Glossary of Terms
Many people only think about what happens after death. But you have a lot of living left! Lifecare planning is financial and legal planning that determines your quality of life for the long term.
Continuum of Care
This phrase refers to the changes needed as your ability changes due to aging or illness. It can include in-home care, nursing homes, assisted living, and more. At Anderson Elder Law our goal is always to help you get the highest quality of care in the least restrictive setting possible.
The official process of proving the validity of a will, or determining what to do in absence of a will. It requires appearing before a judge.
Public Benefits Preservation
You may be entitled to various benefits that are provided to the public. These include things like Medicaid and Social Security that you have been paying into throughout your life through taxes. Many of these programs have qualifications that you must meet to be eligible. Public benefits preservation refers to planning and strategic decisions so that you can qualify for as many of these benefits as possible.
When you have assets transferring from one person to another, some entities try to take advantage of that fact. Settlement protection laws are in place to ensure that you are not a victim to predatory practices and get everything you are entitled to.
Application for Public Benefits
This is the application process for benefits such as Medicaid, Medicare, and Social Security.
Medicare Set Aside Arrangements
In the case of accident, illness, or injury you may receive a worker’s compensation agreement. A Medicare set aside arrangement allows you to use a portion of this to pay for future medical care.
The best way to protect your family and your wishes is to create an estate plan. This allows you to decide ahead of time what you want to happen to your assets, property, finances, and other things. Many people think that all you need is a will, but this is only one part of a comprehensive estate plan.
Special Needs Trusts
These trusts help to provide for the needs and welfare of a person with special needs after their primary caretaker pass away or are otherwise unable to provide care or financial support.
Healthcare Power of Attorney
This provides the legal authority for a person to make decisions on your behalf if you are ever incapacitated.
A beneficiary is a person who gets benefits. It can refer to the person who will receive money from an insurance policy, a person named in a will to receive assets or property, or anyone else who is the recipient of a benefit.
A fiduciary is a person who acts on behalf of someone else. They are required to act in the best interests of the person or persons they are representing.