The US Census Bureau predicts that by 2035, there will be more Americans over the age of 65 than children. By 2060, the number of Americans over 85 will triple. With America’s population aging, the demand for estate and elder law planning is also increasing. This area of law encompasses a broad range of services and specialties. Speaking with an experienced lawyer can help you create a secure plan for yourself and your estate.
1. When to Hire an Elder Law Attorney
While estate and elder law planning are essential for older adults, these issues can also impact younger adults. Life is unpredictable, and this means that any adult at any age can benefit from elder law planning. Consider speaking with an elder law attorney if you have assets. You need a plan to protect yourself, your property, and your finances should you require custodial care or a guardian. This could happen due to an injury, stroke, or other medical condition.
2. Elder Law Planning vs. Estate Planning
While many people refer to these two services interchangeably, they are different. Both legal areas are essential for creating a plan for your future and ensuring the protection and transfer of your assets. In Florida, estate planning typically includes preparing documents for the transfer of your estate after your death. For example, a will, trust formation, power of attorney, tax planning, and probate. The idea is to ensure that your estate gets handled in a manner that aligns with your wishes after you are no longer here to voice those wishes.
In contrast, elder law planning aims to protect you and your assets when you require guardianship or care. This could include a plan for long-term care, such as in-home care or transition to a nursing home. It could also include Medicaid planning to ensure the costs of your care are covered. It could also ensure that the benefits available are obtained, such as Social Security, Veterans, or pension benefits. Finally, elder law planning aims to protect the individual from potential abuse risks.
3. States Can Have Conflicting Elder Laws
Florida is a popular state for those seeking warm weather and a slower pace of life in retirement. However, this can lead to legal complications. If you have a plan from your previous home state, consider having it reviewed by a Florida elder law planning attorney. Thanks to the Older Americans Act of 1965, many applicable elder laws are the same nationwide. However, it does not cover everything. Many elder laws still vary significantly from one state to the next. Without proper review, you may find that your documents are not enforceable in Florida. Speaking with a Florida elder law attorney can help ensure that your elder care and estate plan are compliant and complete under Florida law.
4. What Happens When There Is No Elder Plan
Not having a plan can put you, your family, and your estate in a precarious position. Medical staff will not act on someone’s direction without the proper legal documents authorizing them. This could leave you in limbo while your loved ones seek to obtain the necessary documentation to ensure you receive the care you need. You are at greater risk of elder or financial abuse without someone overseeing your care and property management.
If you require guardianship, your family must seek legal approval to step into this role. A family member will file with the court to be named your guardian, then a circuit court judge will decide. This means that someone other than your preference could become your guardian. Once the guardianship is named and filed, power of attorney gets suspended, and healthcare surrogates could be restricted.
5. DIY Elder Planning
While creating your own elder plan is possible, this isn’t a recommended approach. While the documents and forms are available online, this is only one small piece of the puzzle. Elder law planning is a holistic approach, and with that, it requires a broad understanding of the law. Doing your own plan could result in you inadvertently preparing contradictory documents or leaving out crucial documents. The law is also continually changing. This means that a once enforceable form may no longer be. Using old forms may render your entire plan useless because they do not meet the current legal requirements.
Start Your Elder Law Planning
Whether you are old or young, it is never too early to start elder law planning. By having a plan, you can protect yourself, your estate, and your loved ones. Speaking with an elder law planning lawyer can help you understand your options. They will work with you to take a holistic approach to your plan to protect you and your wishes.
Schedule a consultation with one of our knowledgeable attorneys to start your elder law planning.
