As people age, there are certain medical, financial, and personal considerations that they must plan for. This is the basis of elder law, a specialized area of law that allows elders to make important decisions and manage their affairs in a manner that is legally enforceable. A number of tools such as wills, power of attorney, and trusts can be used to protect one’s property as they get older. It is important to work with a Nevada elder law attorney when drafting these documents to ensure that they provide the intended protection.
Understanding Elder Law
Elder law is a legal area that places a focus on the many needs the elderly face. Elder law deals with many issues that affect older individuals, including veteran healthcare benefits, Medicaid, wills and trusts, or drafting power of attorney documents. Typically, elder law involves financial matters and estate planning, but it is also a legal area that addresses family structures and medical concerns.
The term ‘elder’ is somewhat deceiving because it is important people start planning for their later years early, before they become senior citizens. There are many reasons it is important to start planning early. The first is that no one knows what the future will bring. At any moment, individuals may face unexpected situations and leave individuals unable to make decisions for themselves. In these cases, it is critical to have a power of attorney, trust, or will in place.
Additionally, many long-term healthcare benefits available through Veterans Affairs or Medicaid are dependent on a person’s assets. For example, when applying for Medicaid, the agency will look back at the past five years of an individual’s assets to determine if they transferred assets so they would qualify for Medicaid. Creating an estate plan well in advance can ensure that individuals can access benefits easier and faster.
It is important to work with a Nevada elder law attorney when drafting an estate plan. An attorney can ensure your estate plan is comprehensive and covers all of your needs. An attorney can also make sure documents are drafted properly so they provide the protection you need.
Elder Law Services
There are many services a Nevada elder law attorney can assist with. These include:
- Wills and trusts: Wills and trusts are two of the most important tools created in estate planning. Both help distribute a person’s property to their beneficiaries after they pass away. Wills and trusts are vastly different, though, and they operate very differently. For example, while a will must go through probate, property held in a trust does not.
- Advance directives: Advance directives designate someone else to act on behalf of another person in the event that they cannot make decisions for themselves. A durable power of attorney can give someone else the authority to make medical and financial decisions for another person while a living will allows someone else to make medical decisions for another person.
- Asset management: There are times when a person needs Medicaid benefits. For example, these benefits can help cover the cost of long-term care if a person needs to be admitted to a nursing home. Individuals only qualify for these benefits if they meet strict wealth, income, and asset requirements. A Medicaid irrevocable trust can hold property so it is not considered when applying for benefits.
- Guardianship: When individuals are no longer able to make decisions for themselves, the court may appoint a guardian to care for them and manage their finances. Individuals can appoint a guardian for themselves in advance, ensuring that they have a say in who will take care of their affairs. Failing to appoint a guardian in advance means the court will make the final decision, and this may not align with the individual’s wishes.
It is critical to work with a Nevada elder law attorney who can ensure the above tools are drafted properly and enforceable by the courts.
Call Our Elder Law Attorney in Nevada Today
It is easy to delay planning for the future, but it is critical that you do not. No one knows what the future holds and without proper protection, your well-being and property may be at risk. At Boyer Law Group, our Nevada elder law attorney can provide the legal advice you need and draft your estate planning documents so you and your future are protected. Call us now at 702-255-2000 or contact us online to schedule a consultation and to learn more about how we can help with your case.