Medicaid Planning Planning
Aid and Attendance with the Veterans Department
Advance Directives
Special Needs Planning
Wills and Trust
Guardianship
Probate
What is Elder Law?
Many do not know the difference between Elder Law and Estate Planning. The difference is in the type of planning. The goal of Elder Law planning is to help protect the senior’s interests and assets during their lifetime (i.e. life care planning) and, later, in Probate. Estate Planning is largely concerned with protecting the estate after death, such as, limiting the impact of “death taxes”, and lowering the expenses of Probate.
Life care planning seeks to limit the expense of incapacity or placement in a full-time care facility; plan for medical and financial decisions; assist with qualifying for government benefits (Medicare, Medicaid, VA, Social Security, etc); find residency; and limit financial devastation that can occur without a plan. For example, the costly need for a Guardianship can normally be avoided with a Power of Attorney and a Health Care Surrogate. Another result of not planning is the need for an emergency plan to obtain Medicaid by “spending down” one’s assets to prevent financial devastation to an elderly spouse and/or to allow the elderly person to have funds to pay expenses not covered by Medicaid.
Who can benefit from the services of an Elder Law Attorney?
While an Elder Law attorney works with people of all ages, most clients are nearing retirement or are already retired. Many seniors fail to obtain the proper planning before they become ill and their children are then left to seek assistance for their parents. Often, the children come to understand the benefits of early planning to avoid the same consequences experienced by their parents. These children will many times seek advice for themselves after witnessing the difficult and often financially devastating legal issues met by their elderly parents.
Often people postpone seeking the assistance of an attorney because they believe it will be too expensive. However, this is a misconception when viewed in light of the results of failing to plan. A full range of planning options and assistance is available through an Elder Law attorney, from drafting contracts and trusts, to drafting estate plans, to reviewing annuities being sold by financial advisors. Because Elder Law attorneys can offer this full range of services, they can often cut costs for the family and help them find a way to obtain a higher level of care and often times, for less money.
