A new study recently published in Homeward Bound: Modern Families, Elder Care & Laws indicates that as the structure of a family becomes more complicated, so too do the questions surrounding elder care. This is particularly important in light of the rising number of blended families today.
Elder care often works hand in hand with estate planning, particularly as longevity has increased for men and women. Instead of simply viewing estate planning as the opportunity to structure how people will pass down their assets to future generations, often elder law is an important consideration particularly as people plan ahead for healthcare concerns. Someone who lives well beyond retirement age may need to evaluate how they can successfully qualify for Medicaid, if necessary, and whether other support systems like long-term care insurance should also be used to assist with planning. Finding the right lawyer who can help you navigate this is extremely important.
Up to 79 million baby boomers are currently entering old age, raising questions about how these diverse family structures will support the burden of care. More so than ever, elderly family members are looking to other relatives to assist them with the caregiving model. The current solutions can be challenging when family members are confronted with the most appropriate situation for their loved one. Identifying a facility that has necessary medical opportunities as well as social life can be important.
Do you have questions about the elder law planning process and how it works with estate planning? Contact an experienced lawyer today.