As you retire from your job, pay off your mortgage, and build a retirement nest egg, you can begin looking forward to a future of relaxing with your loved ones and enjoying your golden years. Throughout this time, however, it is important to protect what you have worked for. This means talking to a Virginia elder law attorney.
For more on protecting your assets contact a Virginia trusts and estates lawyer today.
What Can a Virginia Elder Law Attorney Do For Me?
Elder law is a broad field that encompasses many different legal issues seniors face as they get older. You may need assistance with handing off your business and planning who will inherit, or you may want to establish a trust so your children or grandkids are taken care of. You may be concerned about the cost of possible long term care in your future and want to plan ahead, or you may want to develop a plan for who will inherit your family home and other assets.
Whatever your concerns and goals are for the future, there are laws in Virginia designed to help you protect yourself and protect those you love.
A Virginia elder law attorney can explain things like Medicaid planning and the five-year look back rule, which limits eligibility for assisted living coverage if you transferred assets within five years. Your attorney can also help you to understand how a trust can help you to keep your possessions even if you need to go into an assisted living facility.
Your attorney can also help you to understand the difference between wills and trusts, to explore ways to avoid death taxes and keep your estate out of probate, and to give you the tools necessary to protect your heirs if they spend too much or could have creditors after them.
Medical and end-of-life issues, financial management, business succession planning, and ensuring you can get long term long term care if you need it are just a few of the many different things Virginia elder law attorneys can do for you.
Virginia Laws Affecting the Elderly
Many different Virginia laws affect seniors. For example:
- Virginia Code Section 64.2 provides detailed information on wills and on what happens to an estate after death
- 12 VAC30-20-141 discusses Medicaid estate recovery, which allows the government to try to recover from your estate after your death if you received certain health services through Medicaid.
- Virginia Code Section Title 26 provides some guidance on the creation of a power of attorney so you can name an agent to act for you if you become incapacitated.
As you get older, these and other state and federal laws are going to impose certain obligations and can give you certain rights. You need to know how the laws affect you and how to make them work for you.
Get Help Today from a Virginia Elder Law Attorney
A Virginia elder law attorney is focused on the legal issues that affect seniors and that arise as part of aging. Call today to schedule a consultation with a lawyer who can help you to use the legal protections and tools in place to allow you a secure future.