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Elderly And And Asset Protection
We find more and more people these days taking advantage of the elderly by neglecting them or mistreating them either physically or psychologically. Financial abuse by family members seeking a personal advantage is an insidious abuse of the confidential and trusting relationship. |
Senior citizens may need more than just a power of attorney. Trusts like revocable living trusts, family trusts, credit shelter trusts, spendthrift trusts, irrevocable life insurance, supplemental needs and other irrevocable trusts are highly effective vehicles to help the elderly manage their assets better. Consulting an attorney experienced in elder law matters can be very helpful to enable the older person to recognize and better understand these issues.
A living will is applied when the person is terminally ill and when death is imminent; where the prospects of recovery are very rare. Since a living will is limited in its scope. It is important to appoint someone the person trusts to make health care decisions when he is no longer able to do so. This can be done by appointing a health care agent or by granting a durable medical power of attorney.
Asset protection is an important component and traditionally included objective toward avoiding tax consequences. It also protects assets from people who are unable to manage money or from those who might abuse one’s trust. It establishes a plan to preserve one’s assets for retirement. This can be done through wills, powers-of-attorney and trusts. Asset protection planning with respect to Medicaid involves pre-crisis and in-crisis planning in the context of medical emergency or planning ahead to maximize opportunities to shelter income and assets for loved ones.
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Elderly And And Asset Protection
