A Holiday Heart-to-Heart
Courtesy Leu & Peirce , PLLC
During the holiday season , we are reminded that the gifts we cherish the most don ’ t come wrapped in a box . Rather , it is the time we spend with loved ones that makes the greatest present of all . As you celebrate the holidays with friends and family , we encourage you to sit down with the seniors in your life to discuss their plans for the future . There is more to planning for the future than just an estate plan , and informing your loved ones about Elder Law topics will put them in control and give them peace of mind . After all , Elder Law is first and foremost about empowering seniors .
Elder Law is not a new type of law , but it is a relatively new way to bring several areas of law together to benefit a particular group of people – older adults . Elder Law services enable you to make your own choices and decisions about managing life as you age . Everyone wants to have some control over the future , and Elder Law helps people do just that . The main areas of Elder Law include planning for your living arrangements , financial wellbeing , healthcare options , and the ultimate disposition of assets . Helping seniors learn about these Elder Law issues may be the most valuable gift you give this year .
Opening a conversation about aging and care can be overwhelming . Consider starting with these important topics :
Housing – No one knows exactly what the future holds , but the key to feeling secure is to keep all of your options open . There are a wide range of living arrangements for seniors , from retirement communities to assisted living facilities to skilled nursing facilities . Some people want to stay in their own homes as long as possible and bring in outside help to make that possible . Others want the freedom from home maintenance that a senior residence community offers . Elder Law services can help you weigh all the options and make sure you have the right plans in place for the future .
Finances – Money matters can be especially complex for seniors . It ’ s important to plan carefully and preserve your assets for when you need them most . Will your Social Security , pension , or other retirement fund be enough to pay all of your expenses ? Will you be eligible for public benefits such as Medicaid or Veterans benefits ? Have you designated individuals to act on your behalf in financial and legal matters through a proper Durable Power of Attorney so your finances can be protected if you cannot act for yourself ? Elder Law encompasses all of these decisions within the context of planning for long-term care .
Health – Healthcare in the United States has become one of the most confusing and uncertain issues we face . If you have private insurance that covers medical expenses or long-term care , you need to be sure that changing laws and regulations won ’ t affect your coverage . If you rely
on Medicare and a Medicare supplement or , alternatively , a Medicare advantage plan to pay your healthcare costs , do you know what your benefits will cover when you need them ? Elder Law includes these issues , and can help you outline your wishes for health decisions through a Medical Power of Attorney and Advance Directives .
Disposition of Assets – Elder Law includes estate planning issues such as wills , trusts , special needs trusts , and property transfers . As time passes and circumstances change , it is often necessary to make changes to your plans to control the disposition of your assets during your lifetime and after you pass . Further , depending upon the government benefits for which you may be eligible , changes may be needed to ensure your long-term desires are met . Elder Law considers the importance of planning to preserve assets and maintain eligibility for public benefits .
As this holiday season approaches , consider having a heart-to-heart with your loved ones about these important Elder Law issues . The peace of mind for your family will be the gift that keeps giving for years to come .
Lori A . Leu , Erin W . Peirce , Lauren Olson , and Laura Chavero are Elder Law attorneys with Leu & Peirce , PLLC in the North Dallas area . They help clients sort through these issues every day and can be reached at 972-996-2540 .
DALLAS COUNTY Living Well Magazine | NOVEMBER / DECEMBER 2016
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