care, or ensuring your wishes are respected when you can no longer speak for yourself, we can help you peer into the future, anticipate challenges, and set up safeguards today that will protect you tomorrow.
What Is an Elder Law Attorney?
Elder law attorneys focus on the unique needs of senior citizens. These attorneys typically have in-depth knowledge beyond the expertise of general-practice attorneys in the following areas:
- Long-Term Care Planning
- Medicaid Planning
- Veterans Aid and Attendance Pension Benefits
- Special Needs and Crisis Planning After Sudden Health Events
With the goal of Asset Protection, an elder law attorney can combine their detailed knowledge in these areas with estate planning tools (such as wills and trusts) to meet the needs of their client.
Elder law differs from other areas of the law because of the needs of the client, rather than the specific area of law, define it. Attorneys working in this field know the physical and mental difficulties that often accompany aging. They realize that wishes for their health care and how their assets should be passed on are extremely personal decisions for clients that take a great deal of consideration. They help them work through difficult questions such as “do I want to be put on life support if I stop breathing?” These types of questions are not necessary to create a simple will and are often not even asked by a general attorney, but your elder law attorney will use them to create a set of instructions for your family’s use when they are faced with such difficult decisions.
Long-Term Care and Medicaid Planning
Medical advances have made it possible for people to routinely live into their 80s and 90s. Increased lifespans also mean that over 70% of people who are alive today will need some form of long-term care in their later years. These facilities range from in-home care to nursing homes to senior apartments. They cost anywhere from $30,000 to $100,000 a year, or more. A long-term care plan proactively allows you to determine which type of facility is right for you and it financially prepares your estate for the cost.
Elder law attorneys often hear rumors that get passed around about Medicaid, such as the best way to protect your assets is to give them away to a family member three years before you anticipate entering a nursing home. Often these rumors are incorrect or distortions of the rules. The truth is that there is no one-size-fits-all solution when it comes to estate planning. Your income level and assets will affect your eligibility for government benefit programs. Meeting with an elder law attorney today can help you to structure your estate in a way that will protect your assets but still allow you to qualify for assistance benefits if needed such as Medicaid.
An elder law attorney will help you design a plan that addresses two main issues. First, a nursing home might not be the best fit for you. An elder care attorney can guide you through the various options available. Second, if you improperly gift your assets to family members, then you can disqualify yourself from assistance benefits and you may incur significant tax penalties. Consulting with an elder care attorney will ensure your assets are properly protected and prepare you for the future.
Crisis Planning After Major Health Events
If you are disabled or suddenly unable to make decisions for yourself, your spouse or children are not automatically able to make decisions on your behalf. This legal reality often comes as a shock to many families, leading to unnecessary stress during an already difficult time. Without proper planning, your loved ones may find themselves powerless to help you when you need it most.
This is why it is important for every adult to create a durable power of attorney. This legal document allows you to delegate your personal, financial, and medical decisions to an agent in the event that you become incapacitated. You can determine who the agent is and how much decision-making power they have. This flexibility allows you to tailor the document to your specific needs and comfort level. You might choose to give broad powers to a spouse or limit the authority of an adult child to specific areas of your life.
If you are incapacitated without this document, no one can legally act on your behalf until the court appoints a guardian. This court process is often time-consuming and costly, potentially depleting resources that could be better used for your care. Moreover, there is no assurance that the court will pick the same individual you would have chosen. The court-appointed guardian might be someone unfamiliar with your wishes or values, potentially making decisions that you wouldn't agree with.
By working with an elder law attorney to create a durable power of attorney, you're not just planning for yourself—you're also protecting your family from added stress and uncertainty during a crisis. It's a powerful tool that ensures your voice is heard, even when you can't speak for yourself.
Elder Law Attorneys Can Help Everyone, Not Just Senior Citizens
An elder law attorney can help you plan for your future, even if you are years away from entering your golden years. The two primary benefits of consulting with an elder law attorney are simple:
- You can proactively create a plan for any long-term care you might need in the future. This involves strategizing how to afford potential care needs without depleting your assets. An elder law attorney can help you explore options like long-term care insurance, Medicaid planning, and asset protection strategies to ensure you're prepared for whatever the future holds.
- You can make a plan that takes effect should you become disabled that also meets your standard financial and estate management objectives. This includes setting up powers of attorney and health care directives to ensure your wishes are carried out if you're unable to make decisions for yourself. Additionally, an elder law attorney can help you structure your assets and estate in a way that provides for your care while still preserving wealth for your heirs.
Our Elder Law Attorneys in Cary, NC Are Ready to Answer Your Questions
If you have any additional questions about how our elder law attorneys in Cary, NC can help you or if you are ready to get started, please call our office at (919) 443-3035, reserve a seat at an upcoming seminar, or contact us online. At the end of the call, you’ll know the next step, and at a minimum, we’ll point you in the direction of resources that can help you. Our goal is for you and your loved ones to have peace of mind and a pleasant ongoing journey.
