What is elder law?
Elder law is a specialized area of legal practice that focuses on issues affecting older individuals and their families. This includes estate planning, long-term care planning, Medicaid issues, guardianship (Interdiction in Louisiana), retirement planning, and elder abuse protections.
Why do I need an elder law attorney?
An elder law attorney can provide guidance on complex legal issues related to aging, such as protecting assets from long-term care costs, qualifying for Medicaid, and creating comprehensive estate plans. An Elder Law attorney helps guide you to best plan for getting your legal and financial affairs in order and can provide better peace of mind for you and your loved ones.
What is the difference between a will and a trust?
A will is a legal document that specifies how your assets will be distributed after your death and it can provide appointments such as Guardians and Trustees for minor children and an Executor. A will needs to be produced to a court to confirm it was executed in valid form, and that it can be probated/given effect.
A trust is a fiduciary arrangement where a trustee holds assets on behalf of beneficiaries. Trusts can also name successor Trustees for any minor children, and they also outline how your assets should be distributed, but both during your lifetime, and after you pass. A revocable living trust can help in avoiding probate, but only if that revocable living trust remains fully funded with all your probate assets during your lifetime. Because Louisiana provides streamlined methods for successions, meeting with an Estate Planning and Elder Law attorney can help guide you in determining whether a Last Will, or a revocable living trust is a better fit for you.
What are “Advanced Directives,” and why are they important?
Advance directives are legal documents that outline your healthcare preferences in case you become incapacitated and unable to make decisions for yourself. These include a living will and a Healthcare Power of Attorney. These documents can help in assuring that your wishes are respected, and they can provide guidance to your loved ones.
How can I protect my assets from long-term care costs?
There are several strategies to protect your assets, including setting up Medicaid Asset Protection Trusts, purchasing long-term care insurance, and using advance directives. An elder law attorney can help tailor a plan to your specific needs and circumstances.
What is Medicaid planning?
Medicaid planning involves arranging your assets and income to qualify for Medicaid benefits, which can cover long-term care costs. This can include restructuring assets, creating trusts, and other legal strategies to ensure eligibility while preserving your estate.
Can I transfer my home to my children to qualify for Medicaid?
Transferring your home to your children (or any other person or entity, including a trust) can have significant legal and financial implications. Medicaid has a look-back period (usually five years) during which transfers may be penalized. An elder law attorney can provide advice on the best approach to protect your home and qualify for Medicaid.
What is a durable power of attorney, and do I need one?
A durable power of attorney is a legal document that grants someone you trust the authority to manage your financial affairs, if you need help in managing those items, or if you become incapacitated. These documents can better guard that your court intervention.
How can I avoid probate, and is “probate avoidance” necessary under Louisiana law?
It is important to first understand that Louisiana law allows heirs/beneficiaries to go straight to Judgment (and the entire process is complete in about 30 days; the same length of time for completing beneficiary claim forms) and it allows independent administration; meaning, if an Executor needs to be appointed, no court authority is required.
Whether you still prefer to avoid probate, or probate across state lines can be determined with an experienced Estate Planner.
Probate avoidance strategies include creating revocable living trusts and designating beneficiaries on accounts, but prior to proceeding with a revocable living trust, it is imperative that the client understands how to accomplish 1) initial, full funding of the trust and 2) keeping the trust fully funded (administering it during your lifetime), so that the trust does its “probate avoidance” job for you.
What is a guardianship, and when is it necessary?
Guardianship (or Interdiction, under Louisiana law) is a legal process where a court appoints an individual to manage the personal and/or financial affairs of someone who is unable to do so themselves due to incapacity. It is necessary when there are no advance directives in place, and the individual cannot make decisions for themselves.
What are the benefits of long-term care insurance?
Long-term care insurance can help cover the costs of care in a nursing home, assisted living facility, or at home. It can protect your assets and provide more options for your care.
How can I prevent elder abuse and exploitation?
Preventing elder abuse involves being aware of the signs, such as sudden changes in financial status, unexplained injuries, or changes in behavior. Legal tools like powers of attorney and trusts can help protect against financial exploitation. Reporting suspected abuse to authorities is also crucial.