San Jose Elder Law – How an Elder Lawyer Can Help to Save Aging Parents’ Finances

San Jose Elder Law

For baby boomers moving into retirement and their golden years, times can be tough. Adult children are becoming caregivers and some are relied on to provide financial support for their parents and in-laws.

Statistics show that a little more than 32 percent of adult children chip in to help their parents out. And more than 75 percent of those that gave financial support to their parents wonder if their generosity will have an impact on their own financial situation in the future.

With the lagging economy we have seen, decreasing home values, investments that have gone bad, and savings that have been torn apart. Health care costs are climbing, and with most California households requiring a dual income, many cannot keep up.

“An experienced elder law attorney can help to preserve assets, as well as connect people with government benefits and resources to create a contingency plan that addresses possible changes in family health or finances,” said attorney Jim Ward of The Law Office of James A. Ward.

Doing the right thing by your parents is the main priority, however not being fully aware of the legal implications of this could possibly lead to lost Medi-Cal eligibility or negative tax consequences.

As an elder law attorney, Jim Ward can help mitigate these pitfalls. Consulting with Jim or someone who has the right knowledge in this area should be the main priority. Relying on advice from financial advisers or others that do not know the law is not a good idea when putting together a game plan for aging parents.

Jim Ward is an experienced elder law attorney who has offices in San Jose and South Valley. Consulting with an elder law attorney is critical at the outset of the beginning stages of retirement and when any sign of poor health or dementia comes into play. Take the time to call Jim for a free initial consultation today.