3 Common Financial and Legal Concerns Faced by the Elderly

old man

Life doesn’t stop or become easier with time. It only grows more complex and perplexing; some of the things that the elderly face are financial and legal matters. And in many cases, they need guidance. If you belong in the older age bracket or care for another, what are some of the issues you would watch out for?

Employer Liability

Older adults need assistance in moving and taking care of themselves, the house, and the pets, if there are any. That’s where home aids, helpers, caretakers, and nurses come in.

The main benefit of hiring them is to facilitate a life of ease and comfort. The elderly can stay in their comforts where they feel familiar and at ease. They also get personalized care, which means that their specific needs will be looked out for. This one-on-one interaction has been proven to help speed up recovery.

There can family involvement, and of course, company. Older people are more prone to loneliness, which affects their energy levels and mood. And in many cases, mental health can worsen or improve physical health.

But along with hiring help, they not only spend financially but are also burdened with legal responsibilities. The elderly are not spared from legal obligations arising from an employer-employee relationship.

This means that the hired help has the right to just compensation and be treated fairly and with dignity. They are not slaves and can file a lawsuit if the elderly do not perform their employer duties. This is where legal matters come in, and they need an elder law attorney.

old man on his computer

Targeted Fraud

There is a familiar story about an older man who met a woman online. This woman would regularly profess her love and loyalty to him. The relationship was formed about weeks of courting, and now the older man is head-over-heels for this woman. Now and then, she would ask for money to feed her and her family, and the man would oblige.

Eventually, the man suffered a stroke, and his daughter was appointed as his guardian. After researching and investigating, the daughter found out that her father had sent the woman over $700,000, almost the entirety of his life savings. And the man never even met the woman. Not only that, he turned out to be a male in his 30s living in India.

This is a common tragedy that the elderly face because they are constantly being targeted for fraud. This could be due to their illnesses, loneliness, or simply because they were naive. Fraudsters would use various strategies to get them to send money, too.

Fraud is one of the reasons why the elderly need much guidance. They need the presence of family members to provide warm and loving advice and companionship so they won’t have to look for support somewhere else. They need accountants to monitor their finances and attorneys to give legal advice when it comes to their money.

Estate Planning

It’s not uncommon for relatives to engage in legal battles in court over a loved one’s property. Inheritance, real estate, cash, and other valuable assets are expected in a legal dispute. This is especially the case when a family member dies without heirs or without living a will.

Estate planning is the process of choosing who gets what, whereby a person divides his assets to individuals of his choosing. This protects the beneficiaries and makes sure that they receive what has been given to them. That way, even if the elderly pass away without a will, certain assets and properties will have already been assigned to a beneficiary.

It’s beneficial to protect young beneficiaries and make a foundation for their future. The younger beneficiaries are more vulnerable due to their naivety and lack of maturity. Estate planning ensures that they receive assets from a loved one who cares for them.

Estate planning also protects loved ones from huge taxes that can eat away at their inheritance. This makes sure that they are financially well taken care of. And finally, estate planning prevents family members from fighting like cats and dogs for a piece of property. It strengthens family relations and harmony.

These benefits are why the elderly should make arrangements for estate planning while they are still healthy enough to consider it. That’s why they also need attorneys to help guide them through the process and make them understand the legal repercussions of their decisions.

Life doesn’t end when we grow old. It only gets more complex. Before the older adults fall trap too many mistakes and regrets, guide them on the typical financial and legal issues they will likely face. Employer liability, fraud, and estate planning are just some of them.

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