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Reasons to Hire a Pennsylvania Elder Law Attorney
Elder law is a legal specialty geared toward seniors. Attorneys that work in this field are well-versed in the complicated issues facing seniors. You likely know that these attorneys can help you draft a will and trust, but they offer so much more. Go over some reasons that you should hire a Pennsylvania elder law attorney today.
Benefits of hiring an elder law attorney
Seniors face several issues when aging. Paying for long-term care, protecting assets, managing the estate if incapacitated, and tax planning are some of the biggest concerns. Attorneys can address these issues and more. That way, seniors can age with dignity while providing for loved ones.
Long-term care planning
Many seniors need long-term care. Unfortunately, this is expensive, so many cannot afford it. Elder law attorneys offer Medicaid planning services, allowing people to transition into a long-term care facility without the financial burden. Medicaid planning might include spending down some assets to meet the income and resources requirements. If clients are not eligible for Medicaid, attorneys can also explore other options. These include long-term care insurance or a state assistance program.
Attorneys also help seniors protect assets, even if they will transition into a long-term care facility. Clients can explore their legal options, such as opening an irrevocable trust. Assets in the trust are protected from seizure and do not count toward resources or income. Spousal transfers are yet another strategy. Attorneys have lots of options available to help clients choose one that makes the most sense for the situation.
Manage needs if incapacitated
While many people may not want to think about it, incapacitation is another possibility when aging. If someone is not mentally capable of making financial or healthcare decisions, someone must step in and handle it. An elder law attorney can prepare a power of attorney. This will designate someone to manage financial and healthcare decisions. Without such a document, families must petition the court for a conservatorship, which can be stressful and tear families apart.
Help with tax planning
Tax planning can be quite complicated in Pennsylvania. Without proper tax planning, heirs can lose substantial sums of money to the state’s inheritance tax. An attorney can help people minimize the tax through gifting, setting up joint accounts, buying a property in another state, and more. Proper tax planning allows heirs to receive larger portions of the estate.
Contact an elder law attorney today
A senior law attorney can assist you with a long-term care plan, asset protection, power of attorney, tax planning, and so much more. An attorney will create a plan just for you or your loved one. The plan will be based on the current situation and will protect you or your loved one today and in the future. It is never too early to start planning, so reach out to an attorney today.
For more information or to schedule a consultation with us, call our Pittsburgh office at (412) 804-4048. Call Kim A. Bodnar, Attorney at Law today.
NOTE: This is for informational purposes only and does not constitute legal advice.
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Posted on: March 10, 2021 by Kim Bodnar