Why Elder Law

Why Elder Law?

Adding elder law to an existing practice can be highly profitable and rewarding.

There are 10,000 people in America turning 65 every day.

That’s a HUGE potential market.

Whether you are just entering the field of Elder and Special Needs Law, or adding it to your existing practice; You now have the ability to effectively serve your aging client base without making a large investment in additional staff or having to refer out your clients.

We call this Proactive Planning.

  • It is a rapidly growing and lucrative area.
  • 10,000 baby boomers turn 65 years old every day – hard to wrap our heads around that – and also knowing that will continue for another 16 years!
  • We also know that 7 in 10 of those people will need some form of long-term care in their lifetime, at a cost now averaging about $8,000 every month – nearly $100,000 each year.
  • That doesn’t last long for a person or couple who have worked their entire lives to save for retirement and want to leave a legacy. It can often also result in the well or surviving spouse becoming impoverished.
  • Families often are faced with hard choices, are frightened and overwhelmed trying to navigate a complex system – not just for the elderly, but also for others who face some form of incapacity and have special needs.

An elder law attorney has the knowledge and tools to not only:

  • Assist the client in protecting their hard-earned assets,
  • Assuring that the client has the best possible care and maintain his or her personhood and dignity, but also
  • Often serves as the hub or central resource for families trying to navigate not just the government systems, but the network of community resources such as social service agencies, financial advisors, long-term care providers, and others that a family may or may not know about.

In dispelling the myth that the elder law attorney only serves little old ladies without any money, we say with confidence that “You will do well by doing good.”

Principal and Lead Instructor Scott Solkoff is a member of the above assocations.

 

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