Meeting with an elder law attorney is an important step, and is fraught with much uncertainty. Often individuals who need legal assistance at the end of their lives come to see when they are in declining mental and physical health, and require help caring for themselves in their golden years. While it is most common to meet with an elder law attorney in one’s home state, such as California, it is not uncommon to meet with these individuals in other states, including Texas, Florida, or even New Jersey. When this occurs, it is imperative that the legal representative who meets with you is on board and fully supports you throughout the process.You may want to check out Elder Law Attorney for more.
First of all, you need to have a complete and thorough asset inventory taken of all of your personal assets. This inventory will be asset-wise – which means what you own – as well as liability-wise – which means what you owe to whom. You should also take into account any retirement assets you have and any bank accounts. It is always important to understand the state laws that govern selling your assets in certain situations. Although you may not always agree with a particular state’s laws, meeting with an elder law attorney at least gives you the best opportunity to understand the complex web of state laws that govern this area of the financial power of the estate.
Another item that you must address in your inventory is the amount of Medicaid or Medicare benefits you are eligible to receive. In many cases, the home care that you will receive will also be funded by Medicaid and Medicare. It is imperative that you discuss this with your financial advisor. In most cases, long-term care insurance policies will provide you with some type of income replacement while you are in the nursing home. These items will need to be discussed with your elder law attorneys as well. Long-term care insurance policies typically pay more than a life policy would and are generally required for anyone who is seriously in need of long-term care.