Elder Law
Elder Lawyers
The prolonged illness of a close friend or the death of a beloved family member helps people think about their own mortality, especially if the deceased person died prematurely or without an estate plan. Although death is emotional for those who were close to the deceased, it also provides an opportunity to consider one’s own end of life plans, what should be done once an individual has passed away, and the many avenues of elder law that need to be considered within wills, trusts, and other aspects of eldercare planning.
Before thinking about how to dispose of your estate in the event of your death, you will need to make decisions about long-term health needs and housing options, business continuity planning if you own your own business, or a medical care directive, outlining the type of care you wish to receive when you are no longer able to make your own decisions about your health.
There is no time like the present to plan. The life expectancy of Americans is 92.5 while the retirement age is 65. Before going to a long-term care facility in Birmingham, AL, a person can live in a nursing home, assisted-living facility, senior home, or independent home. At each stage, a person will have different housing and medical needs and enjoy a lifestyle that is active or adventurous. The long-term care facility is sometimes the final stop on the journey through retirement.
Elder Planning Toolbox
Our elder law lawyers develop plans for individuals and families to serve their present and future needs. Particularly because estates are taxed so high when a person dies without a will, states do not make much effort to educate and advise people on how to preserve their legacy for their families and future family members. If there are any incapacitated members of the family or individuals with a special need, the best way to care for them into the future is to plan who will do what when you yourself are incapacitated or die.
Among the available tools in an elder law plan are legal documents that either manage the affairs of a person while living or distribute their property upon death. It is essential that you entrust an experienced Birmingham, AL, elder law attorney to draw up these documents and ensure that they convey exactly what your intentions are for the future of your property and legacy.
Available Estate Planning Tools
It is a written document of a person’s wishes as to how his or her property is to be distributed at death. This document should be comprehensively drafted to minimize future arguments over property that was ignored or omitted.
In a revocable trust, a person or grantor places his or her assets in a trust to earn income which then gets distributed to that person or grantor. While the grantor is alive, the provisions of the trust can be modified or canceled. Upon the death of the grantor, any remaining property is transferred to the beneficiaries.
In an irrevocable trust, a person or grantor transfers his or her assets to a trust and removes all of his or her legal rights of ownership to the assets in the trust once the transfer is complete, making the trust irrevocable. Any future changes to modify or terminate the irrevocable trust cannot be made by the grantor and instead require the consent of the beneficiary.
It is a written document where a person gives someone they trust authority over the person’s financial affairs, including assets, in the event the person becomes incapacitated by injury, disease, or mental impairment.
A living will is a written statement of a person’s medical treatment wishes to follow in the event the person is unable to make his or her own decisions due to illness or incapacity. For your end-of-life plans, this is the document that will help to inform your family’s decisions regarding your health.
A health care proxy, sometimes called an advance healthcare directive or medical directive, is a written document assigning authority to make health care treatment decisions if the person is unable to do so due to illness or incapacitation. Be sure your health care proxy understands your wishes and will be able to carry them out on your behalf if you are too ill in a long-term care facility or hospital.
The probate process is the period after the death of a person where a deceased person’s debts are settled and legal title to the property is distributed to beneficiaries. The distribution of the property is pursuant to the last will and testament (or by operation of law if the person dies without a will). The deceased person or state probate court appoints an executor to ensure the debts are paid and property transferred to beneficiaries as requested in the last will and testament.
Elder Law Attorneys in Birmingham, AL
Massey, Stotser & Nichols, PC attorneys know how important it is for clients to have a clear understanding of the necessity for estate planning, social security issues, rights during elder abuse cases, and so much more. Our elder law attorney group specializes in these cases and is here to help you and your family preserve your legacy and meet the future needs of your loved ones. Request your case consultation today.
© 2023 Massey, Stotser & Nichols, PC | All Rights Reserved | Site Map
No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.