What is Elder Law?
Elder Law
It is the function of numerous professional areas that secures proper care and future stability for the elderly. It is an opportunity to embrace the idea of pre-crisis planning for the future as opposed to post–crisis management and running the risk of losing everything.
A collaborative forum of professionals involving, but are not limited to
the areas of:
- Estate Planning
(Hewitt & Waicker, LLC) - Social Security
- Arrangements for Care
- Financial Planning
- Preneed Arrangements
- Guardianship (Hewitt & Waicker, LLC)
- Tax Planning
These areas are interlocking with Elder Law and when effectively performed can achieve a successful planning strategy that can secure quality of life.
Estate Planning:
(Hewitt & Waicker, LLC)- The use of trusts (Revocable, Irrevocable, Special Needs, etc.
- Wills
- Power of Attorney
- Advanced Health Care Directive (Five Wishes Document)
- Which person you want to make health care decisions
- The kind of medical treatment you want
- How comfortable you want to be
- How you want people to treat you
- What you want your loved ones to know
- See www.agingwithdignity.org or call 1-888-594-7437
- Estate and Federal Taxes
- Inheritance Tax
- Probate Administration
- Real Property Deeds
- Partnership Agreements (PA, LLC, etc.)
Social Security; Medicare:
- Social Security Benefits
- Medicare A and B
- Medicare D (Prescription Drug Plan)
- Social Security Disability (SSDI) (physical disability and the inability to be gainfully employed)
- Supplemental Security Income (means tested)
- Social Security Tax and quarters paid (affects people disabled under 65 who have not worked enough quarters)
Arrangements for Care:
(Provided by outside resources)- In Home Care
- Durable Medical Equipment
- Modifications for the Home
- Hospice Care
- Nurses
- Companions
- Meals on Wheels
- House Cleaning Services
- Groceries
- Bill Paying
- Custodial Assistance with Medications
- Agency Services
Financial Planning:
(provided by certified financial planners)- Asset and Risk Management
- Life Insurance
- Long Term Care Insurance
- Disability Insurance
- College Planning
- Retirement Planning
- Investment Products
Pre-Need Arrangements:
(provided by licensed funeral directors)- Opening and Closing of the Grave
- Choosing a Casket
- Choosing Burial Services
- Head Stone and Engraving
- Religious Burial Requirements
- Out of State Burials
- Burial Plots
- Cremation Options
- Vaults and Crypts
- Burial Contract and Documentation
Guardianship:
(Hewitt & Waicker, LLC)- Physician Certification for Incompetency (requires 2 doctors to certify incapacity)
- Court Appointed Guardian (requires a court hearing for determination)
- Guardian of the Person
- Guardian of the Property
- Expensive and Unnecessary
This process is required when a Power of Attorney and an Advanced Health Care Directive was not previously executed and a person has lost cognitive ability. This process can be avoided when the proper estate planning documents are prepared.
Tax Planning:
(provided by certified public accountants)- Estate Tax
- Federal Tax
- Inheritance Tax
- Gift Tax
- Capital Gains Tax
- Income Tax