Elder law is the legal term used in the United States that refers to the legal area that is focused on issues that impact the aging population. There are three main categories that make up this law: administration and estate planning; disability, Medicaid and other long-term care arrangements; and commitment matters, conservatorship and guardianship. Elder law planning is important for the older society and should be considered by all.
There are many other issues that fall under this classification, including protection against fraud, abuse and neglect; trusts; retirement planning; real estate assistance and mortgage; end-of-life plans; wills; and Social Security benefits. As people grow older, they must deal with various obstacles that are financially and emotionally draining. Luckily there are businesses staffed with professionals who can aid individuals in planning the future.
Lyndon B. Johnson, former US President, signed the Older Americans Act or OAA, in the 1960s. Medicare was formed in 1965, the same year of the OAA signing. OAA is what led to the AOA, Administration on Aging, which is a division of the Department of Health and Human Services. These acts have been the stepping stones for other similar programs and services geared toward the aging population.
Planning, of this sort, is important when it comes to improving the quality of life. As people get older, they become more dependent on others. However, it is recommended that individuals are as prepared as they can be for what can come. Medical services and residential care can be extremely expensive, especially for individuals who are living off of government services and do not work to earn a steady income. Money that has been saved for retirement and emergencies can run out fast.
Estate planning specifically refers to anticipating and arranging the disposal of estates. The term coincides with elder law, which also involves long-term care and similar provisions. People die, this is a reality that may be uncomfortable to think about but is important to make plans for.
Usually beneficiaries are loved ones and in cases where the deceased did not make a proper plan, these individuals may not have access to the things left to them. In some cases this is because of disagreements of heirs, unexpected taxes or administration costs. Estate planning is fundamental, regardless of how small or large the estate is perceived to be. It guarantees property is given to whom it is left to. Furthermore, it can save on attorney fees, court costs and taxes. Loved ones will be able to grieve instead of dealing with stress over confusions and disputes related to finances.
All such plans should have, at a minimum, two main elements: a will and a durable power of attorney. The attorney helps manage the property while persons are still living, if they are unable to do it themselves. The will is beneficial after death, managing and distributing the property as preferred.
All older individuals should work closely with professionals to handle elder law, as well as estate planning. Doing this can help eliminate stresses and other troubles that can occur in old age and following death. It does not matter how little a person has financially, proper planning is always for the best.
There are many other issues that fall under this classification, including protection against fraud, abuse and neglect; trusts; retirement planning; real estate assistance and mortgage; end-of-life plans; wills; and Social Security benefits. As people grow older, they must deal with various obstacles that are financially and emotionally draining. Luckily there are businesses staffed with professionals who can aid individuals in planning the future.
Lyndon B. Johnson, former US President, signed the Older Americans Act or OAA, in the 1960s. Medicare was formed in 1965, the same year of the OAA signing. OAA is what led to the AOA, Administration on Aging, which is a division of the Department of Health and Human Services. These acts have been the stepping stones for other similar programs and services geared toward the aging population.
Planning, of this sort, is important when it comes to improving the quality of life. As people get older, they become more dependent on others. However, it is recommended that individuals are as prepared as they can be for what can come. Medical services and residential care can be extremely expensive, especially for individuals who are living off of government services and do not work to earn a steady income. Money that has been saved for retirement and emergencies can run out fast.
Estate planning specifically refers to anticipating and arranging the disposal of estates. The term coincides with elder law, which also involves long-term care and similar provisions. People die, this is a reality that may be uncomfortable to think about but is important to make plans for.
Usually beneficiaries are loved ones and in cases where the deceased did not make a proper plan, these individuals may not have access to the things left to them. In some cases this is because of disagreements of heirs, unexpected taxes or administration costs. Estate planning is fundamental, regardless of how small or large the estate is perceived to be. It guarantees property is given to whom it is left to. Furthermore, it can save on attorney fees, court costs and taxes. Loved ones will be able to grieve instead of dealing with stress over confusions and disputes related to finances.
All such plans should have, at a minimum, two main elements: a will and a durable power of attorney. The attorney helps manage the property while persons are still living, if they are unable to do it themselves. The will is beneficial after death, managing and distributing the property as preferred.
All older individuals should work closely with professionals to handle elder law, as well as estate planning. Doing this can help eliminate stresses and other troubles that can occur in old age and following death. It does not matter how little a person has financially, proper planning is always for the best.
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