Experienced Law Firm Ready to Assist with Elder Law Planning Today!
Elder Law is a highly specialized and increasingly important area of law. At Cholewka Law, our goal with respect to Elder Law is to make sure you and your loved ones are adequately prepared to manage the medical, financial and legal challenges that come with growing older. We can design and implement a plan to provide you with maximum protection and control of your assets in the event you require extended assisted living care or must move into a nursing home. Here are some statistics that will show you why Elder Law is a rapidly growing practice area, and why it is so very important to have a plan in place for the future:
- Nearly one out of every two women, and one out of every four men, will find themselves in a nursing home during their lifetime
- Nursing home care in Arizona averages around $6,5000 a month. In some cases, the cost is considerably higher
- The cost of nursing home care is expected to rise significantly in the future
- About two-thirds of families run out of money within one year of entering a nursing home
We can use a combination of tools and strategies to protect your assets against the rapidly rising cost of long-term care. We can also help you cope with what is known as a Medicaid Crisis situation. With a plan of your own, you can protect your life savings in the event of incapacity. You will also enjoy the peace of mind that comes with having a plan in place for the future.
We invite you to explore our site to learn more about the estate planning, Medicaid planning and other services that we provide to help you protect your assets. Or, contact our office at your convenience to discuss your particular situation and learn how our experienced Arizona elder law attorneys can create a custom plan for you and your family.
FAQs Concerning Elder Law
What is Elder Law?
The field of elder law is extremely broad and can basically involve any legal issue facing the elderly and their families. In order to get the best representation, you need to find attorneys who specialize in the key aspects of elder law, including estate planning, real estate, guardianship, probate, and many more. In this article, we focus on estate planning.
Why is Elder Law important?
With the average life expectancy in Arizona rising to almost 80 years, the field of elder law is more important than ever before. This is especially the case since an increasing number of people are living beyond 90 and even 100 years of age.
What will I do if I become mentally disabled due to old age?
If you become mentally disabled, you need to have a clear estate plan in place that covers your financial and medical decisions. Failure to do this could put your family at risk of ending up in court in a conservatorship or guardianship action.
Who will make medical decisions for me if I became mentally incapacitated?
A document called an advance medical directive (or health care power of attorney) enables you to choose the person who has the right to take care of your personal needs, and this individual also has the power to make medical decisions on your behalf if you are unable to do so yourself.
Who will make financial decisions for me if I became mentally incapacitated?
A document called a financial power of attorney allows you to choose the person who will manage your assets if you are unable to do so. A “durable” power of attorney can immediately take care of your property, whereas a “springing” power of attorney can’t begin to take care of your assets until the day you’re deemed mentally incapable of doing so.
What is Estate Planning for Death?
Death planning includes instructions for paying your debts and who will receive the balance of your assets.
What is a last will and testament?
A will contains a set of written instructions that determine how your estate is to be divided after your death. Your loved ones cannot legally take control until after your property passing through the will is put through probate.
What is the Probate Process in Arizona?
Any asset that goes through the court process are inventoried after you die and submitted to the court; your debts are paid before your loved ones receive the balance of your assets. In the state of Arizona, there is a small estate exception that allows your family to collect your personal property by affidavit if it is worth less than $75,000.
What are Revocable Living Trusts?
You can plan for mental disability and death together with a document known as a revocable living trust. You can control your property when you’re alive and mentally competent, choose the person to control your property and investment decisions in the event you can no longer do so, and create a list of instructions to loved ones regarding your assets after you die. This also helps ensure your property avoids court-supervised probate.