Frequently Asked Questions for Elder Law Attorneys
What is a will?
A will is a legal document outlining how you would like your assets, property and belongings distributed after your death. Wills are administered through probate court to ensure your debts – including taxes – are paid, and your assets are distributed to your beneficiaries according to your wishes. It is possible to make a DIY will, but it is recommended you work with an attorney to write one.
What is a living trust?
A living trust is a legal arrangement where a person (the grantor) transfers ownership of their assets into a trust during their lifetime. This trust essentially holds your (the grantor’s) belongings, such as money, property or investments. While you’re alive, you have the ability to take assets out of the trust and also put them in. The grantor also has the ability to decide who will take ownership of the trust and distribute its contents after they pass away.
What is a power of attorney?
Simply put, a power of attorney, or POA, is a legal document that grants someone else the authority to act on your behalf in various legal, financial or medical matters. The person granting the authority is known as the “principal,” while the individual receiving the authority is referred to as the “agent” or “attorney-in-fact.” There are several different powers of attorney:
- General Power of Attorney
- Limited or Special Power of Attorney
- Durable Power of Attorney
- Medical Power of Attorney
Every situation is different, so it is important to speak with an attorney to decide what is best for your situation.
How can I qualify for Medicaid benefits?
Qualifying for Medicaid benefits can be a complex process, but an elder law attorney can assist you in many ways to qualify for Medicaid benefits:
- Restructuring your assets in a way that complies with the strict Medicaid regulations.
- Assist with the extensive paperwork and documentation needed to apply for Medicaid.
- Navigate complex rules, which vary from state to state.
- Advocate on your behalf in appeals if your application is denied or if you encounter any other issues, to ensure you receive the benefits you are entitled to.
How do I plan for my retirement?
- Retirement benefit advice: Understanding the intricacies of 401(k) plans, pensions and social security benefits, and creating plans to maximize them.
- Estate planning: Ensuring your assets are distributed to the necessary people after you pass away based on your wishes, minimizing potential family conflicts and other complications.
- Tax planning: Developing tax-efficient strategies that will help preserve your retirement income and wealth preservation goals.
An elder law and estate planning attorney can provide comprehensive guidance and peace of mind when planning for retirement.
Do you need help with wills, trusts, Medicaid planning, retirement planning and more? Contact us now at Scott Bloom Law and schedule your FREE consultation. We want to give you the help you deserve.