Obviously, all of us will get aged – and that’s a fact. This is the reason why we should take time to learn about the scope of Elder Law particularly the benefits and privileges we can get as we reach our senior years. Apart from getting benefits for ourselves, we can also help other people (by sharing what we learn) particularly the old ones who might be not aware of the laws concerning their welfare.
There are two prime advantages of learning about Elder Law and these are the following:
- It makes us become more aware of the benefits and privileges dedicated for seniors; thus, it can help us get the most out of it when we get old.
- Our awareness in elder law will also enable us to help others to get the optimum benefits that they can get from privileges designed for elderly (e.g. we can help our loved ones – parents, grandparents, senior friends – to get the full benefit of the law.
Some specific benefits of learning about elder law:
- Medicaid – this is part of the elder law that senior people can benefit; it is the US health program that is aimed at helping families with low incomes and resources.
- Privileges for people with disability and other long-term care issues – it is very crucial since older people are more vulnerable to sickness and other health issues that could cost some serious amount of money.
- Legal guardianship – this has something to do with the duties of a person appointed by a court to manage incompetent elder and this could cover the elder’s welfare and safety. The guardian can decide on spending the elder’s money, where the elder will live, and medical care.
- Asset and income protection – it is about learning how to build a solid foundation, which could include savings, portfolio diversification, and proper risk management – all are aimed at securing our financial future.
- Estate planning – one of the three major areas that make up elder law; estate planning has something to do with anticipating and arranging for the disposal of an estate; it tries to eliminate uncertainties concerning minimizing tax and avoiding probate.
- Retirement planning program – this involves ways designed to effectively plan a person’s welfare when he retires, which could include insights on pension account, pension plan, retirement savings.
So, I have just share to you some of the reasons why learning about elder law matters. Again, it can help us become more aware of the benefits and privileges, which can be very helpful for our own welfare as we reach our senior years. True indeed that this matter should be taken into consideration by all of us – regardless of age.