What Is Elder Law? - Yahoo Finance
Elder law refers to legal issues that concern older adults, generally defined as people above the age of 65. It is often understood as an extension of traditional trust and estate law, but overlaps other legal specialties too. The growing number of elderly in the U.S. has created a need for lawyers trained to serve clients with the distinct needs of the elder, and several organizations now focus on elder law. Consider working with a financial advisor as you create or update your estate plan.
What Is Elder Law?
The National Elder Law Foundation offers a comprehensive definition of elder law. It is “the legal practice of counseling and representing older persons and persons with special needs, their representatives about the legal aspects of health and long-term care planning, public benefits, surrogate decision-making, legal capacity, the conservation, disposition and administration of estates and the implementation of their decisions concerning such matters, giving due consideration to the applicable tax consequences of the action, or the need for more sophisticated tax expertise.”
One corollary of this definition is that elder law is not defined by a discrete body of statutes but rather by the client and the client’s needs, rights and desires. Considered affirmatively, the goal of elder law is ensuring the elderly client’s prerogatives and expressed wishes are honored. Considered negatively, elder law aims to protect an elderly client from abuse, neglect and any illegal or unethical violation of their plans and preferences.
Why Elder Law Is Necessary
In two words: baby boomers.
The U.S. population is aging. Much of that has to do with waning fertility rates, as an increasing number of adults choose not to have children. At the same time the baby boomers, the largest generation in history, have entered retirement age in recent years. At time of this writing, approximately 17% of the country was over the age of 65, and the Census estimates that about one out of every five Americans will be elderly by 2040.
source: https://finance.yahoo.com/news/elder-law-203804067.html
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