Minnesota Elder Law Attorney
An elder law attorney in Minnesota can assist you with all of your elder law concerns and questions. Whether it pertains to medical issues and healthcare, financial assets or properties, an attorney from Johnston | Martineau, P.L.L.P. can help you with these things that you would like taken care of. It’s important to ensure that your assets and finances are in order and secure so that you or your loved one have everything in place for the future. Elder law attorneys from our firm have years of experience providing asset plans and sound advice for you or your loved one.
What Is Elder Law?
Elder law concerns itself with estate planning which includes wills, trusts, and asset management. It also includes areas like healthcare, retirement, financial planning and more. A Minnesota elder law attorney is able to provide many more details about all of these things. Attorneys from Johnston | Martineau, P.L.L.P. are here to help with any questions pertaining to elder law and can help you to set up wills, trusts or other asset management and financial planning for you or your loved ones.
What an Elder Law Attorney Can Do for You
There are many different things that an attorney practicing elder law can do for you. Elder law covers a broad range of different items as stated above stemming from assets and finances to healthcare and other elder concerns that even include possible elder abuse. An elder law attorney in Minnesota can also assist with:
- Establishing power of attorney or durable power of attorney: If you need someone to carry out important personal decisions for you, a power of attorney is how you give them permission to do so. A power of attorney lets someone you trust manage finances and health care. A durable power of attorney gives them permission to do so even if you’re seriously ill and can’t make decisions for yourself.
- Estate planning that includes wills and trusts: Without a will, you’re leaving your family open to challenges and infighting that can potentially tear your loved ones apart. A will is an important document that provides instructions to be carried out upon your death, and will also name an executor to handle the proceedings. A living trust typically takes more work to manage, but unlike a will it can spare your beneficiaries from having to deal with the probate process.
- Discuss the different taxes involved with gifts and estates: Like everything else in life, taxes will affect your estate. An elder law attorney can help you figure out what will be the hardest hit by taxes, and can also walk you through important steps to avoid steep taxes on whatever you leave behind. Gifts and estates are just as taxable as anything else, so make sure you contact a lawyer who can provide important tax information when you plan your estate.
- Provide other information from their years of experience in elder law: When you reach out to an elder law attorney in Minnesota, you’re not just getting in touch with legal counsel – you’re also getting access to valuable information about how you should best prepare your estate. No two cases are alike, so the right lawyer can provide personalized case management and help you reach a plan that works best for you and your family.
Why Should You Hire an Elder Law Lawyer?
Estate planning is important for people of all ages, but many begin thinking more about it as they get older. With friends and family who count on you, it is important to have a plan in place so that the loved ones will be cared for, even after you are gone. Whether you want to create a will, figure out who would be your medical power of attorney, and deal with your stocks and bank accounts after your passing. An elder law lawyer can go over all of the potential things estate planning has to offer, and discuss what things you want to be taken care of for your family before your passing so that they do not have additional stress to deal with.
Some things people do not think about, but that are benefits of estate planning, include:
- Creating ways to give some of your estate to charity: It may seem simple to donate a portion of your estate to charity, but there are still legal hoops you’ll have to plan for. You have to decide if you want to donate cash or investments, and an elder law attorney can help you figure out what works best.
- Reducing taxes that your family has to pay in probate: Probate is a long, frustrating process that involves finding all of your assets, assigning a value to everything in your estate, and paying off your creditors before finally giving what’s left over to your beneficiaries. Fortunately, you won’t be around to deal with it – but properly planning your estate will make it easier for your loved ones.
- Planning for what happens if you ever become incapacitated: People don’t oftentimes plan for what should be done if they’re incapable of making decisions for themselves any longer. Whether because of terminal illness, age, or an accident, you need to have a plan your loved ones can follow if you can’t handle your personal matters anymore.
- Minimizing expenses that occur when it is time for beneficiaries to collect their inheritance: After your death, your family and friends may have to pay taxes and fees if they’re included in your will. By properly planning your estate, you can ensure they get more of your assets and have to deal with less taxes and fees when they divide your estate.
When you take steps to plan your estate, you’re taking steps to keep your family together after your death. Planning your estate can also help with:
- Preventing confusion or arguments when family members begin to collect what was given to them in your will
- Drafting and creating legal documents that will hold up in court
- Establishing a guardian for any minor children who are in your care
Reach out to Johnston Martineau, PLLP today, and get to work planning your estate. It’s never too early to get in touch with an elder law attorney in Minnesota.
An elder law lawyer is essentially an estate planning lawyer for older individuals or those with elderly family members that they want to see taken care of. It is important to begin thinking about estate planning while you are still able to make decisions, and you can always create living documents that can be changed as your life and relationships evolve. The more involved you are with a lawyer, the better protected your assets will be, which is why it is important to use an attorney instead of attempting to do estate planning on your own.
How to Begin Planning Your Estate
There is no set time frame that is recommended to planning your estate, but it is always important to have an estate plan set. You can speak about your goals and expectations with one of the Minnesota elder law attorneys at Johnston Martineau, PLLC so that we can begin forming a plan for your estate. This is a good way to ensure your assets are fairly distributed and that your beneficiaries are able to get the most from your estate, rather than it being taxed so much or given to the wrong people. One of our lawyers will speak with you about what your wishes are and come up with a plan from there. It’s alright if you don’t have a lot of ideas about what you want to do with an elder law attorney, as long as you are open and willing to talk about how you would like for all of your assets to be distributed. It is important to be thorough in this process to ensure all of your wishes are executed in your estate plan.
Putting Your Plan in Place
Our attorneys can put together a plan for you to ease the burden of the financial and asset management issues that you may end up having. If you or your loved one may need to go to a certain elder care facility, we can help to pair you with the right one and provide guidance. Other things needing a plan include medical care for the future and where to obtain that care. By considering these things the whole family can breathe a bit easier knowing that all things have been considered and that the care and accommodations needed for you or your loved one are met.
Get the Legal Counsel You Need
Dealing with issues pertaining to elder law doesn’t have to bring you down and cause stress. If you have questions or concerns regarding finances, are looking to prepare a will or secure your assets then it’s in your best interest to seek legal counsel that can take care of these issues on your behalf. A Minnesota elder law attorney from Johnston | Martineau, P.L.L.P. can provide you with all of the services you need as you get older. Contact us today for a free consultation. We are looking forward to hearing from you soon.
Common Myths About Long-Term Care
People plan ahead for many things, like their retirement and where they want to live several years from now. However, not enough people plan ahead for long-term care. Long-term care refers to care you need when you can’t perform everyday tasks on your own, such as bathing, dressing and cooking. Here are a few common myths about long-term care insurance that an elder law attorney in Minnesota wants you to stop believing.
- Your Health Insurance Policy Will Cover Long-term Care. Many people falsely assume that their standard health insurance policy will pay for their long-term care. The truth is that you will have to purchase a separate long-term care insurance policy to be covered.
- You Do not Need Long-term Care If Your Family Can Help. It is true that many family members are happy to help take care of their ill loved ones. However, they may only be able to do so much. If they have full-time jobs and families of their own to take care of, they might not have the time to give you the care you require. It can be a huge burden on their shoulders. If you get long-term care, you know that a professional will be there to help you around the clock.
- Long-term Care Insurance Is Too Expensive for Most People. Some people shy away from purchasing long-term care insurance because they assume they can’t afford it. However, it can be more affordable than you think. There are many types of insurance plans, so you may likely find one that meets your needs and budget. Plus, if you purchase long-term care insurance when you’re younger, you can save money.
- Long-term Care Is Only Necessary for the Elderly. Although most people that require long-term care are senior citizens, it does not mean younger people can’t need it. As an elder law attorney in Minnesota can confirm, younger people can develop unexpected illnesses and injuries and require specialized care.
- You Can Pay for Long-term Care Out of Pocket. Even if you have your finances in order, paying for long-term care out of your own pocket can be very expensive. You may be looking at paying tens of thousands of dollars a year. That could easily eat up your retirement savings. If you purchase long-term care insurance, you will not have to worry about these astronomical costs.