Elder Law

Article submitted by Deirdre R. Wheatley-Liss, Esq., LL.M (Taxation), CELA*.
For more information, she can be reached at 973-538-4700.

Elder Law is a specialized area of legal practice focusing on the financial and non-financial issues of seniors. While Elder Law draws from many areas of the law - such as estate planning, tax planning, Medicare, Medicaid and disability planning, retirement and benefits planning, real estate, guardianships, and litigation - Elder Law is, at its essence, asset protection planning.

Seniors need to be vigilant about their security and independence. They have worked a lifetime for their assets, and many worry that these assets could be lost in the face of a debilitating illness or sudden death. Elder Law involves meeting with the client and their family to learn about their questions and goals, educating the client about available options to meet those goals, and devising and implementing an asset protection plan.

Elder Law is also unique in the sense that the Elder Law attorney is one professional in a team of professionals devoted to the needs of a client. This team might include your accountant, doctor, financial planner, a social worker, a geriatric care specialist, a realtor, or a coordinator at a residential care facility.

To protect your assets, it is essential to understand what you are protecting them from, and the pros and cons of different asset protection techniques.

The largest potential drain on assets as you age is long term health care costs. An Elder Law attorney can explore the options available to you to finance your long term care. Each solution will be unique - no one plan fits all situations.

As part of an asset protection plan, you may have considered transferring your assets to one or more of your family members. However, any transfers must be made in the context of an overall plan. An Elder Law attorney can counsel you about the risks of asset transfers.

You have a right to name who receives your assets, how and when. At the foundation of your asset protection plan should be a basic estate plan consisting of a Last Will and Testament, Living Will, and Health Care and Financial Power of Attorney. Working with an Elder Law attorney will ensure that these documents reflect your unique needs as a Senior.

* Certified Elder Law Attorney (CELA) by the American Bar Association accredited National Elder Law Foundation.