Caring for an aging loved one often goes beyond providing physical comfort and assistance. Frequently, elder care involves financial guidance as well. It's important to protect a senior's assets, especially if he or she is no longer able to do so. These assets must be firmly in place, in order to cover long term care, medical bills and other age-related expenses.
Whether you are currently caring for an aging relative or foresee doing so in the future, consider proper estate planning as soon as possible. Asset protection is integral to estate planning, and it typically involves the use of tools such as a will, a trust and a Powers of Attorney.
An estate planning lawyer or elder law firm should be well-versed in asset protection, working to protect loved ones against the high costs of long term care, such as an extended stay in a nursing home.
Asset protection serves several other key purposes as well, including the avoidance of tax consequences and financial protection for those who are unable to manage their own money, due to dementia or disability.
It's best to consult an elder law attorney before a crisis occurs and, if at all possible, while your loved one is competent to make important decisions.
Don't wait until it's too late. Contact an elder law firm today to ensure financial security for tomorrow.