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Elder Law Basics
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Flashcards
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Capacity
A person's legal ability to enter into a contractual relationship.
Conservatorship
A legal concept where a court appoints a person to manage an incapacitated adult's financial and personal affairs.
Elder Abuse
Any form of mistreatment that results in harm or loss to an older person.
Estate Planning
The process of arranging, during a person's life, for the management and disposal of that person's estate after death.
Fiduciary Duty
A legal obligation of one party to act in the best interest of another. The obligated party is typically a trustee or executor.
Guardianship
A legal process used to protect individuals who are not capable of caring for their own interests due to incapacity.
Health Care Proxy
A legal document that designates another person (a proxy) to make healthcare decisions on someone else's behalf.
Inheritance Law
The body of law that pertains to the transfer of an individual’s property and assets after their death.
Living Will
A written document that specifies what types of medical treatment are desired should the individual become incapacitated.
Long-Term Care Insurance
Insurance coverage that provides for the cost of long-term care beyond a predetermined period.
Medicaid Planning
The legal act of structuring one’s finances to ensure eligibility for Medicaid to help pay for long-term health care expenses.
Medicare
A federal system of health insurance for people over 65 years of age and for certain younger people with disabilities.
Power of Attorney
A legal document that gives one person (the agent) the power to act for another person (the principal).
Probate
The legal process through which a deceased person’s estate is properly distributed to heirs and designated beneficiaries and any debt owed to creditors is paid off.
Retirement Income Security
Financial security that a person has after retiring from work, often involving pensions, Social Security, savings, and investments.
Senior Citizens
Individuals, typically over the age of retirement, who may be entitled to certain legal protections and benefits.
Social Security
A federal insurance program that provides benefits to retired people and those who are unemployed or disabled.
Special Needs Trust
A trust designed to provide benefits without disqualifying the beneficiary from income-restricted governmental programs.
Spousal Rights
Legal rights that recognize the interests a spouse has in the marital relationship, entitling them to certain benefits or claims upon divorce or death of the other spouse.
Veterans' Benefits
Wide range of services provided by the government to veterans of military service, including healthcare, education, and housing assistance.
Will
A legal document by which a person expresses their wishes as to how their property is to be distributed at death.
Aging in Place
An individual's ability to live in their own home and community safely, independently, and comfortably, regardless of age, income, or ability level.
Age Discrimination
The unfair or prejudicial treatment of an individual on the basis of their age.
Advance Directive
A legal document in which a person specifies what actions should be taken for their health if they are no longer able to make decisions due to illness or incapacity.
Medicaid Transfer Penalties
Penalties incurred when an individual transfers assets for less than market value resulting in a period of Medicaid ineligibility.
Elder Law Attorney
A legal professional who specializes in legal issues affecting older adults, such as estate planning, health care, retirement, and elder abuse.
Financial Exploitation
The illegal or improper use of an older person's funds, property, or resources by another individual.
Ageism
Prejudice or discrimination on the basis of a person's age.
Life Estate
A legal arrangement in which an individual holds rights to use, occupy, and benefit from a property during their lifetime, but does not own the property.
Ombudsman
An official appointed to investigate individuals' complaints against maladministration, especially that of public authorities.
Reverse Mortgage
A type of loan available to seniors over the age of 62 which allows them to convert part of the equity in their home into cash.
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