
What Do Elder Law Attorneys Do?
Elder law attorneys can help with a long list of legal matters that seniors often face…

Elder law attorneys can help with a long list of legal matters that seniors often face…

As a large portion of the U.S. population grows older and life expectancy continues to increase, many caregivers in their 40s and 50s are finding themselves a part of the “sandwich” generation, or those who are often caring for both their children and their aging parents.

There are now more than 70 million Baby Boomers in the U.S. However, millions of adult children may not be prepared to make important decisions about their parents’ future if necessary, because of a lack of knowledge about their parents’ finances.

Every so often, it’s smart to methodically go through your estate planning documents and see if any tweaks are needed. Here’s a checklist to guide you through that mission.

Children may have moved away or lost touch. Old contacts may have died or become disabled. You cannot trust everyone and criminal cases based on misuse of a power of attorney do exist.

Guardianship is a legal action where the court deems an adult an incapacitated person and appoints someone, the guardian, to make decisions about the care and finances of the individual.

The conservator is court appointed and may be responsible for financial decisions, such as retirement planning, the purchase or sale of property and the movement of any other financial assets.

Many people have signed at least one power of attorney in their life. A power of attorney, which names a trusted family member, friend or advisor as your “attorney-in-fact” to control your assets, is meant to be used, if you are incapacitated.

As you know, a power of attorney (POA) allows another person, the Attorney-in-Fact (AIF), to conduct business on behalf of the principal. The POA authorizes the AIF to sign for and on behalf of the principal.

Women face unique challenges as they age. According to the Population Reference Bureau, a Washington-based think tank, women live about seven years more than men. Living longer means planning for a longer retirement.