It is essential that all senior citizens or those approaching an older age make arrangements for the future. However, this process involves more than just setting up a will.
Effective elder care requires an in-depth examination of both your assets and your goals. This can culminate in the creation of legal documents that make your desires known and provide immediate peace of mind. Modern elder planning can bring immediate tax benefits, help provide for the long-term care of loved ones, and even help you qualify for government benefits.
A Mount Laurel elder law attorney may be able to help you with this process. Whether you are looking to create a plan from scratch or need to update existing documents, our skilled trusts and estates lawyers are ready to take your call.
Common Issues to Address with an Elder Law Plan
It can be helpful to think of elder planning as containing two separate categories. The first concerns what will occur after a person’s death. While this is never something that is pleasant to think about, it does comprise a vital part of protecting one’s family and heirs.
At the core of this planning is the creation of a will. A will helps parties to retain control over the probate process and nominate an executor who will administer the estate. A Mount Laurel attorney could draft documents that comply with state elder laws.
The second category concerns events that will occur before a person’s death. This kind of planning can lower a senior’s tax burdens, help them qualify for Medicare when moving into a nursing home, or authorize others to make decisions on their behalf. Typical documents that could help to achieve these goals include trusts and powers of attorney. A lawyer could identify a party’s unique goals and suggest the tools necessary to make them a reality.
Crafting Documents with the Desired Legal Effect
Having a comprehensive elder plan requires a person to carefully examine their needs and goals. A first step often involves measuring their assets. This is especially important when crafting a will. A will that does not specifically name assets or identify heirs could result in the probate court declaring that certain assets must follow the state’s rules concerning intestacy. This could result in a split estate or fighting over the inheritance.
Similar rules apply to the creation of trusts. Here, a party relinquishes ownership of property with the intent to transfer it to another at a future date. Specifically naming beneficiaries, trustees, and assets is vital to the proper administration of these legal documents. Finally, crafting powers of attorney that fit a specific purpose can reduce the chances of abuse by a holder of this authority. In short, an elder law attorney in Mount Laurel can work to identify a person’s needs and draft the documents necessary to give those needs the proper legal powers.
Let an Elder Law Attorney in Mount Laurel Take the Lead
Proper elder planning requires making arrangements for both the short-term and long-term. Effective planning can bring immediate tax benefits by transferring assets into trusts. This could also help you to qualify for Medicaid if the time comes to move into a nursing home. In the long-term, these plans could ensure that your chosen heirs receive the proper assets and that the probate process goes as smoothly as possible. Contact a Mount Laurel elder law attorney now and set up a consultation.