How To Protect A Senior Loved One’s Assets In Pennsylvania
Watching a senior loved one grow older can be a stressful process. Inevitably, you will start to witness their health failing. Their cognitive abilities may also decline. As they become more vulnerable, you may start to feel more concerned about protecting their well-being. This might be an especially serious concern if your senior loved one has been transferred to an assisted-living facility. Although there are many ways to protect a senior loved one during their twilight years, promoting financial security is always a smart move.
If you’d like to explore options for protecting your senior’s assets, get in touch with a qualified, experienced elder law attorney in Pennsylvania. Exploring the possibilities online can provide you with a basic understanding of this process, but you won’t get very far until you connect with a legal professional. Your attorney can assess your unique situation and determine the vulnerabilities of your senior’s assets. Once you have identified areas of concern, your lawyer can help you address them in the most efficient way possible.
Spotting Financial Abuse at Nursing Homes
Unfortunately, seniors are extremely vulnerable to financial abuse as they grow older. We’ve all heard the horror stories of elderly individuals falling victim to online scammers and losing their life savings. Another notable threat may come from nursing homes. Although most workers at these facilities are extremely professional, some use this opportunity to manipulate vulnerable seniors into signing away their wealth.
Here are some warning signs that may indicate financial abuse at nursing homes:
- Unexplained transactions
- ATM transfers that occurred while the senior was at the nursing home
- Missing items from your senior’s room
- Changes to the will
Estate Planning
Estate planning is a must for seniors who are in their twilight years. Unfortunately, many seniors stubbornly refuse to speak on such matters, as the subject reminds them of their own mortality. When you connect with an estate planning attorney, you can broach this topic in a respectful, careful manner – increasing the chances of your family member writing a will or establishing a trust.
Estate planning can benefit the beneficiaries in a number of ways. Firstly, it ensures that the senior can choose who receives certain assets. Otherwise, the intestate process may rob them of these choices. Secondly, it can dramatically reduce the tax burdens for beneficiaries when they receive their inheritance.
Establishing a Trust
Another option for your senior might be to establish a trust. This provides your senior with more freedom over how the estate is handled, and they manage the trust while they are still alive. Your senior may appreciate having control over their assets in this manner.
Enlist the Help of a Qualified Attorney Today
For help with your case, reach out to the skilled Scranton elder law attorneys at Needle Law Firm. We understand the concerns you may have about your senior’s financial well-being, and we’re here to help. Promoting financial security helps both your senior and their beneficiaries, ensuring that your inheritance is protected from threats at all times. Book your consultation today, and we can help you secure your family’s wealth.
Source:
investopedia.com/terms/l/living-trust.asp
