The average human life expectancy continues to rise, thanks to advancement in medicine and healthcare technology. The invention of vaccines has wiped many life threatening diseases from the face of the earth. People with complicated medical conditions can live a long life by using drugs for managing symptoms. Today, a whopping 16% of the U.S population is 65 years of age or older, so it is understandable that a separate branch of law exists to cater to their needs. Aging is a natural process, and everyone hopes to live comfortably in their golden years. Elderly people are susceptible to decline in physical and mental health, as well as financial problems. Estate planning for old age is fundamental to ensure that your health and assets are managed according to your wishes.

Elder Law Attorney in Woodbury, NY, can help you take care of all kinds of matters relating to estate, healthcare, retirement, etc. in a way that is in the best interests of your loved ones and you. Hiring an experienced attorney is a sound decision when dealing with or concerned for the following situations:

Retirement Plan

Many of us look forward to retirement when we can forget about work and relax for the rest of our days. However, the thought of retiring can turn into a nightmare if you are not sure about how you will afford day-to-day expenses and healthcare without a paycheck. Do you have a retirement fund or guaranteed pension to support a work-free life? Do you qualify for social security benefits? Your elderly law attorney will help establish a retirement plan that has everything covered.

Managing a Business and Trusts

If you are self-employed or run a small business, you may wish to make it your family’s legacy. Transferring the ownership of your business is not the same as designating beneficiaries to the rest of your material assets. You will need to put together a business succession plan and protect your personal assets while you make this happen. 

Matters of Inheritance

If your golden years have begun, but you have not made any progress on an estate plan, it is now or never. You may have a large estate, a flourishing business, and several legal heirs whose future depends upon you. If you married more than once in your lifetime and support a blended family, a comprehensive estate plan becomes all the more necessary. You can handpick your beneficiaries, prevent probate, and protect your estate from creditors. 

Incapacity Planning

Elderly people often have greater concerns regarding incapacity and death. Different types of mental and physical illnesses/disabilities are associated with old age, which is why planning for incapacity is important while you’re in good health. A health proxy and medical power of attorney lets you issue healthcare directives in advance, as well as appoint a suitable person to make medical decisions on your behalf.

Medicare/Medicaid Benefits

Medicare and Medicaid are government-funded programs for elderly patients (aged 65 and above) in need of long term healthcare. It can be awfully difficult to afford medical expenses when a person is retired and has to depend on a limited income. Your elder law attorney will determine your eligibility and guide you through the application process. If your application was wrongfully rejected, they can assist you in filing an appeal and acquiring the benefits you deserve.

Guardianship

Many elderly citizens strive to get custody of their grandchildren if the actual parents die or are considered unfit for parenting. On the contrary, a lot of elderly people need a legal guardian to look after them. An elder law attorney can help devise a solution either way.