An annuity is a financial product that pays a fixed amount of money every year throughout the life of the annuitant. Most annuities are deferred, meaning the payout doesn’t occur until a later date.
Elder law and estate planning are often used interchangeably, but there are significant differences between them. While some overlap exists between the two, learning and implementing strategies from both law practice types is crucial to prepare for successful aging and preserve a family legacy.
In the event of an accident or illness that prevents you from making medical decisions, an advance health care directive outlines how you want medical professionals to act. A living will is crucial for all adults because accidents or a sudden onset of severe or terminal illness can happen anytime, rendering you unable to make medical choices.
As part of the Medicaid program, individuals who meet certain asset requirements can obtain assistance in paying for long-term care (LTC). Long-term care often creates devastating financial impacts on Americans, particularly the elderly, and for those family members who lose hours of income (and more) while providing care for their loved ones.
Estate planning and elder law serve different functions, but both are equally vital to protecting yourself and your family.
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