Elder law is a broad area that encompasses probate, estates, guardianships, wills, trusts, estate planning and Medicare and Medicaid planning, including the preparation of powers of attorney, living wills, and health care powers of attorney and appointment of health care representatives.
Most people who benefit from elder law are elderly couples. However, many younger couples recognize the need to plan ahead, as we are all living longer. An elder law lawyer will provide the direction needed for successful estate planning and related services for clients of all ages, young and old. Elder law attorneys work to protect your health and legal well-being now and in the future, and know the steps necessary to ensure that your rights and assets are preserved. It is important to understand when to seek the advice of an elder law attorney Indiana.
If you are concerned about the costs of long-term and medical future care, you will benefit from legal advice regarding elder law Indianapolis. It is widely known that planning ahead provides a person with the most cost effective and realistic options. For example, lawfully transferring and gifting assets, especially when real estate is involved, can require action years in advance. More often than not, transferring assets and/or protecting real estate require elder law attorneys Indianapolis to analyze Medicaid consequences, gift taxes, and capital gains taxes. This makes timely planning essential to preserving and protecting your assets in the future.
Also, if you or a loved one is experiencing declining health, you may want to consult an elder law attorney. In times of declining health, it is important to execute Powers of Attorney and Advance Directives, which allow a healthy person to act on your behalf if you become incapacitated.
In addition, a change in your living arrangements or the living arrangements of an elderly relative may prompt you to consult an elder law attorney. Many people do not know that parents can pay for improvements or changes to a child’s home, or purchase a life use in the home (often without Medicaid penalty), as well as transfer additional assets after two years of living together (“caregiver child” exception).
Lastly, and often times in conjunction with declining heath, a sudden increase in medical expenses may require consultation with an Indiana elder law lawyer. You may want to create targeted spend-downs, purchase exempt asset, plan to avoid probate, create a special needs trust, conservatorship or exercise another option. For example, if you have too much income to qualify for Medicaid (excess income), you may still qualify for Medicaid if you spend the excess income on medical bills. This is called a “spend-down”.
It's never too late, or too early, to protect your remaining assets, maximize the quality of life and streamline succession planning. Earlier is better for effective planning. If you want to know your options, consult with elder law attorneys today.
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