With the baby-boomer generation approaching retirement age and the ever increasing life expectancies, planning for the future health care and financial care of the elderly should be an important consideration of most individuals. An experienced elder law attorney can assist you in planning for your future or the future of elderly loved ones in order to make the transition into that phase of life smoothly.
The possible incapacity or inability to handle one's affairs, ideally, should be addressed before such a situation occurs. Having the appropriate powers of attorneys and health documents are crucial in protecting against this real possibility. The appropriate powers of attorneys designate an individual to take over one's financial and legal affairs if one becomes unable to do so. Living wills (also known as advanced directives) and health care powers of attorney make one's health care wishes known and also allow others to carry out one's health care wishes if incapacity or incompetence becomes an issue. Most people are not aware that by virtue of being married, alone, does not allow one spouse to make decisions or act on behalf of the other spouse.
Should one already be unable to handle one's affairs due to incapacity or incompetence, guardianships or conservatorships may need to be discussed. This involves a court's determination that one can no longer handle either his or her financial or personal affairs, or both.
Financial considerations are a primary consideration when considering one's retirement age and taking care of him or her in retirement age. Long-term health care insurance should be discussed and considered if it is financially feasible. Having assets properly titled are important in death succession planning but also, possibly, for Medicaid planning. Knowing how to properly prepare for the health care expenses of advance age and how Medicaid rules affect this planning are crucial in protecting the individual; and, probably more importantly, the spouse of the individual, if there is one.
Attorney Joseph E. Balmer is one of only 20 area lawyers certified by The Ohio State Bar Association as a specialist in estate planning, trusts and probate administration. Click here to read his biography page. Please don't hesitate to call us at (937) 293-2141 or email us by clicking here if you want to discuss any aspect of elder law. Additionally, we have an emergency phone number, (937) 760-4357, that is answered by one of our lawyers around-the-clock. Discussing these issues with an elder law attorney will not only allow for a more comfortable transition into one's golden years, but will also provide for peace of mind among one's family members.
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