It's difficult for parents to become dependent on their adult children as they age. The role reversal from caregiver to the patient isn't an easy one. Instead of leaving everything to chance, take advantage of estate planning attorneys who specialize in elder law. These firms are well versed in protecting seniors and their families and can help ensure a smooth transition for adult children and aging parents.
First, Find A Will Attorney Who Specializes In Elder Law
Not all firms are the same. While it's possible for a lawyer to help with elder law issues, it's best to find one that specializes in creating a will and other legal documents such as a medical directive. An attorney with this experience will know what documents are needed and will be able to help preserve a client's assets and manage estates and trusts. You can also look for Ogden Estate Planning attorneys if you want to consult a legal expert to protect your family.
It's a wise idea to interview a few firms before choosing one to work with. Ask if they're a member of professional organizations such as The National Academy of Elder Law Attorneys, Inc., or the Special Needs Alliance. Lawyers in these organizations have proven their commitment to seniors and their families.
Second, Plan For Long-Term Illness
No one wants to think about a long-term illness, but the reality is that by 2020, 12 million older Americans will need some type of care for a long-term illness. The U.S. Department of Health and Human Services recently released a study that found that people over age 65 have a 40% chance of entering a nursing home. It's expected that 10% of these people may stay more than five years.