Simplifying the Legalities of Senior Real Estate
As an adult over the age of 50, you’ve likely accumulated investments, other finances and property that can complicate the buying or selling of your home. Therefore, it is important to retain the services of an attorney who specializes in elder law and understands these complexities. Your SRES® can help you find the right elder law attorney for your situation.
What Your Elder Law Attorney Can Do
Your elder law attorney can structure legal documents and transactions in a way that protect your assets and serve to benefit you when buying or selling your home.
This may include:
- Estate and trust planning to minimize taxation on the sale of your home
- Assigning a power of attorney and healthcare directives prior to listing your home or your parents’ home to serve your family’s best interests in the event of illness, incapacitation or death
- Creating a will and trust(s) that take into account your home
- Examining and providing insight to the potential effects of your home’s sale on other sources of income and benefits
- Reviewing and assessing all contracts related to the sale or purchase of your home, as well as those associated with senior living facilities
- Identifying and assessing your qualifications for senior assistance programs
Like an SRES®, elder law attorneys are trained and experienced in issues and situations commonly related to adults aged 50+. According to the National Academy of Elder Law Attorneys, some of these issues and situations may include:
- Preserving or transferring assets to avoid spousal impoverishment when a spouse enters a senior living community
- Medicaid planning
- Medicare claims and appeals
- Social security and disability claims and appeals
- Special needs or disability planning— Assigning power of attorney, creating wills and trusts for financial management and healthcare decisions in the case of incompetence or incapacity due to injury or health
- Administration and management of trusts and estates
- Long-term care planning
- Elder abuse
- Benefits related to retirement, survivor and pension
Not all elder law attorneys specialize in all aspects of elder law. It’s important to ask the right questions to find the attorney that can best represent you and your family’s interests. Your SRES® is available to help you through this process.