Caring for an aging parent is a challenging journey. Emotionally it can be difficult to deal with the role reversal—the parent who once took care of your every need now relies on you. It can also be overwhelming to make decisions about your parent’s finances, health care, living arrangements and estate planning.
The issues that are new and overwhelming to you are quite familiar to our experienced elder law attorneys. We can explain your options and simplify your decision making in many areas, freeing you up to simply spend quality time with your mom, dad or grandparent.
Protecting the Assets of Your Parents
By working with an experienced estate planning lawyer, you can help your parents get their financial matters in order. We can advise you and your aging parent on strategies for asset protection and options to ease the tax burden of their heirs in the future. It is vital to manage those assets so that funds are not consumed unnecessarily by nursing home or assisted living expenses.
Consideration must be given to existing legal requirements in these matters so that rights to government benefits such as Medicare or Medicaid are not jeopardized. We can work with you to accomplish these goals through irrevocable trusts, gifting strategies, Medicaid planning and parental asset distribution options.
Protecting the Rights and Wishes of Your Parents
If you are dealing with parents who have a diminished physical or mental capacity, your role is even more involved. We can help you put appropriate tools in place that will protect the rights and wishes of your parents, and make it easier for you to provide care for them.
We can explore options with you such as:
- Living wills (advanced healthcare directives)
- Powers of attorney
- Revocable living trusts