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2. CCRCs (Continuing Care Retirement Communities) — Those seniors who are in need of increasing levels of medical and personal care but would want to age in place have the option of relocating to continuing care retirement homes, which provide varying degrees of assistance in accordance with the person's evolving need in this regard. Residents have the option to begin their time in the community by living independently, and later, if necessary, they may transition into assisted living or a nursing facility.

4. DNR, which stands for "Do Not Resuscitate Order," is an order that tells medical professionals not to try to extend a patient's life by performing CPR or cardiac resuscitation on them. Both the individual and their attending physician are required to sign the order. DNRs are not the same as living wills. Living wills enable people to specify whether or not they want general medical treatment to extend their lives, while DNRs are only applicable to cardiopulmonary resuscitation (CPR).

5. DPA (Durable Power of Attorney) - With the help of a DPA, you will be able to designate a reliable person to handle your health care decisions or financial decisions in the event that you are unable to make decisions for yourself. On the other hand, a financial agent may assist you in managing your money and paying your expenses, while a health care agent can make judgments about the kind of treatment that you get. In the event that you become unable to care for yourself in the future, having a durable power of attorney in place may help you avoid the need for a guardian.

11 Acronyms That Are Often Used in Elder Law and Estate Planning

Individual Retirement Accounts (also known as IRAs) are a kind of account that provide people the opportunity to save money for retirement in a tax-free or tax-deferred manner. Although traditional IRAs make use of income that is tax deductible and allow for tax deferral, Roth IRAs make use of income that has already been taxed and do not impose taxes upon withdrawal.

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