24/Seven October 2017
Change Your Attitude...Change Your Life 24 Seven is a digital magazine that provides readers with the tools needed for personal growth, professional development, and self-empowerment. Each month, nationally recognized experts and leaders in their field, provide advice in areas such as spirituality, self-help, personal finance, health, wellness, and business.
Change Your Attitude...Change Your Life 24 Seven is a digital magazine that provides readers with the tools needed for personal growth, professional development, and self-empowerment. Each month, nationally recognized experts and leaders in their field, provide advice in areas such as spirituality, self-help, personal finance, health, wellness, and business.
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Sheils Samuels, Esq.<br />
SO WHAT EXACTLY IS ELDER LAW?<br />
Often times when I tell someone I am an<br />
elder law attorney, they will ask, “What<br />
is an elder law attorney?” In this month’s<br />
article, I will focus on what is elder law and<br />
what it means for you and your loved ones.<br />
What is Elder Law?<br />
Elder Law is defined by the client to be<br />
served. In other words, the lawyer who<br />
practices Elder Law may handle a range of<br />
issues but has a specific type of clients –<br />
seniors and the disabled. Any and every<br />
issue that these two demographics could<br />
conceivably face falls under the umbrella<br />
of elder law.<br />
Elder Law Attorneys focus on the legal<br />
needs of the elderly and the disabled,<br />
and work with a variety of legal tools<br />
and techniques to meet the goals and<br />
objectives of the client. In addition to<br />
defining elder law by the demographics,<br />
one can also define it by the common<br />
practice areas it encompasses.<br />
Why Elder Law?<br />
America is aging rapidly. In 2014, there<br />
were 46.2 million persons over the age of<br />
65. The Census Bureau reports that the<br />
population age 65 and over is projected<br />
to more than double to 98.2 million in<br />
2060. The median income for men is<br />
$27,612 and women just $16,040 and the<br />
average net worth of an older American<br />
is $232,000. Meanwhile, the average<br />
cost for a one year stay in a semi-private<br />
nursing home room in the New York<br />
City area is $1<strong>24</strong>,100 and a room at an<br />
assisted living facility in New York City<br />
costs an average of $49,600. With these<br />
staggering costs and statistics, it is easy<br />
to see why Elder Law Month is necessary.<br />
Why You Need to Plan Now?<br />
While no one likes to think about becoming<br />
disabled, most studies are consistent in<br />
showing the one in two people will need<br />
some type of long term care. The type,<br />
frequency and percentage of people<br />
who will need long term care increases<br />
greatly for persons over age 70. The<br />
Department of Health and Human<br />
Services estimates 70 percent of all<br />
people over age 65 will need some<br />
type of long-term care.<br />
The time to act is now. It is never too<br />
early to execute a power of attorney<br />
or health care proxy or to create a Will<br />
and/or Trust. It’s important to learn<br />
your options in planning for potential<br />
long-term care in order to protect<br />
assets and age with dignity and a<br />
peace of mind.<br />
Sheila Samuels, Esq., principal of the Samuels Law Firm, LLC, practices in N.Y. and N.J. The Samuels Law Firm focuses on long-term care<br />
and Medicaid planning; education law and special needs planning; estate administration; and guardianships. www.sheilasamuelslaw.com
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