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Senior Legal Services to Protect the Aged
from: Pat MoauroSeniors Encouraged to Seek Senior Legal Services for Protection
As baby boomers start retiring in 2008 with disposable incomes, they can easily become the target of unscrupulous businesses or con artists. That's why seniors need to maintain ties to senior legal services, which can help them maneuver treacherous financial waters.
Areas where legal counsel for seniors may need to be sought include:
* Estate Planning
* Prenuptial or Cohabitation Agreements
* Real Estate or Business Transactions
* Long-term Health or Disability Planning
* Guardianship or Asset Preservation
Many legal firms and partnerships now recognize the specific needs of the elderly, and can provide focused senior legal services. Some states even have legal hotlines specifically for the elderly.
Estate Planning
This can consist of writing up wills, re-organizing asset allocation, and establishing major tax issues. This planning should be done before a senior becomes ill or incapacitated. Estate planning is one of the senior legal services that should be looked at as soon as a senior retires, if not sooner.
Prenuptial or Cohabitation Agreements
Many seniors who lose a spouse may re-marry. The legal implications of a new spouse or cohabitation partner can wreak havoc on any estate planning completed earlier. Seniors must be cautious to guard their assets, not just for themselves but for their children.
Real Estate of Business Transactions
Seniors need to be wary when they are targeted by con artists and unscrupulous business owners. Sometimes the homes they've worked all their lives for are stolen out from under them. Other times, they are brought into worthless investment schemes. Senior legal services, when available, can protect a lifetime of earnings. Seniors should have all legal contracts reviewed to protect their assets when they most need them.
Long-term Health or Disability Planning
The time to plan for health issues is before one becomes sick or disabled. Adequate health insurance should be kept even after a person has retired from the workforce. Many employers no longer offer health insurance for their retirees. Therefore, many seniors can become quickly impoverished if they don't have enough insurance to meet their growing health care needs.
Guardianship or Asset Preservation
If a senior becomes unable to care for her/himself, they may end up being put into assisted living or nursing homes. In such cases, the court determines guardianship of the person and their assets. Different types of guardianship can determine whether the caregiver has access to financial assets, property, or whether they're merely decision-makers for care on behalf of the ward. Some guardianship is total and includes all three areas.
As a loved one gets older caregivers and family may be faced with a wide variety of legal issues. This highlights the importance of seeking legal counsel and understanding how different senior legal services can best serve the needs of everyone involved.
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