Aging is a fact of life and getting older brings many opportunities and challenges. As you move toward your golden years, it is important to take steps to protect and secure your future. It is also essential that you protect the money and assets you need for a comfortable retirement. This protection can help you leave a legacy for your family and loved ones.
The Charlottesville elder law attorneys at MartinWren, P.C. help seniors and their families create a comprehensive plan to address all the issues that come with aging. We have extensive experience in the areas of law that matter most to seniors, and we put that legal experience to work to ensure clients’ affairs are in order.
In our elder law practice, our attorneys use a variety of legal tools and techniques to respond to the needs of clients. Our goal is to create a comprehensive plan that empowers seniors and helps them accomplish all of their objectives for the future.
What Can an Elder Law Lawyer Do For You?
Many issues arise with advancing age. As a result, elder law is a broad area of practice. The needs of the individual client dictate the role that a lawyer will play. Our elder law attorneys handle a range of legal issues that seniors in Charlottesville and throughout Virginia face. Some of the services our lawyers provide to seniors include:
- Medicaid Planning: Medicaid can cover medical bills and the cost of long-term care. However, income limits exist and you cannot give away assets to qualify for Medicaid. Medicaid imposes a five-year look back period and a transfer of assets can temporarily disqualify you from receiving coverage. Our attorneys use a comprehensive array of techniques, including the creation of trusts, to protect and preserve your assets.
- Powers of Attorney: A power of attorney ensures that the right person will make decisions and act on your behalf if you are no longer able to manage your interests. Our attorneys can help you select an agent and create a durable power of attorney.
- Estate Planning: Passing money and assets on to heirs can have tax consequences. Estate planning minimizes the money your heirs must pay.
- Wills and Trusts: Wills and trusts can be used to dictate how money and assets are transferred after death. Our experienced attorneys advise clients on which solutions are right for them and manage the drafting of wills and the creation of trusts, including special needs trusts.
- Advanced Medical Directives: Advanced medical directives take the pressure off your family if you become seriously ill. This paperwork ensures that your wishes are carried out in the case of a medical emergency.
- Probate: Probate is the process of distributing a deceased’s assets after death. Our attorneys are familiar with state law and how the probate court works. We can help guide you through the process.
These are just some of the elder law services that we provide to clients. Contact MartinWren, P.C. by calling (434) 817-3100 to learn more about how we can help you secure your future and protect your legacy.
Now that you might have a better understanding of elder care planning, consider some of the following myths related to estate planning. Once you are ready to pursue this type of planning, please call a Charlottesville elder law attorney.
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Common Myths About Estate Planning
Estate planning isn’t a pleasant subject for many people to think about, but it’s necessary to do so. Having a solid estate plan in place ensures that your loved ones will be taken care of once you’re gone. However, there are still so many misconceptions about estate planning that are circling around. It’s important to be able to separate fact from fiction before you establish your plan.
A Charlottesville elder law attorney, from MartinWren, P.C., will share some of the most common myths about estate planning.
Estate Planning Is Only for the Rich
One of the most common misconceptions about estate planning is that it’s only necessary for the rich. The truth of the matter is that you should have an estate plan no matter how much or little property you have. If you don’t have an estate plan in place, you won’t have a say who will receive your property, including small personal items, when you die. The court will have to decide and they may give your property to the wrong people.
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It’s Too Early to Worry About Estate Planning
Many young people who aren’t married and don’t have any kids believe there’s no need or estate planning. However, you’re never too young to start planning your estate. What if you get into an accident and can’t make medical decisions on your own? In your estate plan, you can designate who you want to make important decisions in the event of an accident or serious illness. As you get older, this part of the estate planning process can become especially important. Please call a Charlottesville elder law attorney to learn more.
The State Will Get My Assets If I Don’t Have an Estate Plan
It’s very rare that the state will inherit your assets, even if you don’t have an estate plan in place. In many states, if you die without a will, your property will go to your spouse. If your spouse is no longer alive, it will go to your surviving children. The only way the state would get your assets is if you don’t have any surviving relatives.
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Once You Create Your Estate Plan, That’s It
It’s a common misconception that once you establish your estate plan, you don’t have to worry about it again. However, it’s important to update your plan when major life events happen. For example, you’ll want to update your estate plan when you have a new child, get divorced, remarried, or get estranged from family members.
Estate Planning Doesn’t Require a Lawyer
While it’s possible to create an estate plan through a DIY legal service, it isn’t recommended. Estate planning is quite complex and it’s easy to make mistakes if you don’t know what you’re doing. Although hiring a Charlottesville elder law attorney is an initial investment, it can help you save yourself a lot of headaches in the future.
If you are thinking about establishing an estate plan, turn to a Charlottesville elder law attorney at MartinWren, P.C. We have helped many individuals create estate plans and want to make the process as easy as possible for you.
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