Episode 13: Planning with Clarity: Navigating Elder Law to Secure Peace and Avoid Crisis
Apr 08, 2024In this episode, the essential question is, “What is elder law and why do I need to know about it?”
To guide us through this big topic, we have invited Stacey Edwards, Esq. from Edwards Estate & Elder Law in New Jersey. With over 2 decades of legal experience, she dabbled in various specializations of law, but Estates and Trusts is where she decided to stay. She finds purpose in helping other people, and in this specialization, she gets to help her clients by compassionately navigating crises and creating plans to provide them with peace of mind that if and when a health crisis or death happens, their dignity, wishes and assets will be preserved.
What is Elder Law?
Elder Law is not one book of law, it’s a big complex area of multiple laws that affect adults who are aging. It involves 12 areas of law that apply to the elderly, people anywhere 50 and up and really just means adult. It includes guardianship or conservatorship, a multitude of federal taxes, state taxes, marital laws, Medicare, Medicaid, social security, contracts, consumer fraud, disability and other public benefits, veteran’s benefits, ERISA, and more. It helps individuals prepare for unexpected circumstances and all the legalities surrounding them, like medical conditions or emergencies, estate management, wills, trusts and many more. Everyone needs it as a form of crisis management and future planning, ideally as soon as they turn 18. For the layperson, it means planning for what happens to your assets when you die and what happens to you if you don’t die, but under medical care.
Why is Elder Law important?
Elder law is a preparation for emergencies and tragedies. It is for the peace of mind of the individual and their loved ones. It makes sure that all involved parties will know what to do and can rest assured that everything is taken care of, and they can focus on the situation at hand without any preventable stress. In too many situations, people have been caught unaware and left clueless about what to do. Even worse, they lost time and money on legal work during an already stressful situation.
How can Elder Law help with Medicare / Medicaid?
Medicare and Medicaid are incredibly complicated, with each their qualifications, applications, and regulations. It’s often too much for one individual to understand. Elder Law can help by looking at your situation, making you understand what applies to you, and presenting you with all the related possibilities and options.
What makes Elder Law unique?
Elder Law is catered towards the goal of each individual. If they want to focus on legacy and make sure that their children and heirs are taken care of, or preserve assets for their spouse in medical emergencies, then Elder Law can make sure that the correct documents are in order, proper records are filed, and all involved individuals are made aware.
Remember, a good plan is the key to peace of mind. It is better to plan and prepare now when you can make good and informed decisions, than in times of crises when the stakes and emotions are high. So take a look at Elder Law, try to learn what your state laws are, and do what you can to prepare for the future, today.
Additional Resources:
Website for Edwards Estate & Elder Law: edwardsestatelaw.com
Facebook for Edwards Estate & Elder Law: www.facebook.com/edwardsestateelderlaw
Instagram for Edwards Estate & Elder Law: instagram.com/edwardsestatelaw
Stacey Edwards Personal LinkedIn: https://www.linkedin.com/in/staceyedwardslaw
Edwards Estate & Elder Law LinkedIn: https://www.linkedin.com/company/edwards-estate-elder-law/
National Academy of Elder Law Attorneys: https://naela.org/
Disclaimer: This podcast does not offer legal advice. Estate planning and elder law are national topics, each state has its own laws and regulations. Consult with qualified lawyers to discuss your specific circumstances and needs.