There are contingencies that you may face during the latter portion of your life, and you may not be aware of the facts. As a result, if you do not consult with an elder law attorney when you are looking ahead toward the future, you may suffer hardships later on, and many people do.
One elder law issue that is gaining a lot of attention at the present time is the matter of elder financial abuse. This is certainly an unpleasant subject to contemplate, but a new study has been released that is nothing less than shocking.
People within the elder law community have been aware of this problem for a number of years, but there has been little research done. Back in 2011, the MetLife Mature Market Institute finally took a close look at the elder financial abuse problem, and they estimated annual losses at $3.9 billion. Clearly, this is a big figure that underscores a very significant problem.
If that was not bad enough, a different survey was released a short time ago. There is a company called True Link Financial that is focused on the problem, and their data indicated that the annual losses are actually much higher. They came up with an estimate of $36.5 billion each year.
A 2010 Investor Protection Trust Elder Fraud Survey found that around 20 percent of seniors are victimized, but many cases go unreported, so it is hard to come up with a precise figure.
Without question, elder financial abuse is a subject that you should discuss with an elder law attorney. If you take the right legal steps, you can minimize your exposure.
Nursing Home Asset Protection
The other major elder law issue that we will touch upon in this blog post is the matter of nursing home asset protection. Seven out of every 10 senior citizens will eventually need living assistance of some kind, and a significant percentage of these individuals will ultimately reside in nursing homes.
While most people will qualify for Medicare when they reach the age of 65, this government health insurance program does not pay for nursing home care, and it is extremely expensive.
If you do not prepare for this eventuality in advance, everything that you intended to leave to your loved ones may ultimately wind up in the coffers of a nursing home.
Elder law attorneys help people who want to gain nursing home asset protection. Medicaid will be the solution for many, but it takes careful planning to qualify without losing anything, because it is a need-based program.
Our Firm Can Help
We can help if you would like to discuss these and other elder law issues with a licensed professional. To set up a no obligation consultation, send us a message through this page: Grand Forks ND Elder Law Attorneys.