When it comes to Elder Law and Estate Planning, many may think they are very different, when in fact they both touch on many of the same issues.
Estate planning focuses on asset protection, planning for retirement, and business succession planning. It also involves helping clients plan for disability, minimizing taxes at death, and help pass their legacy onto their beneficiaries, under the conditions they have set.
Elder law focuses on an older age group. As one gets older their needs began to change; elder law helps with that process. In elder law, attorneys’ help clients plan for long-term care, help those already receiving care, and how to pay for their needs and care without depleting their savings.
Estate planning is like a blueprint for a client and their families; it provides them with a plan to follow or layout for their families when they can no longer look to the client for guidance. However, estate planning is an ongoing task and should be updated when the client experiences a noteworthy change in life. Elder law is more like a roadmap; attorneys will help clients navigate long-term care, whether it is done in advance, or when the need arises. They will also help their clients explore their options and whether they are eligible for Medicaid or Veteran’s benefits; which can be a confusing and strategic process. They will also advise them on senior rights. Seniors need help navigating their changing needs as they age.
As you can see, estate planning and elder law deal with very similar topics, and it depends on which stage of life you began to plan. One will either create an estate plan or the blueprint for their life, or you will turn to an attorney to help you navigate the roadmap of elder law.
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