As published in the Long Island Press, on longislandpress.com and danspapers.com.
Elder Law is a very specific field of law. Almost all Elder Law attorneys practice Estate Planning but most Estate Planning Attorneys DO NOT practice Elder Law.
Elder Law and Estate Planning go hand-in-hand. Both are focused on planning ahead and maintaining decision-making and control as well as managing financial outcomes. The two fields take advantage of state and federal laws and opportunities, such as tax reduction in Estate Planning and asset protection in Elder Law. Every Elder Law and Estate Planning client needs a Last Will & Testament, Power of Attorney, Health Care Proxy, and Living Will and many will need a Living Trust. However, because of the complex asset protection, promissory note and federal and state Medicaid laws and regulations, Estate Planning attorneys do not get involved in Elder Law.
Let’s dive a little deeper: Elder Law is a specialized field of law that addresses the unique legal issues affecting older adults as they age. It encompasses Estate Planning, Long Term Care planning and Asset Protection as well as assistance with major life decisions, such as planning for future health care needs. For this reason, Elder Law often involves family members and other loved ones and is multigenerational in its approach. Elder Law includes navigating the interplay between the medical, financial and emotional decision-making of immediate long-term health care needs or planning for the best future decisions and outcomes.
Elder Law also includes planning for children with Special Needs, guardianships, Veteran’s benefits, family home protection, spousal refusal, long term care claims and appeals, probate, estate administration, and estate litigation.
Estate planning is the bedrock of a family’s financial well-being for generations to come. By preparing a Will and all necessary trusts, you take control of your family members’ and loved ones’ financial security, ensure your wishes are carried out, and leave your family free of uncertainty and chaos.
Estate planning is for everyone: you are never too young or too old and never too rich or too poor to plan. If you have assets that you wish to pass to surviving family members on your own terms, then you need an estate plan.
Revisit your Estate Plan when there are marriages or divorces, births or deaths or major changes in the health care needs of aging loved ones. Laws also change, including tax laws and Medicaid/ asset protection laws. Cona Elder Law will keep you informed so be sure you are on our e-mail list. Contact email@example.com.
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