While many of us never want to fathom the thought of losing an elderly parent or relative, it’s the job of the rest of the family to make sure that all loose ends are tied up prior to any unforeseen event. So if you’re sensing that the time may be soon coming, or if you just want to get things in order prior to any unforeseen event or circumstance, now might be the time to seek the counsel of an elder law attorney to handle matters with any elderly loved ones.
An elder attorney specializes in practicing law with senior citizen populations, covering every aspect of planning, counseling and advocating for clients. For example, an elder lawyer can handle such things as estate planning, power of attorney, living wills and financial planning to ensure that, when the time comes, things are as seamless as possible. Elder attorneys also handle things such as retirement issues and resident rights in facilities such as nursing homes and assisted living complexes. Hiring an elder law attorney can help give you the reassurance that your elderly loved ones are being treated fairly and honestly, plus the peace of mind that there won’t be any unfinished business if things happen to take a turn.
Preparing the will of your parents or elderly loved ones is never easy to think about, and can be even more difficult to carry out. But consulting an elder law attorney today could save you time, money and stress and frustration in the long run. What’s more is that such a process isn’t extensive. It’s easy, fast and relatively low-cost, in terms of other legal services. You just need to take the time to do it.
A power of attorney is a document that gives a designated person known as an “agent” or “attorney-in-fact” authority to act on behalf of another person (principal) with respect to specific assets, financial and legal decisions. A power of attorney can be limited in scope or broad in scope. If it is broad in scope it is known as a general power of attorney. The power of attorney should contain the language to keep it in effect while the principal is incapacitated, but should be prepared while the person is still competent. Each power of attorney must conform to the laws of the state. It is best prepared by an elder law attorney or estate planning lawyer with experience in elder law. In a power of attorney, a Massachusettes elder law attorney should identify the desired persons to have authority to act on behalf of the principal. The document should detail powers related to long-term care planning and government benefits like Medicaid and veteran’s benefits. The document should also be tailored to specific kinds of assets owned by the principal.
Your estate planning lawyer will help you decide whether your unique situation requires an immediate or a springing power of attorney, which means it is triggered by the incapacity of the principal. Keep all powers of attorney in an accessible but relatively secure location that the agent can access when needed. A copy and/or the original should be kept on file in the office of your elder lawyer. The power of attorney automatically terminates on the death of the principal.
A large number of American’s don’t have enough money saved for retirement, so it’s important to find ways to keep earning and saving well into retirement. Here are four ways that can help you keep a large portion of your nest egg in tact.
Have A Retirement Plan
It’s important to create a plan for how you’ll spend and earn money during your golden years. You’ll want to work with a trusted professional to decide which types of investments, such as stocks, bonds and annuities, are best for your income needs and have a purchasing plan. A Massachusetts elder law attorney can help you develop a legal document that outlines your preferences for how your investments should be handled if you become unable to manage them.
When you get tired of watching television, have played your tenth round of golf in a week or just need more interaction with people, consider taking on some work to bring in extra money that you can spend or use to invest. A Massachusetts elder attorney can help you with the legalities of starting a small business such as doing lawn care or cooking for busy parents.
Rent Out A Room
If you haven’t downsized the home in which you raised your family, consider renting out extra rooms, storage or garage space to earn extra cash each month. An elder attorney can help you draw up legal documents for you and your tenant to sign.
Create A Will
You’ve worked so hard to create wealth, it would be a shame to see it all disappear to taxes. Let an estate planning attorney help you make a will so that your assets can be divided among your heirs. A probate lawyer can explain this process and how you can preserve your assets by having legal documents prepared.