In general, estate planning refers to all of the steps that a person takes to protect the assets they have worked so hard to build and identify a plan for distribution. Furthermore, the documentation used in the traditional estate planning process helps to articulate who you would like to make decisions on your behalf if you were to become unable to do so.
There are plenty of different reasons to conduct elder law estate planning, which is somewhat different. Elder law estate planning involves the intersection of many complicated issues, including your estate plan and your retirement plan. You can benefit organizations and people that you hold dear by articulating to whom you want your estate to go. A comprehensive elder law estate plan can assist you in accomplishing these goals.
Elder law estate planning services everybody. To save your family the court costs, the legal fees, and family disputes when it comes time to settle your affairs, engaging in elder law estate planning allows you to fully encompass all of the different assets inside your estate and what you would like to happen to them when you pass away.
Furthermore, elder law estate planning contemplates whether or not you may need Medicaid in the future and what assets or savings plans you have in place should something happen to you that prompts a long-term care event. Consulting with a dedicated estate planning attorney who also practices elder law can give you a board overview of the critical issues you need to be familiar with in this process.