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What Is Elder Law?

Posted on May 4th, 2022

When performing long-term estate planning, there are numerous key issues that must be considered. One of these issues is elder law. As the population ages, the associated costs of healthcare and related issues can rise tremendously. These costs can cripple a retirement portfolio that has not taken them into account and can effectively ruin someone’s retirement or golden years with financial anxiety or little to no money. Elder law needs to be considered when planning an estate. Due to the numerous complications that can arise, it is often best to consult a professional familiar with elder law when estate planning.

What Is Elder Law?

The term elder law refers to “A field of law dealing with the unique legal issues facing older adults” according to thebalance.com. These legal issues are not comprised solely of healthcare matters, either. They may include healthcare but can also cover such issues as end-of-life decisions, abuse, estate planning and settlement, long-term care, and more. Adults who have high-risk family members, such as financially reckless children, children with disabilities, or who have high-value estates should definitely consider elder law when estate planning.

Who Should Consider An Elder Law Consultation?

Because of the fact that we all age, it is challenging to come up with a situation that could not benefit from an elder law consultation. Every single person, for example, may have to make complicated and difficult healthcare decisions. Long-term care can also become a major issue due to its cost. Because we all eventually die, we also have to worry about our estate and how our assets may be passed along. Add to these issues the potential for elder abuse or people looking to take advantage of the elderly and an elder law consultation becomes a no-brainer. It is important, therefore, for all who are or will perform long-term estate planning to take elder law into account and to understand how it may affect them as they age.

Elder law assistance can be found at numerous places. You can speak to a licensed attorney in your state or talk with a long-term estate planner. Don’t have an attorney? No problem. You can consult a group such as the National Elder Law Foundation for names of attorneys and basic information.

If you are currently or soon planning to make long-term estate plans, don’t forget to learn more about elder law. If you are simply interested in learning more or if you have already begun planning your estate, the professionals at Daily Mills Estate Planning can help. Give us a call today or visit us online at Daily Mills Estate Planning to begin the process and to ensure you keep what you have worked so hard to acquire.