The Central Facts Of Elder Law
Elder law is a term used in the United States that refers to the legal practice that is centered on issues as they relate to the aging population. The three key elements of the law: Long-term care programs, including disability and Medicaid; administration and estate planning; and guardianship, commitment matters and conservatorship. Elder law planning is extremely beneficial and recommended to older individuals.
Numerous other issues are classified under this term, such as: protection against neglect, fraud and abuse; mortgage and real e state assistance; retirement planning; wills; Social Security benefits; trusts; and end-of-life planning. As individuals age, the may be faced with obstacles that provide emotionally and financially draining. There are many businesses who help people plan for their future.
President Lyndon B. Johnson signed the OAA, Older Americans Act, in July of 1965. This was the same year that Medicare was started. The OAA is believed to have encouraged the creation of the AOA, Administration on Aging. This is a division that is part of the Department of Health and Human Services. These developments are considered the main launching pad for similar programs and services geared toward helping older individuals.
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.
A will and power of attorney are the bare essentials when it comes to planning. The professional is responsible for handling the property management while people are still living, especially when they are unable to do it themselves. Wills come in handy after death, aiding in management and distribution of property.
It is suggested that aging individuals work with professionals when it comes to elder law and estate planning. Planning is a simple act that can reduce troubles and stresses related to death and old age. No matter how little a person believes that he or she has, planning is a must that will prove nothing but beneficial.
Numerous other issues are classified under this term, such as: protection against neglect, fraud and abuse; mortgage and real e state assistance; retirement planning; wills; Social Security benefits; trusts; and end-of-life planning. As individuals age, the may be faced with obstacles that provide emotionally and financially draining. There are many businesses who help people plan for their future.
President Lyndon B. Johnson signed the OAA, Older Americans Act, in July of 1965. This was the same year that Medicare was started. The OAA is believed to have encouraged the creation of the AOA, Administration on Aging. This is a division that is part of the Department of Health and Human Services. These developments are considered the main launching pad for similar programs and services geared toward helping older individuals.
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.
A will and power of attorney are the bare essentials when it comes to planning. The professional is responsible for handling the property management while people are still living, especially when they are unable to do it themselves. Wills come in handy after death, aiding in management and distribution of property.
It is suggested that aging individuals work with professionals when it comes to elder law and estate planning. Planning is a simple act that can reduce troubles and stresses related to death and old age. No matter how little a person believes that he or she has, planning is a must that will prove nothing but beneficial.
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New Unique Article!
Title: The Central Facts Of Elder Law
Author: William Morton
Email: erics@keystonesg.com
Keywords: Elder Law,estate planning,living will,living trust,financial planning,Title 19,Medicaid,wealth building
Word Count: 529
Category: Business
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