What is the best way to protect my elderly parent’s assets?

The best way for you to protect your elderly parent’s assets is to consult an experienced elder law attorney. Elder law is a specialized area of the law that focuses on legal issues that are pertinent to older and elderly persons. In the state of Virginia, an experienced elder law attorney can advise your parent on setting up and executing legal strategies to protect their assets. The most common way to protect assets is through an irrevocable trust. An irrevocable trust allows your parent to transfer assets into the trust and gives control of those assets to a trustee. The trustee is responsible for managing the assets and carrying out the terms of the trust. This tool is especially useful if your parents are concerned about an eventual long-term care need. In addition to an irrevocable trust, an experienced elder law attorney can advise your parents on creating an estate plan that includes a will, power of attorney, and health care proxy. A will allows you to designate how your parent’s assets will be distributed upon death. A power of attorney allows you to designate an individual to handle financial decisions on behalf of your parent for a period of time. A health care proxy allows your parent to designate a person to make medical decisions should they become incapacitated. For the most effective protection of your parent’s assets, it is critical to consult an experienced elder law attorney who can advise your parent on the best legal strategies for preserving their assets.

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What is the best way to protect my elderly parent’s assets?

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