Are you prepared with a plan for taking care of your loved ones after you die?
A majority of Americans are not prepared, having no planning in place. Even those that do have some planning have done so in ways that can often result in the plan being invalid. Worse are those that have given themselves a false sense of accomplishment. Of many of those who do have a plan that works, a significant number face situations where their plan will not work they way they intend. Trying to deal with the complexities of estate planning on your own or with cookie-cutter forms is not a good idea.
Also, for many, the problem goes much deeper than just addressing what will happen to our “stuff.” Overwhelming numbers of young families do not have estate plans, thinking that they simply do not have enough “stuff” to justify the time and investment in an estate plan. What these young parents fail to understand is that an estate plan is also the primary method for directing for the care and well-being of their minor children in the event both biological parents die. Making sure that who you want to raise your children in the event mom and dad are gone is a major responsibility of young parents that too often goes unaddressed.
Unlike nearly every area of law, which consist of fixed legal rules, estate planning law permits individuals to craft their own set of rules for how their “stuff” and loved ones are to be cared for after they’re gone. If you haven’t made an estate plan yet, don’t waste any more time. Seek out the personalized counsel of an attorney and get started today. It will be a wonderful blessing to your family to know that you have taken care of this for them.
What Is Elder Law?
Elder Law is an umbrella area of practice that encompasses several different specific areas of law.
An elder law attorney should have a good understanding of the following:
- Estate Planning
- Asset Protection
- Gift & Estate Taxation
- Special Needs
- Medicaid Benefits
- Veteran’s Benefits
The reason an elder law attorney attorney needs to be able to work within all these areas of practice is that each of these areas have unique rules that do not always work well together. Those unique rules can sometimes result in a great plan for one area, say Veteran’s Benefit planning, being disastrous for another area, such as Medicaid planning. Knowing how a plan for a client will impact these areas of life allows the Elder Law attorney to better counsel the client in weighing the costs and benefits of their estate plan.
If you or a loved one need legal assistance in any of the areas listed above, then you should contact an Elder Law attorney to discuss your specific needs.