Originally published in the April 2014 edition of the Emporia Gazette's Living 50Plus.
Those entering retirement age and considering their legal needs often think of estate planning.
However, estate planning is just one piece of the overall legal planning puzzle. Planners can take other steps to ensure a well-rounded plan exists for their future and their loved ones.
Elder law planning includes healthcare, guardianship, and long-term financial planning, including tax matters. In short, elder law is about setting out plans to help you have the life you want as you grow older.
With approximately 10,000 Americans turning 55 every day, many need additional planning to protect the interests of these people in their golden years. Elder law is considered a more holistic planning approach to cover various aspects of life.
Another part of elder law planning deals with organizing and planning for aid given to loved ones. For those who have a loved one with a developmental disability, this is likely of great importance.
Medical advances in technology and care have helped extend the lives of people with developmental disabilities and allow them to live at home with their families.
A 2008 study showed that 63 percent of care providers for people with developmental disabilities are aged 41 and older. This has greatly affected elder law, as care providers have considered special-needs planning to care for those affected loved ones.
The first significant part of special-needs planning involves preparing a special-needs guardianship. This document lays out desires for who should have the legal and financial decision-making power for a special-needs loved one once the care provider dies or is no longer able to provide care.
Final determinations of guardianship are made by a judge, but by preparing this in advance, care providers are able to provide insight to the judge regarding their wishes for guardianship.
The second major part of special needs planning deals with the preparation of a special-needs trust. This trust provides the assets and means necessary to help care for a loved one with special needs for the rest of his or her life.
Those with an aging spouse or parent with special medical needs might consider similar planning to provide for his or her needs.
Elder planning is about much more than issues dealing directly with estate and trust planning. A properly developed elder plan will help to direct the majority of life decisions that adults will face as they grow older.
Harvest Legal serves clients with diverse legal needs, including business, agricultural and personal matters. To learn more, visit www.harvestemporia.com or call 620-263-0391.
Those entering retirement age and considering their legal needs often think of estate planning.
However, estate planning is just one piece of the overall legal planning puzzle. Planners can take other steps to ensure a well-rounded plan exists for their future and their loved ones.
Elder law planning includes healthcare, guardianship, and long-term financial planning, including tax matters. In short, elder law is about setting out plans to help you have the life you want as you grow older.
With approximately 10,000 Americans turning 55 every day, many need additional planning to protect the interests of these people in their golden years. Elder law is considered a more holistic planning approach to cover various aspects of life.
Another part of elder law planning deals with organizing and planning for aid given to loved ones. For those who have a loved one with a developmental disability, this is likely of great importance.
Medical advances in technology and care have helped extend the lives of people with developmental disabilities and allow them to live at home with their families.
A 2008 study showed that 63 percent of care providers for people with developmental disabilities are aged 41 and older. This has greatly affected elder law, as care providers have considered special-needs planning to care for those affected loved ones.
The first significant part of special-needs planning involves preparing a special-needs guardianship. This document lays out desires for who should have the legal and financial decision-making power for a special-needs loved one once the care provider dies or is no longer able to provide care.
Final determinations of guardianship are made by a judge, but by preparing this in advance, care providers are able to provide insight to the judge regarding their wishes for guardianship.
The second major part of special needs planning deals with the preparation of a special-needs trust. This trust provides the assets and means necessary to help care for a loved one with special needs for the rest of his or her life.
Those with an aging spouse or parent with special medical needs might consider similar planning to provide for his or her needs.
Elder planning is about much more than issues dealing directly with estate and trust planning. A properly developed elder plan will help to direct the majority of life decisions that adults will face as they grow older.
Harvest Legal serves clients with diverse legal needs, including business, agricultural and personal matters. To learn more, visit www.harvestemporia.com or call 620-263-0391.
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