Elder law is the legal term used in the United States that refers to the legal area that is focused on issues that impact the aging population. There are three main categories that make up this law: administration and estate planning; disability, Medicaid and other long-term care arrangements; and commitment matters, conservatorship and guardianship. Elder law planning is important for the older society and should be considered by all.
There are many other issues that fall under this classification, including protection against fraud, abuse and neglect; trusts; retirement planning; real estate assistance and mortgage; end-of-life plans; wills; and Social Security benefits. As people grow older, they must deal with various obstacles that are financially and emotionally draining. Luckily there are businesses staffed with professionals who can aid individuals in planning the future.
President Lyndon B. Johnson signed the OAA, Older Americans Act, in July of 1965. This was the same year that Medicare was started. The OAA is believed to have encouraged the creation of the AOA, Administration on Aging. This is a division that is part of the Department of Health and Human Services. These developments are considered the main launching pad for similar programs and services geared toward helping older individuals.
Planning, of this sort, is important when it comes to improving the quality of life. As people get older, they become more dependent on others. However, it is recommended that individuals are as prepared as they can be for what can come. Medical services and residential care can be extremely expensive, especially for individuals who are living off of government services and do not work to earn a steady income. Money that has been saved for retirement and emergencies can run out fast.
The anticipation and arrangements of estate disposals is estate planning. This terminology is associated with elder law, which includes long-term care and other similar provisions. The reality is that everyone will die at some point and though it is an uncomfortable reality, it should be addressed and planned for as best as possible.
Usually beneficiaries are loved ones and in cases where the deceased did not make a proper plan, these individuals may not have access to the things left to them. In some cases this is because of disagreements of heirs, unexpected taxes or administration costs. Estate planning is fundamental, regardless of how small or large the estate is perceived to be. It guarantees property is given to whom it is left to. Furthermore, it can save on attorney fees, court costs and taxes. Loved ones will be able to grieve instead of dealing with stress over confusions and disputes related to finances.
These types of plans must include, as a bare minimum: a power of attorney and will. The attorney is the professional assigned to manage a property while people are still alive, particularly when they cannot do it themselves. Wills are beneficial post-death, as they help with management and distribution of property as it was assigned.
It is important for all aging individuals to work with professionals for elder law and estate planning. These can eliminate unforeseen stresses that come with old age and even death. Regardless of how much or how little a person has, successful planning has the best intentions for the aging individual.
There are many other issues that fall under this classification, including protection against fraud, abuse and neglect; trusts; retirement planning; real estate assistance and mortgage; end-of-life plans; wills; and Social Security benefits. As people grow older, they must deal with various obstacles that are financially and emotionally draining. Luckily there are businesses staffed with professionals who can aid individuals in planning the future.
President Lyndon B. Johnson signed the OAA, Older Americans Act, in July of 1965. This was the same year that Medicare was started. The OAA is believed to have encouraged the creation of the AOA, Administration on Aging. This is a division that is part of the Department of Health and Human Services. These developments are considered the main launching pad for similar programs and services geared toward helping older individuals.
Planning, of this sort, is important when it comes to improving the quality of life. As people get older, they become more dependent on others. However, it is recommended that individuals are as prepared as they can be for what can come. Medical services and residential care can be extremely expensive, especially for individuals who are living off of government services and do not work to earn a steady income. Money that has been saved for retirement and emergencies can run out fast.
The anticipation and arrangements of estate disposals is estate planning. This terminology is associated with elder law, which includes long-term care and other similar provisions. The reality is that everyone will die at some point and though it is an uncomfortable reality, it should be addressed and planned for as best as possible.
Usually beneficiaries are loved ones and in cases where the deceased did not make a proper plan, these individuals may not have access to the things left to them. In some cases this is because of disagreements of heirs, unexpected taxes or administration costs. Estate planning is fundamental, regardless of how small or large the estate is perceived to be. It guarantees property is given to whom it is left to. Furthermore, it can save on attorney fees, court costs and taxes. Loved ones will be able to grieve instead of dealing with stress over confusions and disputes related to finances.
These types of plans must include, as a bare minimum: a power of attorney and will. The attorney is the professional assigned to manage a property while people are still alive, particularly when they cannot do it themselves. Wills are beneficial post-death, as they help with management and distribution of property as it was assigned.
It is important for all aging individuals to work with professionals for elder law and estate planning. These can eliminate unforeseen stresses that come with old age and even death. Regardless of how much or how little a person has, successful planning has the best intentions for the aging individual.
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