By 2060 it's expected that the number of Americans older than 65 will double from 46 million to more than 98 million. As Baby Boomers continue to age and lifespans continue to increase, elder law is coming to the forefront for many across the US. Elder law attorneys can help their clients with issues pertaining to advanced age whether they be financial or medical. For those who are dealing with advanced age themselves or who have family members who are of advanced age, here are three things to know about elder law attorneys.
They Can Help With Estate Planning
Estate planning is one of the most difficult aspects of making it to an advanced age. An elder law attorney will be able to handle many of the intricacies that come along with estate planning. Some services that these attorneys provide include drafting wills, assisting with power of attorney, and dealing with probate. An elder law attorney can help ensure that certain assets are inherited by the right people after death and can also ensure that all debts pertaining to the estate are settled quickly.
They Can Help With Financial Planning
While many elder law attorneys help with the estate planning process, they can also ensure that assets are still protected during their client's lifetime. A long life can often mean additional health care in the form of an assisted living facility or nursing home. Medical care for the elderly can quickly become very expensive. An attorney can preserve income and assets and ensure that their client is well taken care of throughout their remaining years. An elder law attorney can also be beneficial when making decisions about social security benefits, Medicare coverage, and even Medicaid planning.
The Cost Can Vary
While many may feel that the services of an elder law attorney are outside of their budget, it can be more affordable than many realize. The cost varies depending on the location, the attorney, and the complexity of the issues at hand. Attorneys typically charge by the hour. Services such as drafting a will or other similar documents typically cost around $300 per hour while litigation typically costs $500 or more per hour. Spending just a few hours with an elder law attorney can save thousands of dollars in the long run.
With much of the American population entering their golden years, the services of elder law attorneys are becoming more and more necessary. These attorneys specialize in helping those who are elderly and need to plan for the rest of their lives. They can help with estate planning as well as aiding with future financial issues that may arise. An elder law attorney can also help ensure that future medical needs are covered. The cost of an attorney can vary, however, their services can save their clients money in the long term.Share