The Elder Law Attorney - A Unique Area of the Law for an Aging Country
by Don Drake, Connelly Law Offices, Ltd. 8.21.24
"Elder law attorneys specialize in a unique area of law, assisting older individuals and their families in navigating legal and non-legal aging-associated issues," said professional fiduciary and certified elder law Attorney RJ Connelly III. "Our primary goal is to help older individuals maintain their independence and enhance their quality of life while safeguarding their life savings. This includes ensuring that older individuals have access to the necessary care and support they may require while making the most of available family and government resources."
Working with an elder law attorney provides many advantages for elderly individuals and their families. They have the knowledge and skills to communicate and collaborate effectively with seniors and their families, addressing various interconnected issues. They possess an in-depth understanding of the diverse professional and community resources, both public and private, that can address the specific needs of older individuals. Elder law attorneys are experts in handling, preventing, and resolving legal matters in the following areas:
Estate Planning - This involves developing a well-structured plan to ensure the execution of an individual's preferences after their passing. Estate planning includes providing explicit directives regarding the allocation of assets, the nature of the bequests, and the timing of their distribution. The primary objective is to minimize taxation, legal expenses, and judicial fees while guaranteeing a smooth process.
"Estate planning encompasses more than simply dispersing assets," said Attorney Connelly. "It also entails preparing for potential incapacitation, securing provisions for your family in the event of your inability, and making arrangements for long-term care and life insurance. It involves establishing provisions for disability income, long-term care, and life insurance to safeguard your family. Additionally, it encompasses strategies for transferring your business, appointing guardians for minor children, providing for family members with special needs, and protecting loved ones who may be financially imprudent."
Estate planning is also a dynamic process rather than a one-time endeavor. Regularly review and revise your plan as your family and financial circumstances evolve and adapt to the changing legal landscape during your lifetime.
Trusts - A trust is a legally binding arrangement in which a property owner (known as the grantor) transfers their property to another individual or entity (known as the trustee), who then manages and utilizes the property for the benefit of a third party (known as the beneficiary). There are primarily two types of trusts: revocable trusts, which can be altered or revoked by the grantor, and irrevocable trusts, which cannot be modified or revoked once established.
"Trusts are established according to state law and can serve various purposes such as avoiding probate court, simplifying the distribution of assets, safeguarding assets from creditors and lawsuits, reducing taxes, providing income for a surviving spouse, bypassing probate when passing life insurance proceeds, and safeguarding an inheritance for a financially irresponsible child," Attorney Connelly noted.
Special Needs Trusts - A special needs trust (SNT) is a legally binding arrangement that holds and manages assets for an individual with a disability or special needs. Establishing an SNT ensures that the person receives financial support while remaining eligible for government benefits like Medicaid or Supplemental Security Income (SSI).
Attorney Connelly emphasized the significance of this form of trust in ensuring the enduring support and welfare of individuals with disabilities, enabling them to uphold a certain standard of living while safeguarding their access to vital public assistance programs.
Durable Power of Attorney - A durable power of attorney (DPA) is a crucial legal document granting someone the authority to act on your behalf if you cannot manage your affairs. This person, known as your agent, proxy, or attorney-in-fact, can make a wide range of decisions for you, including legal, medical, and financial matters.
A DPA can be designed to take effect immediately or only when you can no longer make decisions for yourself. It remains valid until your death or until you choose to revoke it, and it does not require regular renewal.
There are several types of DPAs, such as durable medical POA, which allows someone to make decisions regarding your healthcare, and durable financial POA, which permits someone to manage your financial matters. It's important to work with a lawyer to create a DPA tailored to your specific needs and circumstances and to ensure that it includes all necessary powers. You can appoint a family member, friend, or legal professional as your agent.
Living Will - A living will, also known as an advance directive, is a legal document that allows you to express your preferences for medical treatment if you cannot communicate your wishes. It outlines the specific medical treatments or care you would want to receive and those you would prefer to avoid under various medical conditions.
A traditional will, also referred to as a last will and testament, focuses on providing instructions on the disbursement of your estate, including your property, financial assets, and caring for dependents, as well as arrangements for end-of-life services such as funeral or memorial arrangements, burial or cremation preferences, and other matters related to your estate.
Long-Term Care Planning - Planning for long-term care is a crucial legal strategy to help elderly individuals prepare for the potentially substantial costs associated with healthcare services as they enter their senior years. Thoughtful long-term care planning can help individuals and their families alleviate concerns about the monetary impact of healthcare expenses and ensure that assets intended for future generations remain safeguarded.
Long-term care encompasses a range of services tailored to meet the ongoing health needs of elderly individuals. These services are designed to support seniors in living as independently and securely as possible, especially when they can no longer manage their daily activities without assistance. Medicaid, a joint federal and state program, operates under varying state regulations. Individuals seeking Medicaid assistance must adhere to specific rules based on their residence.
A qualified elder law attorney well-versed in Medicaid regulations can provide valuable guidance and legal expertise throughout the Medicaid application and approval process for those concerned about long-term care costs and Medicaid eligibility.
Probate and Decedent Estate - Probate is the legal process by which assets are distributed after an individual passes away and occurs under the supervision of the court. An appointed representative, known as the executor, takes on the responsibility of identifying the assets, settling debts, and distributing belongings in accordance with the last will and testament. Probate is a time-consuming procedure. The American Bar Association cites that the average U.S. estate takes six to nine months to complete. The duration of probate is influenced by factors such as your state of residence, the size of your estate, and whether you have a will in place.
Attorney Connelly - A Certified Elder Law Attorney
The Certified Elder Law Attorney (CELA) certification holds a prestigious position within the elder law and special needs practice, signifying a noteworthy accomplishment for legal professionals. Attainment of the CELA certification reflects an attorney's commitment and proficiency in rendering legal services for elderly individuals and those with special needs. This certification attests to an attorney's competence, understanding, and aptitude in elder and special needs law, meeting the exacting standards established by the National Elder Law Foundation.
By displaying the CELA designation, attorneys communicate to the community their ability to provide reliable and efficient legal representation in elder law and special needs matters. Moreover, retaining the CELA designation necessitates adherence to the highest ethical standards and active engagement in ongoing legal education for periodic recertification.
Undoubtedly, the certification process entails an array of qualifications to ensure that clients receive superlative legal support. As reported by the National Elder Law Foundation, only approximately five hundred attorneys nationwide have achieved the CELA designation, which is insufficient for a country experiencing an increase in its elderly population. A CELA designation is the "Gold Standard" for elder law attorneys.
A Final Word
Attorney Connelly highlighted the unwavering dedication of Connelly Law's staff to providing thorough and compassionate support to clients. In addition to the services reviewed in this blog, they assist with end-of-life planning, guide clients through complex guardianship cases across different states, handle litigation related to financial abuse, and provide daily money management services that allow seniors to remain in their homes longer.
"Our firm's mission centers on providing an array of elder law and professional fiduciary services as well as aiding families in preparing for potential disability, incapacity, and home healthcare while also guiding them in accessing public benefits," stated Attorney Connelly. "Our objective is to empower families to enhance older individuals' independence and quality of life, safeguarding and optimizing their financial resources. We are deeply devoted to ensuring that older individuals receive the necessary support and care and to assisting families in effectively leveraging family and government resources to achieve this goal."
Please note that the information provided in this blog is not intended to and should not be construed as legal, financial, or medical advice. The content, materials, and information presented in this blog are solely for general informational purposes and may not be the most up-to-date information available regarding legal, financial, or medical matters. This blog may also contain links to other third-party websites that are included for the convenience of the reader or user. Please note that Connelly Law Offices, Ltd. does not necessarily recommend or endorse the contents of such third-party sites. If you have any particular legal matters, financial concerns, or medical issues, we strongly advise you to consult your attorney, professional fiduciary advisor, or medical provider.
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