Elder Law Essentials: Legal Strategies for Aging Well and Protecting Assets

Around the time we reach middle age, we start to form a picture of how we want our golden years to look. Most of us envision an active, healthy older person living their best life. Traveling the world, enjoying long walks with our partner, and spending time with our children and grandchildren checks all the boxes of a fulfilling second act.

To live the life you’re dreaming of requires only two things: health and wealth.

It’s within reach if you have the proper knowledge. Fortunately, you’ve come to the right place.

Defining Aging Well

By 2030, 20% of the United States population will be 65 and older. This will have a considerable impact on our society and economy. While progress is being made in the development of a national plan for aging, our country is lagging far behind other countries in creating strategies to meet the challenges and opportunities brought forth by a large older demographic. Therefore, it’s crucial that you have your own plan for healthy aging.

There is a misconception that growing older is synonymous with declining health. Preventative measures include staying active and socially engaged, a healthy diet, and regular health exams. 

It’s also essential to be prepared for potential hospital stays and the need for skilled care. Addressing gaps in healthcare and purchasing long-term care insurance can help ensure you receive quality care without draining your finances.

Laying the Legal Foundation for Protecting Your Assets

Creating an estate plan is the key to protecting your assets and preserving your legacy. In addition to a will that dictates the distribution of your assets to be distributed after you pass away, a well-crafted estate plan should include the following:

• Trusts offer you flexibility and control in managing your assets. This involves placing your assets into the care and management of a neutral party for the benefit of a third party. Trusts can help your estate to bypass the probate process. In addition, some trusts protect your assets from creditors and lawsuits.
• If you become incapacitated, a power of attorney allows a trusted individual to handle your financial affairs.
• Advanced directives dictate your preferences for end-of-life care and medical interventions.
• Healthcare proxies are trusted individuals who make medical decisions if you can not.
• Medicaid planning protects your assets while allowing you to qualify for benefits.

What is Elder Law?

Older adults have unique needs, and elder law focuses on the areas of estate planning and asset protection. The goal of elder law is to ensure financial stability as we age by addressing issues such as:

• Long-term care planning
• Asset protection
• Medicaid eligibility
• Protection from financial exploitation
• Aging with dignity

At Lonich Patton Ehrlich Policastri, we have the knowledge and experience to help you navigate the legal complexities related to aging. Our caring attorneys will work with you to provide strategies tailored to your individual needs.

Contact us at 408-553-0801 to schedule your free consultation and learn how we can create a plan that protects you and your assets.

Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.