Elder law attorneys focus on the laws that affect the elderly. However, elder law attorneys are not only for the elderly. People of all ages who want to ensure their loved ones are cared for after they are gone and who want to plan for a stable financial future can benefit from working with elder law attorneys.
Parman & Easterday has extensive experience in the field of estate planning, Medicaid planning, retirement planning, and asset protection. These areas of law are areas that apply to everyone, as anyone could get sick or pass away unexpectedly and everyone needs to save money and create a nest egg for their golden years. No matter how old you are, if you want to get comprehensive advice on achieving financial security for yourself and your loved ones, we can help you. Give our elder law attorneys a call now to learn more about the assistance we can offer.
How Elder Law Attorneys Protect People of All Ages
Many of the laws and legal issues that elder law attorneys focus on include issues of importance to everyone. A stroke or serious illness that leaves you unable to care for yourself could result in you going into a nursing home. According to a 2013 Genworth Cost of Care Survey, the median annual rate for Oklahoma and Kansas nursing homes was just under $60,000 for a semi-private room and significantly more for a private room. Some nursing homes can be much more expensive.
A serious illness or injury could leave you incapacitated at any age, unable to communicate your desires regarding the kinds of medical care you want to receive. This could leave your family fighting over whether to provide life-extending emergency medical care even though your quality of life has been reduced due to your serious injury or debilitating illness. You don’t want them wondering about your wishes–you need to make them clear now while you still can.
Elder law attorneys help you address these issues and other important matters that can affect you or your family during a difficult time in your life. Some of the ways in which elder law attorneys provide assistance that benefits people of any age group include the following:
- Creating a last will. Creating a will may be even more important for younger people than older people, because you are more likely to have kids under 18. If your children are minors, you need to name who will be their guardian and who will manage their financial resources if you pass away.
- Developing a retirement plan. For seniors, the focus is on making a nest egg last. For younger people, the goal is to determine how much to save and how retirement accounts should be structured to maximize tax benefits.
- Ensuring nursing home care costs can be covered. Nursing home care can become necessary any time someone is incapacitated or injured. Nursing care can be temporary or permanent. You should consider purchasing long-term care insurance, which is less costly when you are younger. You may also benefit from Medicaid planning which shields assets and allows Medicaid to pay for some nursing home care. Medicaid planning should be done five years before you enter a nursing home, although it can be done at any time. The sooner you create a plan the more protection you will achieve.
- Creating a living will and advanced directives. Anyone can get hurt or sick and become incapacitated at any time. If you do, as we noted above a living will allows you to specify the medical care you want and do not want to receive. A healthcare power of attorney allows you to name who will make health decisions for you, while a general power of attorney allows you to name someone to manage your affairs.
These are just a few examples of how elder law attorneys can help you. When you are represented by a skilled and experienced lawyer, he or she will tailor the planning to meet your specific goals and needs.
Contact Our Elder Law Attorneys to Learn More
Parman & Easterday helps many seniors plan for the end of their lives and their legacies, but we also represent many young individuals and families who want to be proactive in building wealth and securing their futures. When you want guidance on protecting your assets and controlling your destiny regardless of what the future holds, we are here to help. Give us a call at (405) 843-6100 or (913) 385-9400, or contact us online to speak with elder law attorneys with the knowledge and experience to help you create a solid future plan for any eventuality.
Latest posts by Larry Parman, Attorney at Law (see all)
- Clarity is Key to Planning & How Tom Petty Could’ve Done It Better - July 18, 2019
- Why Crowdfunding May Cost You Medicaid Eligibility - July 16, 2019
- Beneficiary Designations, etc., Aren’t a True Substitute for a Trust - July 11, 2019