As an adult child, it is usually heart-wrenching when you realize that it may be time to consider petitioning for conservatorship over a parent. Many adult children feel that becoming a legal conservator will be viewed as taking away a parent’s independence and freedom. What you need to consider though, is that if you don’t petition for conservatorship you may be leaving your parent at risk for serious injury or financial exploitation. While it may be difficult to think of in this way, the … [Read more...] about Is it time to consider petitioning for conservatorship over my parent?
Can caregivers benefit from the assistance of an elder law attorney?
Absolutely! In the United States alone, family caregivers provide billions of hours of unpaid care to elderly loved ones every year. Caregivers often face legal, financial and emotional obstacles and hardships as a result of the time and energy they devote to caregiving. An elder law attorney can often help caregivers with things such as securing government benefits, petitioning for guardianship, or providing advice when elder abuse is suspected. … [Read more...] about Can caregivers benefit from the assistance of an elder law attorney?
What types of legal issues fall under the category of “elder law?”
Unlike attorneys who focus on other specialized areas of the law, an elder law attorney does not strive to become an expert in one narrow area of the law. Instead, and elder law attorney focuses on how various areas of the law impact the elderly and those who care for them. Some common legal issues an elder law attorney might handle include: Health insurance issues Petitioning for, or objecting to, guardianship Appealing a denial of disability Housing discrimination … [Read more...] about What types of legal issues fall under the category of “elder law?”
Do elder law attorneys have any special education or certification?
The National Academy of Elder Law Attorneys, or NAELA, was formed in the late 1980s as a way to better serve this growing segment of the population. Five years after the creation of NAELA, the National Elder Law Foundation was formed. The purpose of the non-profit NELF was to help improve the professional skills of attorneys who choose to focus on elder law. Toward that end, NELF then developed a national certification program for attorneys known as the Certified Elder Law Attorney, or CELA, … [Read more...] about Do elder law attorneys have any special education or certification?
What is elder law?
As the elderly population began to grow several decades ago, it started to become clear that the legal issues that impact them needed to be addressed. Consequently, the relatively new area of the law known as “elder law” began to evolve. An elder law lawyer, therefore, is a lawyer who has chosen to focus much, or all, of his/her practice on legal issues that impact the elderly and those who care for them. Unlike other areas of specialty, however, an elder law lawyer does not focus on learning … [Read more...] about What is elder law?
Are there examples of asset protection strategies I might want to consider?
The asset protection tools and strategies you use in your plan will be as unique as your overall plan is; however, some common asset protection strategies include: Gift and estate taxes – the key to avoiding (or diminishing) estate taxes is to decrease your taxable estate. One commonly used tool for accomplishing that goal is the annual gift exclusion. This tool allows you to make gifts valued at up to $17,000 in 2023 (or $34,000 if you gift-split with a spouse) to an unlimited number … [Read more...] about Are there examples of asset protection strategies I might want to consider?
Can the way I title an asset help protect the asset?
Care should always be taken when deciding how to hold title to property that is jointly owned. Each state determines what types of joint ownership are recognized and to what extend the owners are protected from claims against co-owners. Certain types of joint ownership protect each owner from claims or liens of the other owner(s). With other types of joint ownership, however, your interest in the property could be at risk because of a lien or claim filed against the co-owner(s). Make sure you … [Read more...] about Can the way I title an asset help protect the asset?
Will a trust protect my assets?
You may have heard a lot about how a trust can be used to protect assets. It is true that certain trusts can protect the assets held by that trust; however, it must be the right type of trust and the trust agreement must be properly drafted. One type of characterization of trusts is testamentary trusts and inter vivos (living) trusts. Testamentary trusts do not activate until the death of the Settlor whereas a living trust activates when all elements of formation are complete. Living trusts can … [Read more...] about Will a trust protect my assets?
What is “asset protection” and how can it help?
Asset protection refers to the tools and strategies incorporated into an estate plan to prevent various threats to your assets from causing you to lose some, or even all, of your assets. An asset protection attorney will evaluate your estate plan and look for areas where your assets could be vulnerable and then suggest tools and/or strategies that will help protect those assets. … [Read more...] about What is “asset protection” and how can it help?
What are those less well-known threats?
The key to preventing harm is knowing about the possibility of that harm so you can plan accordingly. As such, it is the threats you may not have thought about that could do the most harm. Have you considered, for instance how the divorce of a beneficiary could impact your assets? If your daughter and son-in-law decide to end their marriage, and you already gifted assets to your daughter, your son-in-law could end up with those assets in the divorce. The high cost of long-term care (LTC) is … [Read more...] about What are those less well-known threats?
