Concerns About Elder Law
Everyone will eventually get older and planning for the unavoidable aging process of yourself or a loved one, such as a parent, is never an easy thing to do. However, Mike Bailey, who owns the Michael Bailey Law Office, LLC, is an expert on many legal issues in Denver, such as elder law.
Elder law is an area of law that focuses on the legal needs of the elderly, which often includes retirement planning, medical costs, estate planning and life insurance. One generation in particular who should probably be focusing on elder law soon, if not already, is the Baby Boomers, or what is commonly referred to as the “Silver Tsunami.” As Baby Boomers begin to retire, there is going to be a lot of money out there, especially investment money and real estate money. Individuals are trying to hold on to that money, but there are a lot of other people out there who are trying to convince them to invest their money in certain ways.
Elder law in Denver tries to keep seniors safe and prevent elder abuse situations, specifically when it comes to financial issues. Says Bailey, “Some investments are good ideas and some investments are extremely unscrupulous and not good, and that becomes financially abusive if some people are scamming.”
Bailey advises anyone in Denver concerned with elder law, and possibly worried about their assets, to start with the basic structures or a basic plan. He tells his clients, “You need to figure out someone who can make decisions for you through power of attorney.” He suggests that they have a will, a medical power of attorney and a financial power of attorney, and a living will. “Without those you’re not covered and have holes in your plan,” says Bailey.
He continues, “What happens if your mind or body goes first and you’re disabled? Then there’s going to be considerations.” Is the person in charge of the client’s estate, usually their adult child, going to need Medicaid money or Veteran’s assistance money? How will they pay for medical expenses if their loved one is less able than they used to be? “These are things we need to look at,” says Bailey.
These items are important for many reasons. The living will is the most important, especially if it talks about your advanced directives. If you’re sick or being kept alive artificially, it should state how you would like that to be dealt with. There are usually two options in that situation; either spend all your money to be kept alive, or ask your family to let you go and die with dignity.
Bailey advises those residents who have questions about elder law in Denver to call his office and make an appointment for a free initial consultation.
Broomfield, CO 80021
*Disclaimer: This article is for informational purposes only. You should not rely on this article as a legal opinion on any specific facts or circumstances, and you should not act upon this information without seeking professional counsel. Publication of this article and your receipt of this article does not create an attorney-client relationship.