Seniors should be able to relax and enjoy their retirement years. Unfortunately, many older adults are burdened by worries about how they’ll cover their care costs, who will look after their affairs should they become incapacitated, and what will happen to their assets when they die.
Most retirees know that they should get their affairs in order, but they simply don’t know where to start or how to get help. In fact, a survey of over 3,000 adults aged 55 and older revealed that just 55% of the respondents had executed a will, and fewer than 1 in 5 had completed their healthcare directive and a durable power of attorney.
Not only can a lack of a will and other essential legal preparations cause undue stress for seniors, it can cause serious conflicts and hardship within families. Without legal documents outlining a person’s wishes related to end-of-life care and the disbursement of their estate, survivors are left to make exceptionally difficult choices.
Worse yet, seniors who don’t have life insurance, or the right kind of life insurance, may inadvertently saddle their survivors with outstanding debts. Given that the average cost of a funeral is now between $7,600 and $9,000, even a small life insurance policy can go a long way toward preventing financial hardship among family members when a senior passes.
Thankfully, the task of preparing a will and powers of attorney, planning for long-term care costs and ensuring that seniors are protected against financial exploitation is now a relatively simple process. Elder law attorneys and elder law services help to ensure the wishes of their clients are respected.
What Is Elder Law?
Elder law is a specialized legal practice that focuses on issues impacting seniors and their family caregivers. These issues include estate planning, guardianship, Medicare and advance directives.
Federal legal protections designed for older adults were first introduced in 1965 with the signing of the Older Americans Act. This legislation created a national network of services for seniors aged 60 and older and provided funding for a wide range of programs to support healthy aging and protect older adults from exploitation and abuse.
Elder law services are designed to make preparing legal documents related to end-of-life care, trusts, wills and health care directives easy and accessible. These services may be used in conjunction with, or as an alternative to, a local elder law attorney.
This article examines the role of an elder law attorney and three ways they can help protect a senior’s assets, prevent conflicts and plan for the future.
1. Draft Wills, Advanced Directives and Powers of Attorney
Having a valid will is important at any age, but many people only begin to think about their estate once they reach their retirement years.
An elder law attorney can help ensure that a senior’s final wishes are respected by drafting and executing all the necessary legal documents. These documents may include a will, which is a legal document that indicates how the senior wants their assets distributed upon their death.
Without a valid will, the fate of an individual’s assets is generally left up to the courts. Not only can this process be time-consuming, but leaving one’s final wishes up to the courts can create conflict among the survivors.
Advanced Directives
An advanced directive, also called a living will, is a legally binding document that seniors can use to ensure their wishes are respected should they become incapacitated.
Advanced directives can cover issues such as cardiopulmonary resuscitation, tube feeding, mechanical ventilation and tissue donations. If a senior only wishes to be provided with comfort care if they become critically ill, they may want to sign a DNR or Do Not Resuscitate order.
Powers of Attorney
In addition to having a valid will in place, seniors may want to draft one or more powers of attorney. These documents assign specific rights to a trusted individual, such as a family member or lawyer, who can act on behalf of the senior under certain circumstances.
Powers of attorney can be wide-reaching, or they can be restricted to a particular transaction. For example, a senior could grant a power of attorney to one of their children for the sole purpose of selling the senior’s home.
An elder law attorney can help seniors understand the various powers of attorney and provide personalized recommendations as to which documents should be drafted.
2. Access Public Benefits
Elder law attorneys are experts in public benefits for seniors, such as Medicare, Medicaid and VA benefits.
An elder law specialist can provide invaluable help when it comes to navigating the complex and often confusing process of applying for health care services and enforcing patient rights. Lawyers who focus on elder law issues can also represent their clients through the Medicaid appeals process.
3. Create a Long-Term Care Plan
While most people would prefer to age in place in their homes, the reality is that approximately two-thirds of all 65-year-olds will need some type of long-term care service.
According to the 2021 Genworth Cost of Care Survey, the average American senior pays:
- $59,484 per year for home care services
- $61,776 per year for home health care services
- $54,000 per year for assisted living care
- $108,408 per year for private nursing home care
The high cost of long-term care can cause a great deal of stress for seniors and their family members. This stress can be reduced by consulting with an elder law attorney before care is needed so that a workable long-term care plan can be put into place.
Frequently Asked Questions
What’s the difference between an elder law attorney and an estate planner?
While some of the services offered by an elder law attorney and an estate planner may overlap, an estate planner focuses solely on financial issues. By comparison, an elder law attorney looks at all the issues impacting a senior, including estate planning, medical and long-term care, and guardianship. A lawyer can also draft legal documents such as wills, powers of attorney and living trusts.
Do elder law attorneys only work with wealthy seniors?
No. It’s a common misconception that elder law attorneys only work with wealthy clients. The reality is that all seniors, regardless of the size of their estate, should consider using an elder law service.
What’s covered under elder law?
Elder law covers a broad range of issues impacting seniors, including guardianship, estate planning and long-term care. Attorneys who specialize in elder law may also work to protect seniors against exploitation and abuse, support grandparents who need help securing visits with their grandchildren and file claims against employers under the Age Discrimination Act.
