Elder law attorneys work with clients who are preparing for their senior years. There are some unpleasant realities that you should confront in advance when you are looking ahead toward the future, because these eventualities can be all the more challenging if you are completely unprepared.
Everyone has heard of Alzheimer’s disease, but the full extent of the impact is something that may surprise you. This disease strikes around four out of every 10 people who are at least 85. This figure is provided by the Alzheimer’s Association, which is an organization that does a lot of fantastic work educating the public about this disease.
It is increasingly likely that you will in fact live into your eighties, and perhaps beyond, so this statistic is quite relevant to all of us. Between 2000 and 2010, the segment of the population that was between 85 and 94 years old grew faster than any other according to the United States Census Bureau. If you reach the age of 65, it is statistically likely that you will live into your eighties.
These Alzheimer’s figures should certainly get your attention, and Alzheimer’s is not the only cause of incapacity. Elder law attorneys help people react in a couple of different ways. Incapacity planning is part of the equation.
You can name representatives to act on your behalf in the event of your incapacitation through the execution of durable powers of attorney. When you have hand-picked decision-makers in place, people that you know and trust will be able to act on your behalf if it becomes necessary.
Long-term care is another consideration that elder law attorneys focus on. Medicare does not pay for living assistance, and most people will need help with their day-to-day needs, with Alzheimer’s disease being a major factor.
Medicaid is the solution for many, because it does pay for long-term care, but it is a need-based program. To qualify, you may have to divest yourself of assets in an intelligent and informed manner, but you may be able to keep resources in the family.
Elder law attorneys help people plan ahead with future Medicaid eligibility in mind. If you take the right steps, you can preserve resources for the benefit of your loved ones and get the long-term care that you need if and when you need it.
When you pragmatically accept the widespread nature of Alzheimer’s disease, you can see that it would be wise to plan ahead so that you can brace yourself for this contingency if it was to arise. Our firm would be glad to assist you if you would like to take action.
We offer free consultations, and you can send us a message through our contact page to set up an appointment: Grand Forks ND Elder Law Attorneys.
- Updating Your Life Insurance - September 29, 2022
- What’s Estate Planning Got to do with Interest Rates – Part II - September 27, 2022
- What’s Estate Planning Got to do with Interest Rates – Part I - September 22, 2022