Elder Lawyer Serving Royal Oak, MI
Royal Oak Elder Lawyer
Elder law pertains to older adults. Because they have spent their lifetime accumulating money, property, and other possessions, Royal Oak seniors have many issues to consider about the allocation and preservation of their assets. Creating an estate plan is one way to address the issues that arise in later life.
Creating an estate plan raises important questions. Have you appointed someone to make medical decisions on your behalf if you become incapacitated? Have you chosen someone to be the agent of your durable power of attorney?
If you need an elder law attorney serving Royal Oak, the Bingham Legal Group PC is here for you. We walk you through the estate planning process and help you put the proper legal documents in place to preserve your assets and carry out your wishes if you are unable to express those wishes yourself. Call us today for a confidential consultation.
Why Hire an Elder Law Attorney?
Two primary reasons people hire an elder lawyer are security and peace of mind. Many people embrace the idea of protecting their assets from outsiders (the IRS, nursing homes, undeserving relatives, etc.). They also feel comforted by having appointed someone they trust to take care of them if something happens to their health.
Our attorneys understand the complexities of Michigan’s laws and the federal and state programs that benefit our aging population. Here at Bingham Legal Group PC, we guide Royal Oak seniors and their families through the complicated financial and legal decisions ahead.
Estate Planning
Your estate plan is about more than just dictating where your assets will go after you die. With a well-crafted estate plan, you can also protect yourself in the event you become incapacitated and cannot make decisions for yourself.
Wills, trusts, and durable powers of attorney are three tools that are useful in any estate plan in Royal Oak.
Your Will
A “last will and testament” is a document that appoints an executor of your estate and details how that executor should distribute your assets after you die. This is the most basic of estate planning tools, and everyone should have one. Your executor will present your will to the probate court after you die. The court will validate your will and supervise your executor’s actions in paying taxes, notifying creditors, inventorying your assets, paying debts, and distributing your assets.
Your will is also the place where you can designate guardians for minor children or specify who will be given your pets once you pass.
Trusts
People use trusts for a variety of purposes when they create an estate plan. A trust can be used to minimize an estate tax burden, to keep assets from being revealed during the public probate process, and to provide for dependent children or disabled adults without compromising their eligibility for government benefits. A trust can also be used to distribute assets to beneficiaries over time, rather than in one lump sum.
Trusts can be revocable or irrevocable. A revocable trust is one where the grantor (the person who creates the trust) has the ability to change the terms of the trust. With a revocable trust, the assets in the trust are still part of the grantor’s estate.
An irrevocable trust is one in which the grantor transfers the ownership of particular assets to the trust. After the irrevocable trust is created and funded, the grantor cannot change the terms of the trust without the consent of the beneficiaries. Any assets in an irrevocable trust are no longer included in the grantor’s estate.
Durable Power of Attorney
A durable power of attorney is a legal document by which you can appoint someone to make decisions for you if you become incapacitated and cannot make those decisions for yourself. You can create a durable healthcare power of attorney and a durable financial power of attorney. The person you designate for each type of power of attorney should be someone you are confident will obey your wishes for your health care or financial decisions.
Guardianships
If a person is incapacitated or unable to care for themselves, a responsible adult may be named their guardian. The court may appoint a guardian following a showing that the person meant to be protected by a guardian (the “ward”) is incapacitated. A guardian takes care of the physical person of the ward. A conservator manages the ward’s property.
Adult children with disabilities often have guardians. A guardian can be a parent or guardian ad litem — a professional guardian. Parents can appoint successor guardians who will care for their adult children if they were to die before their kids.
Similarly, a formerly competent adult may become incapacitated and require a guardian. Bingham Legal Group PC is skilled at helping families through this difficult time in an elderly loved one’s life.
Long-Term Care Planning
Planning for long-term care means developing a strategy to deal with the inevitable issues that come with aging. Components include insurance, housing, and income in addition to needed services, such as in-home nursing assistance or help with transportation. Making these arrangements ahead of time, or at least creating a plan that outlines what to do when the time comes, can provide peace of mind.
Medicare and Medicaid
Medicare handles many medical costs for Americans 65 and older, but it doesn’t cover everything. One thing it doesn’t cover is long-term care. While the government healthcare system pays for doctor visits, prescriptions, and medical procedures, it doesn’t pay for the monthly facility costs that go with assisted living or nursing home residency.
If you won’t have the financial resources to pay for assisted living or nursing home residence without help, our firm can help you with Medicaid planning. A Medicaid trust might be the answer, providing you with some additional money for extras while keeping your assets under the maximum required to make you eligible for Medicaid.
Social Security Benefits
Seniors often associate Social Security benefits with red tape and frustration. They don’t have to. We help many clients secure Social Security Disability Insurance (SSDI) payments and Supplemental Security Income (SSI) payments. Our vast experience with these programs gives us insight into the system and how it works. We can file your claims for you or appeal a denied claim to help you obtain the benefits you’re owed.
Contact a Royal Oak Elder Lawyer Today
Whether you need an estate plan or need to set up a guardianship for a loved one, the Bingham Legal Group PC can help. Call us today to set up your confidential consultation with one of our elder law attorneys and learn more about how we can help.
Directions to Our Offices
You can reach our office at 30100 Telegraph Road, Suite 360, Bingham Farms, MI, from anywhere in the state using these directions.
From the North:
- Take I-75 S towards Detroit
- Take the exit for W 14 Mile Rd
- Turn right onto W 14 Mile Rd
- Turn left onto US-24 S
- Destination will be on your left
From the South:
- Take I-75 N towards Flint
- Take the exit for W 14 Mile Rd
- Turn left onto W 14 Mile Rd
- Turn left onto Telegraph Rd
- Destination will be on the left
From the East:
- Take I-696 W towards Lansing
- Take the exit for Telegraph Rd
- Turn left onto Telegraph Rd
- Destination will be on the right
From the West:
- Take I-696 E towards Port Huron
- Take the exit for Telegraph Rd
- Turn right onto Telegraph Rd
- Destination will be on the right