Elder Law Lawyers: How to Protect Your Parents' Assets

There are many things you can do to protect your parents' money and make sure they have a good life. One way is to set up a trust fund for them. A trust fund is a legal agreement that lets you put money into it. Then, your parents can use the money as they wish without worrying about running out of funds. Elder Law lawyers are here to assist you.

Elder law living will protect the elderly from financial abuse, fraud, and other types of exploitation. We know the laws that affect seniors. These include Medicare and Medicaid eligibility, Social Security benefits, long-term care insurance coverage, and more.

Tips to Protect Your Elderly Parents’ Assets

In the event that your parents are unable to make their own decisions, you may be appointed as a guardian. This is a challenging task and can be overwhelming. Learn how to protect your parents' assets with these tips from Elder Law lawyers.

• Set up an asset protection trust.

The high costs of assisted living, skilled nursing homes and home care services can be too much for seniors who need nursing care around the clock. A Genworth survey from 2021 says that the average cost of a nursing home room in the U.S. is $297 per day. But, this number can be much higher in more expensive parts of the country.

Medicare is a federal health insurance program for people who are 65 or older or who have certain disabilities and are under 65. It only pays for short-term rehabilitation stays in a nursing home, not long-term stays. Medicaid can fill in the gaps because it is paid for by both the federal government and the states. But for the second option, a person's total countable assets must be below $2,000 to $3,000, depending on the state. This includes cash and investments like stocks, bonds, and mutual funds. It is best to get long-term care planning lawyers to help you with this.

• Establish a living trust.

Make a living trust to write down how you want your parents' assets and money to be managed after they die. When their parents get older or have health problems, their kids usually set up a living trust to help them with money. Remember that trust is not the same thing as a will. Most of the time trusts only deal with one thing, like a piece of property or a life insurance policy. Almost everything else in an estate is also given out according to a will.

A testamentary trust starts after the person who set it up has died. Before the trust can be set up, probate must be done. Because of this, the money will be open to the public and may be lessened by probate costs like those paid to lawyers and the court. Money that is put into a trust is taxed at the rate that is in place at the time.

• Teach your parents about scams.

Every year, about one in 20 seniors lose money to scams or frauds. People who fall for scams, especially older people, may have terrible things happen to them. They won't have much time to get back on their feet after this setback, which makes them very vulnerable. Make sure your parents know about the most common scams that older people fall for when it comes to money. Elder Law Lawyers can also assist you.

Scammers targeting the elderly often pose as health representatives to obtain sensitive information. The con artist uses the information they have collected to send in false claims to Medicare.

Most phone scams involve pretending to be from a real charity, a natural disaster, or a family member or child who just got into the hospital and needs money.

Scammers target older people on the internet because they are slow to use new technologies and the internet. Phishing pop-ups from virus-scanning software trick people into downloading bad software. These tools steal sensitive information like passwords.

• Get a trusted asset protection lawyer.

Most of the time, people need an asset protection lawyer to protect themselves from a lawsuit. Elder Law lawyers will help you set up a way to keep your parents' assets safe from creditors in case they go bankrupt or get sued for something else.

Benefits of Getting Elder Law lawyers

Elder Law Group is a team of qualified and experienced attorneys dedicated to your needs. We help you plan for the future and protect your assets.

• We know how Asset Protection Law works

Protecting assets is more challenging than one might think. You might have an idea of the laws, but you might need to understand them fully. With the help of Elder Law lawyers who can explain the basics, you can keep your assets safe from lawsuits.

• We can create an asset protection trust plan.

Based on your short-term and long-term goals, we can make a plan. If you have any questions or worries, we will also help you through this process.

• We use the right strategies for protection.

Elder Law lawyers know what laws and strategies work in your state. We will carefully examine your finances before coming up with plans that could be bad for your property. We will check your accounts to see what can be kept, moved, or used against you.

• We can help you with asset protection lawsuits.

When you're in court, it's hard to keep your creditors from taking your property. To protect your assets from being used to pay off debts, you should talk to an asset protection lawyer before problems arise.

Find the help you need at Elder Law lawyers

Elder Law Group is a team of experienced and compassionate living will lawyers who will fight for your best interests. We are committed to ensuring that you and your family have the best quality of life possible.

We help people who are older or have been told they have a terminal illness plan their estates. This includes making Wills, Powers of Attorney, and Living Wills for our clients. Elder Law lawyers also help families deal with a loved one who cannot care for themselves and make Durable Powers of Attorney.

This is smart financial planning for people who care about the well-being of their family members.

We understand that there are times when you need more than a lawyer. Elder Law lawyers offer free consultations so you can get all your questions answered. Get your free consultation today!