As average life expectancy slowly climbs, more and more people will face issues that they had not considered when they were working and building toward retirement. The practice of what is known as “elder law” comprises several different subjects, and no case is typical.

The first aspect is estate planning, both from a financial point of view – how someone uses the assets built up during his or her career – and an estate point of view – that person’s will, whether there is a trust, and how those assets may be distributed to the next generation.

A second facet is how to pay for medical care. Individuals aged 65 or over receive most of their medical care through Medicare, but many people supplement this coverage with additional insurance to cover what Medicare does not. Illness or injury eventually may cause a need for home care or a move to a nursing home, which may in turn cause a need for guardianship. Additionally, if there is concern about the ability to pay for nursing home care, the protection of a Special Needs Trust or a Qualified Income Trust often can help an individual qualify for Medicaid, while permitting their assets to be used to supplement, rather than supplant, needs that are covered by the government or other sources.

Finally, it is important to plan for expected and unexpected healthcare and financial decisions. A power of attorney is vital for both for financial affairs and health care, and a directive to physicians will inform the doctors and the family about their wishes in the case of severe illness.
Of course, it is best to make these arrangements before they are needed. We help our clients prepare, starting with a comprehensive review of their financial plan. We will set up a plan that will ease the burdens on both our clients and their loved ones.

Use the contact form or call 281-635-7177 to arrange a no-cost, no-obligation consultation about any of these issues.