Choosing an Elder Law or Finance Expert
As with many of the trades and professions, word of mouth from friends and family can often be the best way to find someone to assist you with legal and financial issues. Of course, be sure you have the same needs as the person you are talking to, and specify that you are looking for someone experienced in helping seniors. Beyond friends and family, other trusted sources may be your church or other social group in your community. In addition, certain associations such as the Alzheimer’s Association maintain referral lists. There is often an advantage if the professionals you use understand the unique challenges that arise during Alzheimer’s disease. You can find licensing/registration information online — see the links below.
You will still want to do some homework and call for an introductory phone call or appointment.
Elder Law
What is Elder Law?
Elder law attorneys focus on the legal needs of the elderly, and work with a variety of legal tools and techniques to meet the goals and objectives of the older client. Through specialization in this field, they are often more aware of the range of issues that can impact elders and leave them particularly vulnerable and/or in need of support.
They can help in areas including:
General estate planning issues e.g. Last will and testament for possessions
Advance care planning e.g., Living Will, Power of Attorney or other alternative decision-making documents in case of incapacity
Planning for possible long-term care needs, including nursing home care and coordinating private and public resources to finance the cost of care
Drafting “Personal Care Agreements” to pay privately for care; this can include family members
Working to advocate for and protect their client's right to quality care; Assistance with Guardianship as needed
Do all older adults need an Elder Law Attorney?
Not necessarily, but in general there is increased protection afforded to those who do utilize an attorney. Of course, there is a cost so it may not be possible for everyone to have an elder law attorney.
And it is very important to keep in mind that you do NOT need a lawyer of any type to complete a Living Will or Health Care Surrogate forms. Most states do require a witness and some states, a notary.
Locate a Professional:
Florida Bar: floridabar.org
National Academy of Elder Law Attorneys: naela.org
Some good questions to ask:
How long has the attorney been in practice?
Does his/her practice emphasize a particular area of law?
How long has he/she been in this field?
What percentage of his/her practice is devoted to elder law?
Is there a fee for the first consultation and if so, how much is it?
Given the nature of your problem, what information should you bring with you to the initial consultation?
Financial Management
What kind of Financial Management do Seniors Need?
Due to the progressive nature of Alzheimer’s disease most individuals end up with two finance-related needs.
They will need a surrogate decision maker to manage their money on a day-to-day basis and long-term.
If a family is not able to provide all the care they need, they will need personal care support and will have expenses related to that care.
Do all Seniors Need Financial Management?
Not necessarily, for some families there is no need for outside support for finances. In other situations, having a trusted third-party help manage funds is advantageous. Of course, there is a cost so it may not be possible for a family to hire a financial manager. Fortunately, there are some good online resources available for specific needs. Your NAN Navigator will identify them if needed.
How to Find a Certified Financial Planner or Investment Adviser
There are two basic types of professionals you may want to work with. In both cases you want to find someone licensed or regulated to act as a fiduciary, i.e., to act in their client’s best interest.
Certified Financial Planners - offer comprehensive assessment and planning services and advice about your finances in general or for a specific need such as retirement or eldercare.
Investment Professionals - offer personalized investment strategies that meet your needs
Locate a Professional:
Certified Financial Planners: napfa.org
Financial Advisor/Investment Professionals: investor.gov
If all seems in order, call and ask for an introductory phone call or meeting.
Some good questions to ask:
How long has the Financial Planner been in practice?
Do they emphasize a particular area of financial planning?
How long has he/she been in this field?
Is there a fee for the first consultation and if so, how much is it?
Given the nature of your problem, what information should you bring with you to the initial consultation?
