Elder law covers many different law categories and includes many different transitions times in an individual's life. For some individuals, life transitions occur in their 60s & 70s when they retire and move closer to their grandchildren or their parent.
Important issues come to mind, such as funding retirement, selling a residence, gifting to children or helping grandchildren pay for college. Is there a family business that is being transferred to the younger generation? Many issues may face an individual in their 60s. People in their 60's are also thinking about the issues that their parents are facing.
Federal estate tax seems to be a moving target - how can someone plan when they don't know what the estate tax law will be in the future? Should the house be sold and the money invested? How much money will there be available for retirement after income tax?
Many people in their 60s have been married more than once and there may be step-children involved. A person in their 60s when drafting a will and an estate plan wish to provide for a 2nd spouse but, still want to remember their children from an earlier marriage.
Questions about in-home assistance, nursing homes, assisted living as well as the usual will and estate planning dominate the thinking of people in their 80s. They worry whether they will have enough money to last the rest of their lives. Should they give their home to one of their children? What if that child has financial problems of their own? If they gift the home before their death, how does that affect income tax?
What about Alzheimer's and dementia? Does the individual really understand what is being signed when he gifts his home to the in-home caretaker or adds her to his bank account? Was he competent? Was he under undue influence?
These are just a few of the issues that an experienced elder law can help with. As a member of the National Academy of Elder Law Attorneys, I would like to provide the following link. There is a wealth of information on this web site.
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