A New Era of Estate Planning: Why Elder Well-Being Is the Ultimate Measure of Success
Most older adults look forward to independent living, preferring to age in place. However, remodeling a house to support autonomy and mobility would be all for naught without an estate plan centered on elder well-being.
This legal roadmap can give your older clients peace of mind, knowing that someone they trust can execute their wishes on their behalf if they become incapacitated or pass away. Bringing up these practical benefits to your older customers adds more value to your services.
Providing Space for a Live-In Home Aide
Living with an aide may be necessary when an individual can no longer safely or properly perform daily activities independently, such as a diabetic older adult who has declining vision, gets bruised easily and frequently needs to go to the bathroom. Loved ones typically serve as primary caregivers, but they occasionally need a break to prevent or mitigate burnout.
Estate planning empowers an older adult to determine how they will receive care while staying in their home. This arrangement can help ensure your client can receive round-the-clock assistance from a credentialed professional if they prefer not to live in a nursing home. Otherwise, the person’s family member or friend may ask the court to appoint a guardian — someone your client may not approve.
Avoiding Losing Assets to Creditors
Most of the refinancing opportunities only became available after the ‘70s, which is why many older adults today carry a mortgage into retirement. Financially responsible borrowers continue to pay down their loans to have a roof over their heads and eventually transfer assets to their loved ones.
Incapacity increases the risk of falling into arrears. Foreclosure is a nightmarish scenario for older adults who have worked hard their entire lives to build wealth.
An estate plan can create a financial power of attorney, enabling a trusted person to handle your client’s money matters and pay all bills in full and on time. This strategy prevents inadvertent default and keeps creditors at bay.
Ensuring Proper Maintenance
A house is prone to neglect when its owner requires assistance. Unmitigated wear and tear impacts a property’s value. It may also invalidate the homeowners insurance policy, as the policyholder must perform basic maintenance, which could result in claim denial, policy cancellation or premium hikes.
Granting someone a financial power of attorney helps ensure the house receives the care it needs when your client can no longer manage its upkeep.
Preventive property maintenance is among the personal affairs this designated individual manages on behalf of the incapacitated owner. They can hire and pay appropriate contractors to keep the house in good condition and handle recordkeeping for insurance and tax purposes.
Preventing Involuntary Relocation
Aging homeowners are vulnerable to abuse. Malicious loved ones may move them elsewhere so they can enjoy the house for themselves.
Moreover, a primary residence can qualify as a donation to a relative by blood, marriage, legal guardianship or adoption when buying a house. A family member may try to legally take over the property and take advantage of the incapacitated owner.
An estate plan ensures nobody can legally relocate your client from their home when they’re too physically or mentally impaired to protect themselves. This assurance promotes elder well-being by easing any fear of exploitation from loved ones.
Planning an Estate Centered on Elder Well-Being
Some law firms, such as Ettinger Law Firm, have made it a mission to help older adults create estate plans that emphasize elder well-being. Elder law estate planning attorneys use strategies to protect the assets of clients from long-term care costs and determine who can make legal, financial and medical decisions on their behalf if they’re unable to.
Legal practices can prepare arrangements that reflect the wishes of older adults and ensure that they’re respected. For instance, Ettinger Law Firm creates wills and irrevocable trusts. These tools help older adults distribute assets to their intended beneficiaries upon their death and protect assets from creditors.
Older adults may find it overwhelming to explore avenues to safeguard their well-being if they lose their independence due to health reasons. Elder law estate planning attorneys understand where their clients are coming from. That’s why these legal practitioners make it a point to meet with older adults for consultation without any charge to answer questions and show them where to begin.
Frequently Asked Questions
Want to learn more about the basics of estate planning and elder well-being? Check out the answers to the common questions about these topics.
Q: What is estate planning?
A: Estate planning is a process of preparing legal documents that outline instructions regarding how you want your affairs managed if you become incapacitated or when you die. An estate plan helps ensure that what happens to you and your assets aligns with your wishes, preventing the court from deciding for you.
Q: What are the four elements of the estate?
A: An estate’s four elements are the last will and testament, trust, powers of attorney and advanced healthcare directive. These legal documents reflect your specific wishes, such as who receives your assets when you pass and who can make healthcare-related decisions if you become incapacitated.
Q: What is elder well-being?
A: Elder well-being is a holistic concept that encompasses the physical, psychological, emotional, social and financial dimensions of wellness for older adults. It promotes independence, security, dignity, joy and peace of mind in people as they age.
Q: What is elder law?
A: Elder law is a legal practice focused on the unique needs of older adults. It covers long-term health, retirement, estate planning and other matters, with the goal of developing an integrated solution to the complex problems aging individuals face.
Elder Well-Being Is a Top Priority for Older Clients
Offering home improvement and home design services with elder well-being in mind is one way to demonstrate more value to older customers. A deeper working knowledge of the merits of elder law estate planning allows you to help clients make decisions with foresight.
