Q&A: Elder Law vs. Estate Planning
Alexander Mils - Questions
What is estate planning?
While elder law helps you during your lifetime if you become incapacitated or need long-term care, estate planning creates legal documents (such as wills and trusts) so that when you pass away, your belongings will go to the people or charities that are important to you.
Whether you own a lot or a little, estate planning gives you the opportunity to decide how you want your belongings to be managed and distributed when you are gone. With an individualized estate plan, you will have peace of mind knowing that your wishes will be met and that you did everything you could to make things easier for your loved ones.
What is elder law?
While estate planning focuses on developing a plan to distribute your resources after your death, elder law focuses on preserving your independence and protecting your resources while you are alive.
Elder lawyers can help with a variety of issues related to aging and end-of-life including
Assessing the legal capacity of people with cognitive decline to determine if they are legally able to create or update a will or other legal documents.
Protecting resources when someone needs Medicaid to pay for long-term care.
Working with people who have physical or cognitive impairments to ensure they retain maximum autonomy and control over their resources.
Preventing the need for a court-appointed guardian by developing strong power of attorney documents with special provisions to protect your independence in a variety of situations including, dementia, prolonged illness, the need for in-home caregivers or nursing home care, etc.
Developing a clear plan for end-of-life situations to ensure your family can carry out your wishes without guilt or conflict.
Should I have an estate planning attorney or an elder law attorney?
Ideally your attorney will be experienced in both elder law and estate planning in order to provide the most comprehensive and individualized plan for your future. Elder law and estate planning complement each other, so taking advantage of both perspectives will ensure the most thorough approach to end-of-life issues.
For example, sometimes attorneys who work exclusively in estate planning are so focused on preserving assets for future generations, that they do not adequately assess your potential long-term care needs or make the necessary plans for Medicaid asset protection to pay for your own medical or living expenses. Similarly, if you consult with an elder law attorney who is not experienced with estate planning, you might end up with a plan that protects your autonomy during your life but that is not tax-efficient or that creates unnecessary burdens on your loved ones after your death.
Both elder law and estate planning are essential to minimize the burden on your loved ones and ensure that your wishes are respected. At Hillsborough Wills and Trusts, our extensive experience in estate planning, elder law, and special needs law allows us to provide a holistic assessment of your situation and create a comprehensive plan to ensure peace of mind for you and your family.