It is never too early to begin planning for what will happen with your property and your healthcare as you age. According to the Estate Planning Awareness Survey conducted by ORC International, nearly 50% of Americans think estate planning is for the “ultra-rich.” This is far from true. There are many options and complexities to consider when putting a wise plan in place for your health or your family's future, and an experienced elder law attorney can help.
Vick Law, P.C. is here to make a positive difference for your peace of mind. The firm is proud to serve clients in Greenwood, Indiana, and the surrounding areas of Indianapolis, Plainfield, Franklin, Martinsville, or Bargersville.
If you are wanting to take steps to prepare for the future — including elder law matters and Medicaid planning — contact Vick Law, P.C. today and schedule a consultation to get started.
Elder law is the field of law that focuses on legal issues that are pertinent to older individuals. This area of the law includes aspects that involve healthcare, estate planning, guardianship, and end-of-life planning.
Elder law can accomplish multiple things. It gives seniors and their family members peace of mind about any legal issues that surround old age, passing, and end-of-life matters. It helps seniors pave the way for financial freedom and independence. Finally, it guides family members through key decisions that affect their cherished loved ones.
Estate planning is the process of making decisions and delegating what will happen to your assets when you pass away.
If you don’t do any estate planning beforehand, state law dictates how your assets will be divided when your estate goes through probate. Probate is the legal process through which the validity of a will is established as well as how property is transferred and distributed after someone’s death.
Estate planning can give you the power to have a say in what happens to your estate after your death. Probate can be a long, arduous process — especially if a will is not in place. By planning ahead of time, you can specify advance directives or end-of-life decisions for yourself as well as avoid probate for some of your property if you choose to place it into a trust.
Medicare/Medicaid planning allows you to receive the care you need while protecting your life savings as much as possible. When it comes to Medicaid, you need to meet specified income qualifications. With limited assets and a lower income, protecting what you do have is important.
Long-term care, nursing homes, and other types of care facilities are costly and can quickly deplete your funds. Planning ahead in regard to your healthcare avoids the exhaustion of your wealth in case you do need long-term care.
Guardianship is a legal designation in which someone else becomes the decision-maker for you. In case you become incapacitated, another person is given the legal power and to make key decisions about your life, including medical treatment and issues involving your assets.
If you become incapacitated and you don’t have someone pre-determined as your guardian, the state will choose one for you. While the state will try to choose a guardian who will keep your best interests in mind, that may not always happen according to your wishes. Choosing your own guardian beforehand helps avoid these problems.
As you get older, having your affairs in order is a great way to make sure you have more freedom and peace of mind when you enter your later years. An experienced attorney can help guide you through the process and even update wills and trusts that you already have in place.
Vick Law, P.C. works on behalf of individuals and families in matters of elder law, including Medicaid planning. Attorney Thomas A. Vick will assess your unique situation and help you understand your options. If you live in Greenwood, Indiana, or the surrounding areas of Indianapolis, Plainfield, Franklin, Martinsville, or Bargersville, contact the firm today to schedule a free consultation.