What is Elder Law?
“Being young is beautiful, but being old is comfortable.”
Elder Law focuses on issues that affect you as you age, as its name suggests. Although often treated as a distinct area of law from Estate Planning, it is in practice difficult to separate the two areas because there is so much overlap, particularly if you are aged 60 or older. The main areas of concern addressed by Elder Law include an estate plan that is updated as you age, a plan for disability and long-term care, and putting potential guardianship arrangements into place.
Why You Need Elder Law
Your assets cannot survive to the next generation, or even pay for your own living expenses and care, if you exhaust all of your resources in later life due to declining health, disability, and the need for some form of long term care. Unfortunately, this scenario of losing almost everything in one's later life is more common than you might think. People are living longer than ever, and care costs more than ever. Consider also who you would want making decisions for you if any of these scenarios were to occur. These concerns and more are why the best estate plans integrate elder law strategies for individuals as they age.