October 2022

The Best Life Insurance Providers

Posted on October 21, 2022January 10, 2024 by ElderLife Financial Staff

[Last updated January 10, 2024]

Having a life insurance policy can help your loved ones after you pass, and it may also help pay for your senior care needs during your lifetime.

Life insurance can ease your loved one’s burdens in the event of your passing by building up funds and financially preparing for the future. Depending on the policy, you may also be able to use funds to help pay for your senior care needs during your lifetime. Many providers offer this kind of insurance, so it’s important to find an insurance policy and provider that suit your needs. Here, we describe some of the best life insurance providers and define terminology you may need to know.

What is life insurance?

A life insurance policy pays a predetermined amount of money to designated beneficiaries after the policyholder passes away. Prior to that, the policyholder pays a premium throughout their life — either in monthly installments or as a single, upfront payment.

The right kind of life insurance — and the cost — will depend on factors such as medical history, family history, lifestyle, gender, and age. For example, smokers or those with heart conditions may find it difficult to obtain a policy with the optimal amount of coverage due to the risk factors associated with their health.

Different types of life insurance policies exist to meet individuals’ varying needs, whether you want coverage for a certain number of years, the rest of your life, or other options. A few main types of policies you can get are:

•Permanent life insurance: These types of policies last for the rest of the policyholder’s life. There are various options for permanent life insurance, including whole life insurance, universal life (UL) insurance, and indexed universal life (IUL) insurance.

Permanent life insurance policies can end, though, if the policyholder doesn’t pay the premium payments or if they relinquish the policy. Policyholders will pay more for permanent life insurance but with the added benefit of having coverage for longer than a term life policy.

•Term life insurance: This type of policy offers coverage for a set term or period of time, typically between 10 and 30 years. At the expiration of the term, policies can be renewed to remain active.

Typically, term life policies are cheaper than permanent policies. In addition, policyholders can expect to make consistent payments. Those looking to purchase term life insurance will find a few options: decreasing term life insurance, convertible term life insurance, or renewable term life insurance.

The top life insurance providers

Now that you know the basic types of policies that are available, let’s take a look at the top life insurance companies in the United States that offer these policies.

Best overall: Bestow

Bestow offers term policies but does not offer riders (optional policy add-ons) or permanent policies. Coverage lasts between 10 and 30 years and ranges between $50,000 and $1.5 million. With Bestow, medical exams aren’t necessary to obtain coverage. However, according to U.S. News, Bestow will reference credit and medical history, driving records, and previous purchase attempts for insurance policies when evaluating potential policyholders.

Best for no medical exam: Corebridge Financial (formerly AIG)

With Corebridge Financial, applicants can apply for either term, permanent, or final expense life insurance. Even more, policyholders under certain term policies may be able to convert their policy to a permanent policy. Certain policies don’t require a medical exam, and Corebridge Financial provides free quotes within minutes if you submit information online or call its dedicated quote hotline. Corebridge has life insurance agents to help guide applicants through the process.

Best for online applications: Haven Life

Digital life insurance agency Haven Life is a great choice for a provider as they offer two policy options: Haven Term and Haven Simple. Haven Term policies offer coverage spanning 10 to 30 years, with up to $3 million in coverage. Haven Simple offers policies with coverage amounts ranging from $25,000 to $1,000,000 that last between five and 20 years. You can purchase policies online, and some applicants don’t need a medical exam to obtain coverage.

Best for estate planning: Lincoln Financial

Lincoln Financial, established in 1905, offers competitive rates on hybrid long-term life insurance policies with no waiting period. Term life policy customers will find that the maximum age to convert to a permanent policy is higher than many competitors, as Lincoln Financial will allow you to convert your term policy to a permanent policy until age 70. When it comes to whole life policies, many life insurance providers will deny customers over age 70, whereas Lincoln Financial approves applicants up to age 80, making their policies a great option for those planning their estates.

Best for Gen X and Millennials: Mutual of Omaha

Mutual of Omaha has been around since 1909 — and for good reason. The company is financially sound, meaning it should have no problem paying out claims years or even decades down the line. On its easy-to-understand website, Mutual of Omaha offers various whole, term, and universal policies, along with the option to add a variety of life insurance riders to fit each policyholder’s needs.

Best for variable universal life insurance: Pacific Life

Founded in 1868, Pacific Life offers indexed universal, variable universal, term life, and fixed-rate universal life insurance policy options. It was voted by Forbes as the “Best for Variable Universal Life” and offers competitive rates. With Pacific Life, policyholders will find that their cash value will typically build faster than with other providers, as Pacific Life has a long track record of making great investments for its clients.

Best for term life insurance: Protective

Protective offers term and permanent life insurance policies for those ages 18 to 90. The Protective Classic Choice Term life insurance policy allows people between 18 and 52 to get a policy with term periods between 10 and 40 years. These policies have coverage ranging from $100,000 to $50 million, and they are renewable until the policyholder turns 90 years old.

Best for universal life insurance: Prudential

Prudential offers term and permanent life insurance policies and rider options (depending on the plan). Prudential’s online benefits include viewing account information, accessing resources using an online database, and filing claims online. Applicants can use the online service to receive term quotes quickly without a medical exam. They can also get assistance finding the right policy via a Life Insurance Virtual Chat assistant.

Best for coverage amount customization: New York Life

As the U.S.’s largest mutual life insurance agency, New York Life offers permanent and term plans with a wide variety of riders, making their policies incredibly customizable. Their policies come at a higher cost than some competitors, but the highly rated company offers exceptional whole and universal policies and term policies that can be converted. Additional benefits include rider options such as living benefits, accidental death benefits, and disability waiver of premium.

Best for customer experience: Northwestern Mutual

Known for its superb customer support, Northwestern Mutual provides permanent life insurance policies and term policies, which offer coverage between 10 and 20 years and can be converted to a permanent policy without additional fees or a medical exam. Customers can purchase policies through Northwest Mutual by calling a life insurance agent, allowing customers to ask questions and learn about options and policy customization.

Essential terminology for life insurance

Understanding the terminology used in life insurance policies is crucial for making informed decisions. Here’s a guide to some key terms:

•Accidental death benefit: A rider that provides an additional benefit if the insured’s death is accidental.
•Beneficiary: The person or entity designated to receive the death benefit from a life insurance policy upon the insured’s death.
•Cash value: A savings component included in some permanent life insurance policies, which can accumulate tax-deferred value over the policy’s lifetime.
•Convertible term insurance: A term life policy that offers the option to convert to a permanent policy without a medical exam.
•Death benefit: The money paid out by the life insurance company to the beneficiary upon the insured’s death.
•Exclusions: Specific conditions or circumstances for which the policy will not provide coverage.
•Grace period: A period after the premium due date during which the policy remains in force even though the premium is not paid.
•Insurability: The eligibility to obtain life insurance based on factors like health, age, and lifestyle.
•Lapse: The termination of a life insurance policy due to nonpayment of premiums.
•Premium: The payment made to the insurance company in exchange for coverage. Premiums can be paid monthly, annually, or in lump sums.
•Rider: An add-on to a life insurance policy that provides additional benefits or adjustments to the coverage. For instance, a long-term care insurance rider may be added to a policy to help the insured pay for assisted living or home care.
•Underwriting: The process used by insurers to assess the risk of insuring a potential client, which involves evaluating the applicant’s health, lifestyle, and medical history.
•Universal life insurance: A flexible type of permanent life insurance that allows policyholders to adjust their premiums and death benefits.
•Whole life insurance: A type of permanent life insurance with fixed premiums and guaranteed cash value growth.

Understanding these terms can help you navigate life insurance’s complexities and choose a policy that aligns with your needs and financial goals. Consult with a financial adviser or insurance specialist for more detailed information or specific advice.

6 Reverse Mortgage Scams and How To Spot and Avoid Them

Posted on October 18, 2022March 6, 2024 by ElderLife Financial Staff

[Last updated March 6, 2024]

Reverse mortgages can help older adults supplement their income or pay for senior care expenses while aging in place. This type of loan can be a great resource for senior homeowners to free up much-needed capital. However, it’s important to be aware of reverse mortgage scams. Here’s what you need to know about fraudulent practices that involve reverse mortgages. With this information, you can move confidently through the reverse mortgage lender search and make the best decision for your situation.

A reverse mortgage is a unique type of loan for homeowners age 62 and older that allows them to borrow against the value of their home, using their home as collateral. For older adults with significant home equity, reverse mortgages can offer a solution for paying mounting medical bills and other unexpected senior care expenses.

Homeowners can receive a reverse mortgage loan in several ways:

• A lump sum.
• A line of credit.
• Monthly payments (for as long as they live in the home).
• Term payments (equal monthly payments for a set period).
• An annuity.
• Equal monthly payments plus a line of credit.
• Term payments plus a line of credit.

Reverse mortgages must be paid back when the borrower passes away or sells and moves out of the home they borrowed against. Reverse mortgages feature many benefits, like flexibility and no monthly payments required toward the balance. But be aware if something sounds too good to be true, as many reverse mortgage scams exist.

Common reverse mortgage scams

Reverse mortgage scams are prevalent, and there are several versions of this type of mortgage fraud. These scams often target older homeowners who may be looking for additional income in their retirement years. Here are some of the most common ones:

House flipping scams

A house flipping scam is a type of real estate investment scheme. A scammer convinces a homeowner to purchase and renovate another home, positing it as an investment opportunity to renovate and sell for a quick profit or to use as a rental property. In reality, the home is in deep disrepair even though it may have had minor improvements to make it look like a good investment. By the time the homeowner notices, the bad deal is done, and the scammers have made their profit, whether they are consultants, real estate agents, mortgage lenders, or contractors.

A common tactic is to have the homeowner get a home equity conversion mortgage (HECM) on their current home to purchase and pay for renovations on the second house. An HECM is a Federal Housing Administration-insured loan and one of the most common types of reverse mortgages. Since the loan is backed by the FHA, the person is more likely to be trusting of the situation.

Foreclosure scams

Some scammers target older adult homeowners at risk of foreclosure since people in this situation may be desperate for help and not thinking clearly or doing due diligence. The scammers say the homeowners are eligible for foreclosure relief and can stop foreclosure using a reverse mortgage. They convince the homeowner to get a reverse mortgage to pay off their existing mortgage and therefore avoid foreclosure, but they charge high fees or closing costs or may steal the funds from the reverse mortgage altogether.

Scammers say that the reverse mortgage is free money, but it isn’t. The homeowner must still pay closing costs and other fees. Scammers will also say that the homeowner cannot lose their home if they pay off the mortgage using a reverse mortgage, but again, this isn’t true. Even if the homeowner can use funds from the reverse mortgage to help pay off an existing mortgage, they still have financial obligations on their home and are at risk of foreclosure. The homeowner is responsible for paying property taxes, insurance premiums, and home maintenance expenses. Homeowners who cannot keep up with the still-existing payments face reverse mortgage foreclosure. Those facing foreclosure should contact their mortgage lender, who may be able to offer modifications to the loan terms or repayment schedule.

Contractor scams

In this type of scam, unscrupulous contractors or other home improvement vendors may unsolicitedly approach older homeowners, mention an issue with their house needing an immediate fix, and convince them to repair or remodel. They may suggest using a reverse mortgage as “free money” to finance the home project. Meanwhile, the issue likely doesn’t exist. The scammer may be unlicensed and inflate the cost of the project or may perform unnecessary, shoddy, or even damaging work to the home, pocketing payment from the reverse mortgage for their work.

Equity theft scams

In equity theft scams, a team of scam-artist appraisers, attorneys, and loan officers work together, inflating an appraisal on a home to make it seem like the homeowner has more equity than they do. The scammers convince the homeowner to get a reverse mortgage to cash in on their high equity. They handle all the documents, close the loan, and steal the loan proceeds, leaving the borrower with little to no equity or cash after paying closing costs and other fees.

Veteran-targeted scams

Some scammers offer reverse mortgages or promotions specifically for Veterans or say that their reverse mortgage product is backed by the U.S. Department of Veterans Affairs (VA). These reverse mortgages are most likely scams or are, at the very least, being advertised by dishonest lenders because as of the time of this publishing, there are no reverse mortgages or reverse mortgage promotions designed specifically for Veterans, and the VA does not offer reverse mortgage loans.

Relative fraud

In this type of reverse mortgage fraud, relatives convince the homeowner to take out a reverse mortgage they do not need and steal the loan proceeds for themselves. In some cases, the relative has power of attorney over the homeowner’s estate and can control their finances, using the money however they choose. Other relatives may simply convince the homeowner to give them the money received from the reverse mortgage.

How to spot a reverse mortgage scam

With several reverse mortgage scams to look out for, it can be challenging to determine which options are legitimate and which are too good to be true. Some handy considerations and reverse mortgage red flags to watch out for include doing your due diligence, staying aware of false or deceptive advertising messages, sensing aggressive sales tactics, and being wary of anything “free” or too good to be true.

Though everyone loves to hear “free,” it’s not a term you can associate with reverse mortgages. Reverse mortgages don’t offer “free money,” “no risk,” or “free income.” The equity of a house borrowed against drops as debt increases — and that debt must be repaid at some point in the future.

Dishonest lenders will insist you need them and that they are your only option — and that simply isn’t true. In addition, applicants for reverse mortgages must go through a counseling session with a HUD-approved counselor; if this step doesn’t happen, the program may be a scam.

With constantly evolving technological innovation and marketing messages, deceptive advertising remains an underhanded way for scammers to convince their targets to apply for a reverse mortgage. Analyze the claims advertisements make to ensure they are truthful and legal. Aggressive advertising and sales tactics can be a major red flag for a reverse mortgage scam. Pushy contractors, lenders, or other vendors attempting to pressure a homeowner into taking out a reverse mortgage may indicate a scam.

How to avoid a reverse mortgage scam

Avoid reverse mortgage scams by keeping an eye out for the red flags mentioned above and considering the following:

• Do your research to learn more about reverse mortgages. Older homeowners needing a reverse mortgage should always shop around before committing to a lender. Asking trusted friends, doing online research, and reading testimonials can give a comprehensive and informative picture of the lender.
• Contact a HUD-approved reverse mortgage counselor for free to learn further information.
• Choose to work with a reputable lender. Check the business’s reputation through the Better Business Bureau.
• Choose a reputable real estate agent.
• Don’t give out sensitive personal information. Only when you are 100% sure about the legitimacy of your lender should you give your personal financial information.
• Don’t rush into a reverse mortgage. HUD sets up a reverse mortgage counseling meeting for a reason — this is a big decision that could have major consequences. Be confident that a reverse mortgage is the best solution for your situation before signing anything.
• Don’t respond to unsolicited advertisements, including those from contractors or vendors approaching you about potential repairs or mentioning special Veteran reverse mortgages.
• If you are in danger of foreclosure, speak with your lender to see if you can work together to modify the loan terms or repayment schedule. Do not respond to unsolicited calls or advertisements about foreclosure relief.

How to report a reverse mortgage scam

• Report the fraud to the Federal Trade Commission. Be prepared to provide your name and the details of the reverse mortgage scam. You can report the scam at HUD’s fraud reporting link if the reverse mortgage was an FHA-backed loan.
• If you suspect reverse mortgage fraud, submit a complaint about the company through the Consumer Financial Protection Bureau. Most companies respond to the complaint within two weeks. Provide documents and evidence to show how the lender mistreated the situation or how they communicated false claims.

Getting a reverse mortgage can be an excellent choice for a senior homeowner who wants to maximize their options for funding certain expenses. Knowing how to spot a reverse mortgage scam will help you make sound decisions and avoid the emotional and financial hardship that comes with falling victim to fraud.

Guide to Long-Term Care Insurance

Posted on October 6, 2022October 6, 2022 by ElderLife Financial Staff

Long-term care insurance is a type of insurance that older adults can use to help cover the cost of long-term care services that traditional health insurance does not cover. While typical health insurance helps pay for medical expenses, long-term care insurance helps pay for personal care and skilled care services. Older adults can turn to long-term care insurance to help cover these costs whether they live in their homes or a senior living facility. This guide to long-term care insurance helps determine what care a policy typically covers, the types of policies that are available, and how to determine if buying a long-term care insurance policy is right for you.

What does long-term care insurance cover?

A long-term care insurance policy can cover personal care or skilled care the policyholder anticipates they will need. Finding the right policy for you is imperative. You need to make sure a specific facility is covered by the insurance — some policies may only cover particular state-licensed facilities while others cover assisted living as well. In-home care, like physical therapy or medical equipment, can be covered by some policies.

If a loved one is able to provide care, there are policies that will pay them benefits. Keep an eye out for hidden coverage exclusions as these could keep the benefits from being paid. For example, most policies exclude conditions like heart disease, cancer, and diabetes. Sometimes policyholders with pre-existing conditions can still get a long-term care policy with a temporary exclusion period, which should not exceed six months.

Types of long-term care insurance policies

Traditional (stand-alone) policies. These types of policies are most similar to insurances you may already have, like auto or home insurance. With these policies, the policyholder pays premiums and then files a claim when they require coverage for particular services. These policies will have limitations on how much coverage a person can receive.
Hybrid policies. Also known as linked-benefit long-term care insurance policies, hybrid policies offer coverage with additional benefits, like life insurance or an annuity. In these situations, the policyholder pays a lump sum or regular payments and their beneficiaries will receive some benefits if the policyholder does not use long-term care. Generally, this type of policy is more expensive.
Continuing Care Retirement Community package policies. These policies offer independent living, assisted living, and skilled nursing care coverage. Older adults can register for a Continuing Care Retirement Community through their long-term care insurance.

Elimination periods and triggers

It’s likely your benefits won’t start immediately; most policies incorporate an elimination period, which is also known as a deductible or waiting period. The National Association of Insurance Providers explains that elimination periods can be 20, 30, 60, 90, or 100 days before benefits begin, and a policyholder will be responsible for paying for their own care until that time ends. Many policies will not start counting the elimination period until you first incur costs. Longer elimination periods will require lower premiums and vice versa.

Using the “calendar day” method, every day will count towards the total elimination period even if you haven’t required service. Under a “service days” method of counting, only the days you pay for care covered by the policy will count towards the total — this method will require more out-of-pocket payment.

“Benefit triggers” are how insurers decide if you’re eligible for benefits. One of those benefit triggers is the policyholder’s inability to perform activities of daily living: If someone cannot perform at least two daily activities — dressing, bathing, eating, using the bathroom, caring for incontinence, and transferring, they can qualify for benefits. Another trigger could be cognitive impairment, which is common with Alzheimer’s disease or other forms of dementia. A doctor’s certification of “medical necessity” can also act as a benefit trigger, but not with tax-qualified policies.

Is long-term care insurance for you?

Although long-term care insurance may sound like a great idea, some people are unable to qualify for or afford the coverage. Someone applying while still in good physical and financial health and not yet requiring long-term care is likely to qualify for coverage. Many people apply in their 50s and 60s, but insurance providers recommend applying in your 40s.

Pre-existing medical conditions may disqualify someone, but it’s usually possible to find a provider who will cover them if you continue looking. For example, someone currently using oxygen or a wheelchair, requiring aid with shopping or acts of daily living, or living in a nursing home, will probably not qualify for long-term care insurance.

If you do qualify for long-term care insurance, your premium cost will be determined by your age, your health status, the benefit amount paid per day, the benefit duration, the length of your elimination period, the types of care that need covering, and the cost of long-term care where you live. Rates will also vary by provider, so the best way to calculate costs is to start shopping around.

What Is a Reverse Mortgage?

Posted on October 5, 2022October 5, 2022 by ElderLife Financial Staff

Older adult homeowners who want access to cash for senior care expenses may be able to use a reverse mortgage. This type of loan offers options to homeowners who would benefit from the cash value of their homes. For instance, a homeowner who is over 61 years of age and has large home equity may be able to borrow against the value of their home.

The loan has to be paid back once the homeowner sells the home, moves out, or passes away. In the meantime, the homeowner may be able to use those funds to cover a variety of expenses, such as senior care costs or long-term care insurance premiums.

If you or a loved one is considering a reverse mortgage to help finance living or medical expenses, here’s what you need to know about how it works, as well as the pros and cons of getting one.

How do reverse mortgages work?

The lender makes payments to the homeowner instead of the other way around, as in a typical mortgage. Those payments are not taxable by the IRS even if a homeowner decides to use them as a form of income. The interest is included in the loan balance, which keeps the homeowner from having to pay anything upfront.

As time goes on, the equity of the home — which the owner has borrowed against — goes down and their debt goes up. The home also acts as collateral for the loan itself.

When do borrowers get the reverse mortgage funds

The ways that a borrower receives the funds may vary based on the type of mortgage they secure. The most common type is an HECM mortgage, which offers a number of methods for lenders to disburse money to the borrower. These methods include

Lump sum: With a lump sum payment, you receive the entire loan amount at once when your loan process is complete.
Equal monthly payments (annuity): For this option, the homeowner, or any listed borrower, can receive monthly payments as long as they live in the home.
Term payments: The borrower receives monthly payments for a set period of time.
Line of credit: The borrower can have access to all of the money at any time and will only be charged interest on money they actually borrow against the line of credit. For example, if the borrower never borrowed against the credit line, they would not have to pay any interest.
Equal monthly payments plus a line of credit: This option combines both the monthly payments and the line of credit option. It ensures the borrower has steady monthly payments coming in, but also provides them with backup credit they can borrow against in case they need it.
Term payments plus a line of credit: The borrower can combine term payments with a line of credit. Instead of indefinite monthly payments, they receive monthly payments within the term they set along with having the line of credit to access at any time.

Types of reverse mortgages

Home Equity Conversion Mortgage (HECM)

The Consumer Financial Protection Bureau stated in 2022 that this is the most common type of reverse mortgage. HECMs are federally-insured mortgages that tend to cost more upfront; however, the funds can be used for any purpose. You can also choose any of the payment types with this kind of reverse mortgage. Only FHA-approved lenders can offer these kinds of loans.

Proprietary reverse mortgage

These are private loans that provide the option to get a larger loan advance. This is easier to obtain if your home is highly valued.

Single-purpose reverse mortgage

Borrowers can secure this type of loan through nonprofits as well as state and local government agencies. It’s also generally less expensive than an HECM or proprietary reverse mortgage. This is the most limited-use mortgage as it can only be used to cover one specific purpose, such as home repairs. The lender must approve of the purpose for the loan.

Benefits and risks of getting a reverse mortgage

Reverse mortgages can be a source of cash, but they aren’t for everyone. There are benefits and drawbacks to reverse mortgages, so it’s important to consider each and decide if this type of loan works for your situation.

Benefits

Right to cancel within three days: This is the borrower’s right of rescission, which you can exercise without penalty.
No need to make monthly payments toward the loan balance: This aspect of reverse mortgages offers the borrower peace of mind and flexibility in a time when an older homeowner likely has a limited income.
In most cases, the use of funds is flexible: Most reverse mortgage options (not including a single-purpose reverse mortgage) allow the borrower to use the funds for a variety of expenses, including some of the most common expenses for older homeowners.
Non-borrowing spouses can remain in the home after the borrower dies: This flexibility can be a comfort for borrowers who want to ensure their spouse is provided for even after they pass.

Risks

Scams: Reverse mortgage scams can target older homeowners. For example, some lenders make claims that the Department of Veteran Affairs offers “no repayment” reverse mortgages. According to the Consumer Financial Protection Bureau, as of 2020, the VA does not offer no-payment reverse mortgages. Be wary of other fraudulent practices by talking with financial and real estate experts you trust.
Sales pitches: If you’re speaking with a private lender, their advice might not have your interest at heart — after all, it’s their job to sell you on a reverse mortgage. The Federal Trade Commission recommends speaking with an independent, government-approved housing counseling agency to make sure you receive impartial advice.
Possibility of foreclosure: With a reverse mortgage, homeowners are still required to pay property taxes and home insurance. Although borrowers don’t have to make any payments, they must live in the home and care for it so it will stay at market value.

If you think you could benefit from taking out a reverse mortgage on your home, reach out to ElderLife Financial to find out which option is the best for you.

How to Choose an Elder Law Attorney

Posted on October 3, 2022October 3, 2022 by ElderLife Financial Staff

Elder law attorneys specialize in areas that older adults commonly experience. Hiring an elder law attorney can help older adults manage issues as they arise, create an estate plan, and more.

As individuals age, certain legal, issues like estate planning, disability and Medicaid planning, fighting elder abuse, among others, require an experienced and knowledgeable professional. Choosing the right elder law attorney can help older adults and their families navigate these unique issues.

Here’s what you need to know about finding and hiring the right attorney that will help ensure you are protected.

Why hire an elder law attorney?

Elder law is an area of legal services specializing in issues that an individual may experience throughout the aging process. A Certified Elder Law Attorney will have met certain licensing and continued education requirements in the field.

Older individuals hire elder law attorneys to get help with many issues. Some include:

Medicaid: By hiring an elder law attorney, assets can be structured into exempt assets to assure an individual will be eligible for a Medicaid program. These attorneys can help asset transfers, create trusts, and preserve family resources.
Estate planning: An elder law attorney can ensure correct management of an aging individual’s estate and that it transfers to loved ones either upon incapacitation or after death. The most common estate planning tasks an elder law attorney can assist with are creating trusts, Wills, and powers of attorney.
Long-term care planning: It is best to prepare for long-term care before the need arises. By planning in advance, decisions can be made without time constraints and additional fees. An elder law attorney can assist with forming health care directives, choosing long-term care facilities, and legally appointing a power of attorney.

The more complex a person’s estate is and medical needs are, the more beneficial it can be to consult with an attorney specializing in elder law. These attorneys also may have various professional relationships with different organizations and professionals relating to the aging process. They can refer clients to social workers, geriatric care managers, and various medical professionals.

Tips for choosing an elder law attorney

Meet for an initial consultation

To choose an elder law attorney, first consider your options. Gather a list of potential candidates by asking for referrals from individuals you trust and from individuals who interact with elder law attorneys in a professional capacity, such as financial advisors, accountants, and medical professionals.

Once you have your list, contact each attorney and coordinate an initial consultation. Most offer a free consultation either over the phone or in person.

Gauge the attorney’s experience and areas of expertise

Before conducting an initial consultation, write down a list of issues you might need help with. During your consultation, compare the services that the attorney offers with your list of needs. Sometimes, your list will not match directly with that the attorney, depending on your needs. It’s important to ensure that the have experience helping people with needs similar to yours.

It is sometimes difficult to gauge an attorney’s experience. To get an idea, talk with them about their years in practice and the types of clients they have represented.

Ask the right questions

Some relevant questions you might consider asking include

How much will the legal services cost? Are there fees attached to certain requests, and how will the final charges be tallied?
What will the process entail? What complications you can foresee?
What services do you recommend for my particular situation?
What experience do you have handling situations like mine?

The content of the answers matters, but so does the way the elder law attorney relays the information. Are they polite and professional? Did they take the time to properly and accurately explain the process to you? Did they return calls and emails without delay?

Check the attorney’s credentials

After you’ve narrowed down your list of candidates, verify that the elder law attorney is on your state’s Bar Association website, that they hold an active license, are allowed to practice elder law in your state, and have never been publicly disciplined for past legal actions.

Finally, search for reviews on your final list of candidates. Do the reviews from past clients match with the information that the attorney gave to you? Do the reviews mention the areas of expertise and issues that you need assistance with?