Elder law attorneys can help protect assets
GETTING YOUR AFFAIRS IN ORDER
“It’s always too soon until it’s too late”
by Cindy Tostado
member resources and assistance liaison
We are witnessing a rise in situations where a Leisure World unit becomes inaccessible following the death of a shareholder. These units are locked down until legal authority can be proved or obtained. Legal authority may need to be obtained through a court process of probate. Probate can take up to two years from start to finish and can have costly fees of 6-15 percent of the gross value of the estate. This can all be avoided by careful legal planning. Seeking out an Elder Law Attorney’s (ELA) advice and direction will help you and your loved ones protect yourself and your assets.
Without proper legal documents your property can be held up in a court proceeding called “probate.” A Living Trust is a legal document that owns your property and passes your property to your beneficiaries when you die without going through probate court. Other legal documents that are equally important are the Durable Power of Attorney for Medical and Financial. These documents give a designated person the legal authority to make medical and financial decisions for you if you cannot.
Depending on your family situation and applicable state laws, an elder law attorney may guide you in planning your future. An ELA helps older people and their families by:
• Interpreting state laws
• Planning how their wishes will be carried out
• Explaining their financial options
• Teaching how to preserve financial assets while caring for a loved one Seek out the advice and guidance of an ELA to see what documents and planning are best for you. Here are basic steps to getting your affairs in order:
• Gather everything you can about your income, property, investments, insurance and savings.
• Put copies of legal documents and other important papers in one secure place. Review regularly to see if there is anything new to add.
• Tell a trusted family member or advisor where you put your important papers. If you do not have a relative or friend you trust, ask a lawyer to help.
• Give permission in advance for your doctor or lawyer to talk with your family member or advisor as needed. You can give your permission in advance to Medicare, a credit card company, your bank, or your doctor. You may need to sign and return a form.
• Advance planning for funeral and burial can provide a sense of peace and reduce anxiety for you and your family.
What have you done to get your affairs in order? What will your legacy look like? Do not wait until it’s too late.
For questions or resources contact, GRF Cindy Tostado, LCSW, member resource and assistance liaison at 431-6586, ext. 317.
