A lawyer who specializes in elder law isn’t just for senior citizens – an elder law attorney can help younger clients also.
An elder law attorney has experience in the specific legal issues that impact aging people, including social security, health care, retirement and estate planning.
A person’s needs and what is important to them often changes as they become older. Financial concerns when they were younger – such as paying for their children’s college – may change to making sure their spouse is financially secure when they die. An attorney who specializes in elder law can be beneficial to aging adults – but they can also benefit younger adults who want to help with family decision making.
Many seniors want to gift their children with money or property while they are alive to see them enjoy it. Understanding the laws on gifting is critical to minimize taxes and expenses, and avoid penalties down the road.
Home Health Aids
Many seniors age comfortably at home and don’t need to move to a retirement or care facility. Often older adults hire in-home workers to assist with health-related tasks they no longer can manage. This can require changes to homeowner liability insurance.
Tax Breaks and Deferrals
Many cities and states offer tax breaks to seniors, such as Illinois’ senior citizen homestead exemption or Cook County’s senior freeze exemption, which can impact other estate planning decisions.
Often children are aware of their parent’s estate plans but don’t know if those plans make sense or if there are better options. Many times children find themselves unexpected financial advisors or even caretakers for their parents and aren’t adequately informed to make good decisions. An experienced Illinois elder law attorney can explain applicable laws and advise you on the best options to protect the interests of senior citizens. Contact the Estate & Probate Legal Group at (630) 800-0112.