About Estate Planning & Elder Law
Although both elder law and estate planning share similar concerns, the differences ultimately make all the difference.
One way to compare the two includes something along the lines of comparing a square and a rectangle. You may remember the common phrase from grade school: all squares are rectangles, but not all rectangles are squares.
The same is true as it relates to estate planning and elder law: elder law attorneys practice estate planning, but not all estate planning attorneys practice elder law.
Concerns Are Similar
No matter what stage of life we’re in, life can deliver unexpected hardships. It is recommended to hope for the best, but plan for the worst. It is important to think about the following: Who would we like to be there for us if we can’t speak for ourselves? If we can’t pay the bills? Decide about our health care?
Both estate planning and elder law attorneys help you choose people you trust to stand in your shoes when you can’t speak for yourself. Their importance further extends to advising you on the many planning opportunities that are available considering your unique situation.
If we’re thinking realistically, we want to make sure our families are well taken care of if the worst were to happen. This reason, among many others, ultimately describes the necessity for proper planning.
The help of an estate planning and elder law attorney aids you in understanding how to protect your estate from tax burdens, avoid the expense and delay of court proceedings, and protect inheritances for your loved ones.
The Differences Make All the Difference
Elder law expertise becomes crucial when we get older, as there are many provisions that apply solely to those who are elderly. We’re living longer, healthier lives – but nobody knows when we, or those whom we love, will get too sick to make decisions or to live independently.
It’s understandable, but not recommended, to postpone thinking about these things. Delay or denial may lead to an entire savings getting wiped out paying for long-term care costs such as in-home care, assisted living, or nursing homes.
Additionally, if you wish to retire from your own business, do you have a plan for a smooth and profitable transition? What quality of life can you protect? What housing arrangements can be made? What is the wisest allocation of financial resources to protect against as many foreseeable contingencies as possible? Is any of the planning you may have already put in place still even valid or are you operating on a false sense of security?
This is where elder law attorneys come into play. Such attorneys help you face these difficult questions with your and your families’ best interests at heart. They work to prevent distress and anxiety, giving you peace of mind. Some common planning topics include the knowledge of how Medicaid, and Social Security work. Additional aid pertains to managing retirement income benefits, financial arrangements and long-term physical, medical, or nursing care.
These are often difficult, unique and complicated questions that require particular knowledge to answer. Elder law attorneys have learned how to help you plan to enjoy the life you have, plan for when life becomes harder with age, and have something left over for your legacy.
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