As the baby boomer generation continues to age and enter retirement, elder law is experiencing a surge in demand. This increasing popularity has led to a rise in young attorneys practicing in the field, presenting an opportunity for seniors looking to tap into the benefits elder law professionals offer.
In this blog, we’ll look at why elder law is one of the fastest-growing legal fields and how this can benefit baby boomers.
The Baby Boomer Effect on Elder Law
Baby boomers born between 1946 and 1964 constitute a significant portion of the U.S. population. As they reach retirement age and beyond, they face issues like longer life expectancy, the need for long-term care, and the desire to protect their assets for future generations through estate planning.
These factors and others have led to the growth of elder law, with many new attorneys entering the field and trying their hands at it for the first time.
The Importance of Estate Planning
One of the main areas of concern for the baby boomer generation is estate planning, which entails creating a comprehensive roadmap outlining how one’s assets should be preserved, managed, and distributed after passing.
Seniors can benefit greatly by retaining an elder law attorney to plan their estates. By engaging the services of an attorney focused in elder law, seniors can access up-to-date strategies that optimize asset preservation and minimize tax exposure for themselves and their heirs.
Such support eases the transition process for loved ones and ensures that an individual’s final wishes are respected and fulfilled.
At Jarvis Law, we help clients create estate planning documents, including wills, trusts, and durable powers of attorney. Such thorough estate plans are essential for avoiding common mistakes and safeguarding the financial future of loved ones.
According to Private Wealth, many law students newly arriving in the field of Elder Law view helping seniors avoid money problems as a way to prevent their own.
Navigating Long-Term Care
Another way seniors can benefit from the rise in young attorneys focused in elder law is through assistance with long-term care planning.
With advancements in healthcare leading to increased life expectancy, many baby boomers will require some form of long-term care, such as a nursing home or in-home caregivers.
Utilizing the expertise of an elder law attorney can help identify suitable long-term care resources and mitigate expenses associated with medical care and assisted living arrangements.
In particular, an attorney versed in Medicaid planning can help baby boomers structure their income and assets accurately to qualify for Medicaid, significantly reducing out-of-pocket nursing home and medical costs.
Understanding how to pay for these services without depleting all assets is a complex process that requires professional legal guidance.
The attorneys at Jarvis Law focuses in Medicaid planning and can help clients strategize the best ways to cover long-term care costs while preserving wealth.
Protecting Assets and Family Wealth
The baby boomer generation is known for its wealth accumulation over the years. However, with many boomers living longer, protecting these assets becomes a significant responsibility.
Jarvis Law offers asset protection services to protect our client’s hard-earned money from potential threats like creditors and lawsuits.
Our attorneys bring fresh perspectives, up-to-date legal knowledge, and a deep understanding of seniors’ complex issues in safeguarding wealth.
We work closely with accountants and financial advisors to create a holistic plan that considers each client’s goals and unique circumstances.
The Role of Durable Power of Attorney
A durable power of attorney (POA) is a critical document that allows an individual to appoint someone to make decisions on their behalf should they become incapacitated.
Given the possibility of cognitive decline with age, having a POA is especially important for baby boomers.
At Jarvis Law, we guide our clients through establishing a POA, ensuring they feel confident in their decision and that their interests will be protected.
The Golden Years Have Never Looked Brighter
Call it cause and effect, but the growing demand by baby boomers for elder law services has sparked a boom in the number of lawyers taking up the objective of helping seniors and their families navigate the challenges of aging.
We’re committed to providing comprehensive elder law services that address these unique needs. With our expertise, baby boomers can confidently face their golden years, knowing they have a solid plan for whatever comes their way. Contact us today for a free consultation.
At Jarvis Law Office, we protect Ohio seniors and those who love them. We understand the importance of aging with dignity and on your terms. We offer FREE consultations, in-person workshops, and monthly webinars for Ohio seniors and their families.
With locations in Lancaster, Dublin, and St. Clairsville, contact us at (740) 653-3450 or complete our online form to schedule your consultation. You’ve worked hard all your life for your savings. Let’s work together to ensure your savings stay in your hands.
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The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country, or other appropriate licensing jurisdiction.
Jarvis Law Office, P.C.
904 N. Columbus Street
Lancaster, OH 43130