As people get older, they often find themselves facing several challenges. Many of these are legal and financial issues you might not experience or consider when you are younger. While addressing these issues can feel daunting, Elder Law Florida may guide many of your decisions.
This post will look at common legal issues older people face. Along with covering these issues, we will also address some of the solutions.
Elder Law Florida: Protecting the Rights and Finances of Seniors
Estate Planning
Estate planning is one of the most important legal concerns for seniors. Specifically, you may want to make plans to distribute your assets upon your passing. Having a will is one of the basic steps in estate planning. However, some seniors may also choose to set up a trust. Trusts can be valuable for protecting assets and avoiding probate.
Incapacity Planning
What happens if you are incapable of handling your affairs? That is where incapacity planning can help. With incapacity planning, you ensure people follow your wishes in the event of incapacity. For example, you should establish a durable power of attorney for financial matters. Other important considerations include appointing a healthcare surrogate and advanced directives.
Housing and Real Estate
An individual’s housing concerns may change as they get older. For example, there is the question of aging in place or moving to a senior care facility. If the person moves to senior care, there may also be the question of what to do with their home. Elder Law attorneys and geriatric care managers can help seniors and their families navigate these issues.
Long-Term Care
Long-term care planning may address many of the housing issues seniors face. With long-term care planning, you consider the many options for senior care. Additionally, you assess the senior’s financial state and ways they may fund care. Beyond assessing retirement income, you may consider options like long-term care insurance. An asset protection trust might also help with Medicaid eligibility.
Funeral Planning
Many of us have specific wishes for our funerals and what will happen to our remains when we die. Seniors must plan if they want to ensure their heirs follow these wishes. One way to do this is to include your wishes in your will. You could also create a separate document outlining your funeral wishes. Having life or funeral insurance can also ensure the funding of your funeral.
It is important to note that many of these issues vary depending on the individual. Seniors and their families should consult an elder law attorney for help. Along with that, it should be an ongoing process. You should review and update documents as needed.
