Planning ahead for elder law is just as important as considering your estate and your retirement planning. Unfortunately, despite the fact that elder law has become more popular and widely practiced by attorneys in recent years due to the number of people nearing and reaching retirement, elder law mistakes can still be made that can compromise the integrity of your estate plan and make things more difficult for you or your children.
Some of the most common failings in elder law planning include not addressing any of the following issue, such as:
- Transferring your assets to your beneficiaries in the manner and in the time frame you want.
- Protecting your assets from the cost of comprehensive long-term care and the qualifications for government benefits.
- Choosing trusted individuals who are able to manage your affairs if you are disabled.
- Keeping your assets in your own bloodline and protecting them from the future claims of creditors, lawsuits and divorce as associated with your children.
Furthermore, you will also need to consider the benefits of doing everything you can to avoid a guardianship proceeding. This can allow a judge to appoint someone else to step in and manage your affairs, if you are unable to do so and if you have not explained your desires for who is eligible to step-in in this case.