There are times when seniors in Nashville, TN, Brentwood, Franklin, or other nearby suburbs need to talk to an estate planning lawyer. It’s essential to ensure that a proper plan is in place that will provide for (1) decision-making on financial and health care matters and (2) preservation of assets. How can you know when the time has come to seek legal counsel?
Why Estate Planning is Critical for Nashville Seniors
Planning NOW is a good idea. But at the very least, when you, your spouse, or your parent enters a period of decline or disability, run—don’t walk—to a qualified elder law attorney in Nashville. They can help you take vital steps to protect your future. Here’s what a lawyer specializing in estate planning for seniors can do for you:
- Durable Power of Attorney for Financial Matters:
You can ensure that you and your loved ones sign a Durable Power of Attorney for financial matters. This legal document allows you or your loved one to choose someone to make financial decisions if incapacity occurs. A well-drafted power of attorney can also help avoid the expensive process of appointing a conservator. - Power of Attorney for Healthcare and Advance Directives:
A Nashville elder law attorney can help you prepare and sign a Power of Attorney for Healthcare and an Advance Directive or Living Will. This will enable you or your loved ones to choose who will make healthcare decisions in the event of incapacity. You can also express in writing your wishes for end-of-life care, such as whether you want CPR or a hip replacement if you have end-stage dementia. In this era of advanced medical technology, these directives are more critical than ever.
Asset Protection for Seniors in Nashville and Surrounding Areas
If you have assets, it’s important to designate who will inherit them. Pave the way for a smooth, less expensive transition after your death. Even if you don’t have vast wealth like Bob Marley—whose family is still battling over his estate. You can still avoid legal headaches and ill feelings among family members by planning now.
In Tennessee, asset preservation can become vital, especially when facing potential nursing home care costs. Many seniors are surprised to learn that Medicare only covers a limited amount of nursing home care. The first 20 days after a 3-day hospitalization, and potentially a share of the next 80 days. After that, expenses can skyrocket.
How a Nashville Estate Planning Attorney Can Help
A Nashville estate planning attorney can help determine if your assets can be preserved should you or a loved one need home care, assisted living, or nursing home care. There are also non-taxable VA benefits available to certain qualified veterans or their surviving spouses, which can be instrumental in covering long-term care costs.
For couples in Tennessee, the Spousal Anti-Impoverishment Act allows the spouse who remains at home (the “community spouse”) to preserve up to $119,220 in assets when their partner (the “institutionalized spouse”) enters a nursing home. This law has existed since 1988 but remains relatively unknown to the general public.
If you live in Nashville or nearby suburbs like Mount Juliet, Hendersonville, or Bellevue, facing these challenges, now is the time to consult with an attorney. They can guide you through options to preserve assets for single individuals. They can also help afford additional comforts TennCare may not cover and ensure taxpayers are reimbursed after death.
Don’t Wait Until It’s Too Late
Some of the most difficult calls estate planning attorneys in Nashville receive are from people who waited too long. It’s heartbreaking when a parent is too incapacitated to sign documents. Children are powerless to assist, or when all of the family’s money has already been spent on nursing home care.
If you or a loved one are noticing signs of decline or disability, or if a diagnosis has been made, act now. Whether you are in Nashville, Brentwood, Franklin, or any of the surrounding suburbs, taking action today can save time, money, and heartache tomorrow.
Contact Us Today for Estate Planning in Nashville, TN
If you’re ready to protect your assets and ensure peace of mind, contact our Nashville estate planning attorneys today. We proudly serve clients in Bellevue, Nolensville, Smyrna, and other nearby communities. Let us help you secure your future with proper estate planning.