As Boomers Age, Elder Law Expands
ELDER LAW PROTECTS OLDER CITIZENS FROM FINANCIAL ABUSE
Financial exploitation is a segment of elder law. It’s a developing field of practice that involves not just advance medical directives, estate planning, guardianship, probate and will contests, but also real estate, tax, employment, special needs, discrimination, domestic violence, and Medicaid issues.
The number of individuals that are in need of these services is increasing rapidly, due in large part to the ageing of baby boomers, the generation born from 1946 through 1964. Reports from the U.S. Census Bureau say that there are now approximately 73 million baby boomers.
The oldest members of the group turn 74 this year, and by 2030, all of them will over 65 years of age.
Elder Law Attorneys Maintain Loyalty To Baby Boom Generation
The Administration for Community Living’s most recent report on older Americans additionally shows that the number of individuals who are 65 and more increased from 37.8 million to 50.9 million in 2017. It predicts that the total will be as high as 94.7 million come 2060.
“Unlike most practices, elder law really focuses on the age of the people who we serve rather than the particular subject areas,” says Shirley Berger Whitenack, an accomplice at Schenck, Price, Smith and King in Florham Park, New Jersey, and a past leader of the National Academy of Elder Law Attorneys.
Whitenack, who began her training in 1985, said that unique issues confronting baby boomers also make elder law unusual today. One of those issues emerges from individuals of that age living in an uncommon financial well-being in comparison to that of their progenitors, the majority of whom were paid pensions and Social Security retirement benefits.
Many of the baby boom generations will get fewer returns, she says, which could prompt issues with financing their long-term care at home, in aided living shelters or in nursing homes. if they turn out to be or not be veterans or don’t have long-term care assurance, they may need to depend on Medicaid once they come up short on cash.
“Medicaid planning is a minefield, and it’s fraught with all kinds of traps for the unwary,” Whitenack says.
Pennsylvania & New Jersey Elder Financial Abuse Law Firm
If you or someone you know has been the victim of elder financial abuse or fraud, please contact our attorneys immediately for a free consultation at 215-462-3330 or by using our online contact form.