Elder law and estate planning are closely linked services. Addressing these ongoing and connected concerns in tandem is one of the best ways to manage your current and future needs, review your financial goals, and head off concerns and problems before they turn into significant headaches for you or your family. An experienced Dallas estate planning attorney can guide you through the process. They’ll also provide critical peace of mind during a situation that can be challenging and confusing.

Understanding Estate Planning

Estate planning is the legal process of arranging and managing the distribution of assets and property held in an individual’s estate in the event the person is incapacitated or passes away. It’s a common misconception that it’s only a concern for older adults. Instead, it’s a process that can be initiated at any time with help from an experienced and knowledgeable estate planning attorney who can help you understand your options.

Estate planning can involve drafting a comprehensive plan that addresses your wishes and concerns, making it easier for family or beneficiaries to manage your estate after death. It also involves utilizing numerous tools, including:

Will
Trusts
Power of attorney
Living wills
Health care directives
Guardianship designations

Having an estate plan in place can offer you peace of mind, and your family can deal with fewer complications and stress after your passing.

What Is Elder Law?

Elder law is related to estate planning but covers different circumstances and concerns. Elder law focuses on helping seniors and older adults find legal solutions to common issues such as healthcare planning, estate planning, public benefits, and protection from financial abuse. In a nutshell, elder law helps individuals manage legal issues related to aging. With an elder care plan, individuals can feel confident that their interests get upheld even when they cannot physically or mentally care for themselves or make decisions on their behalf.

One of the most significant ways elder law can impact an individual is by protecting their assets in preparation for the potential need for long-term care. Qualifying for Medicaid to help pay for long-term or nursing home care can be challenging. An elder care plan can help protect assets and prepare an individual for long-term care, especially when you may need Medicaid to cover the cost of your nursing home and healthcare expenses.

Medicaid is a needs-based healthcare program. To qualify, you must meet specific eligibility requirements in addition to financial and income requirements. While someone may not have the money or assets to pay for expensive long-term care, they may have too much income or property to qualify for Medicaid. An integral part of elder law may be addressing the costs associated with long-term care by protecting assets to pass to your family while allowing an individual to still meet income eligibility requirements for Medicaid.

How Are Estate Planning and Elder Law Connected?

Estate planning and elder law work hand-in-hand to protect your interests now and into the future. Some common estate planning tools like power of attorney and health care directives play into addressing your wishes and concerns about how you manage your healthcare and financial decisions as you age, not just in the event you become incapacitated in an accident. Other estate planning tools like trusts may also benefit those looking to protect their assets before applying for Medicaid coverage. However, due to Medicaid’s look-back period, you must address estate planning and elder law solutions sooner rather than later.

You can use elder law and estate planning tools and resources to create a comprehensive plan that protects you and your family today and after you pass away. These tools help you manage your health and finances even when there comes a time when you can’t manage them on your own. You still retain control of what matters to you, making your voice heard, even when you reach an age where you may not be able to stand up for yourself.

Why You Need an Estate Planning and Elder Law Attorney

Elder law and estate planning shouldn’t be separate concerns. An experienced Dallas attorney with Staubus, Blankenship, Legere and Walker PLLC can help you address all your needs and concerns related to estate planning and aging. We dedicate ourselves to helping you every step of the way, putting the power to control your assets and express your wishes in your hands.

Estate planning doesn’t have to be confusing or complicated. Call our office today at (214) 833-0100 or contact us online to arrange a confidential consultation with a knowledgeable estate planning and elder law lawyer.