Seniors and their families face unique issues and complicated laws and regulations. The fear of losing control and running out of money can turn retirement into a time of anxiety and worry. I strive to help my aging clients maintain control and dignity as they grow older.
The U.S. Department of Health and Human Services estimates that 70% of people over the age of 65 will need some type of long-term care. One in three seniors will develop some type of dementia.
This means that estate planning is not just about planning for death or a short-term period of incapacity. Seniors must consider issues such as asset protection, long-term care, taxes, special needs planning, and planning for a substitute decision-maker during periods of incapacity. Unfortunately, many seniors’ estate plans are not tailored for their actual needs. Those plans usually work very well if you don’t get sick and have plenty of money. But if you don’t plan for long-term care, a nursing home stay can literally cost you your life’s savings. Even if you just signed a new will and power of attorney, it is possible that your current plan won’t work when needed.
The world of elder law is constantly changing. So I am constantly learning and keeping up with solutions that work in North Carolina as well as trends that are developing around the country.