Elder law covers several important areas vital to seniors, including planning your estate, determining long-term care options should you need them and preventing abuse and exploitation. As you grow older and depend more on others for your care, it helps to know your options and how you can protect yourself and your loved ones, even if you become too ill to make decisions for yourself. Let's explore how each of these elements helps protect you and your loved ones as you age.
Proper estate planning ensures your wishes get honored by the courts and your loved ones after you pass, including distribution of your assets. Collinwood residents can protect their legacies by using special legal processes designed to carry out their plans.
Wills outline how you want your property distributed after your death and lay out your funeral arrangements. If you have minor children, these legal documents also designate guardians for them. For even more assurances that your wishes are followed after you pass, consider trusts to maintain your assets for your beneficiaries. Using this legal technique may help them avoid probate costs and reduce taxes on your estate. These legal entities work well when you need a long-term management option for your assets.
Giving someone power of attorney (POA) means they have the authority to make medical or financial decisions for you should you become incapable of making them on your own. When you provide someone you trust with durable power of attorney, you ensure someone who cares is looking out for your best interests if you become incapacitated. If you're concerned about what might happen to you if you fall too ill to make your own decisions, your first step should be setting up durable power of attorney to ensure your wishes are followed.
Guardianship and conservatorship may also come into play if you don't give a loved one POA. In these cases, the court may appoint a guardian to make your personal decisions, including those concerning medical care and where you live. On the flip side, a conservator is a court-appointed person who handles your financial decisions. Those appointed to these positions are required by the courts to act in your best interest.
Living wills and advance directives let your loved ones and the courts know your wishes concerning medical treatment should you lack the ability to tell them yourself. Decisions included in these documents note whether you want life support or resuscitation and outline your desires for critical care.
Though aging is a natural process, you may need long-term care as you grow older. Planning ahead can provide assurances you'll get the care you need without draining your bank accounts. For instance, you may want long-term care insurance to cover the costs of in-home care or a spot in an assisted living community. Veterans benefits may provide options for long-term care, while Medicaid can also help with costs, but you have to meet narrow financial and medical requirements to qualify.
Elder law also covers elder abuse prevention, keeping you safe and maintaining your rights. Infliction of pain or injury qualifies as physical abuse, while intimidation, threats and humiliation that cause mental pain qualify as mental abuse. When someone you trust misuses or steals your money or assets, you're being financially exploited.
Fortunately, you have options to report and protect yourself and others from elder abuse in Fort Collins, Colorado, by contacting Adult Protective Services. Each county in Colorado has its own number to report elder abuse, so keep this list of APS intake numbers handy if you're concerned for yourself or a loved one.
Colorado has a robust support system for seniors who need help with elder law matters. For example, Colorado Legal Services offers low-cost or free assistance when you require help, while the Colorado Association of Area Agencies on Aging provides additional aid for case management with the courts and other legal concerns.
Knowing the ins and outs of elder law assists you in making informed decisions as you grow older. By taking a proactive approach to aging, you can better protect your rights, assets and legacy.
