Elder law encompasses a wide range of legal matters that affect senior citizens. Attorneys who practice elder law advocate for seniors and execute legal plans to assist them in living better lives. Their expertise may encompass estate planning, as well as planning for retirement and long-term medical care.
According to the U.S. Census Bureau, more than 54 million seniors live in the U.S., accounting for more than 16% of the total population. The number of American seniors is on pace to grow to approximately 98 million by 2060.
Contemplating financial matters and making long-term life decisions via estate planning can be a difficult and emotional journey. Managing your assets wisely as you age is crucial as you plan to provide for the family members who will survive you. Individuals often want to take steps to ensure their loved ones will inherit their estate in an orderly fashion. They may also seek to name their children as their agents in the event they become unable to handle their own affairs. Putting together detailed instructions can help reduce conflicts and minimize legal expenses. In turn, this may even help reduce taxes as well, ensuring heirs receive the full value of their portion of the estate.
Shaping an Estate Plan
No matter your estate's size, creating a comprehensive estate strategy can prove difficult and even emotional. Estate planning is not a "set it and forget it" process. Family needs as well as new issues regarding state regulations are always evolving. Periodic reviews of existing documents with an attorney will keep your planning current in an ever changing world.
Executing a will or acting as trustee of an estate frequently requires the support of a professional. Finding an elder law attorney whose primary focus is estate planning will give you options to achieve your goals. With knowledge of your state's legal statutes, they can develop an asset protection strategy, update your estate plan over time and administer your estate with efficiency.
However, keep in mind that putting your affairs in order is a sobering task and requires more than creating a will. Comprehensive estate plans may include other foundational documents, including trusts and advance health care directives. Long term care planning provisions and specific durable powers of attorney can be crucial as well. Elder law attorneys can also assist with decisions concerning probate and gift, income, and estate tax matters.
What to Ask
To find an elder law attorney who is a good fit, you'll want to ask some key questions. Consider each of the following, tailoring them to pertain to your greatest concerns:
1. How long have you practiced elder law and estate planning, and how much do you charge?
2. What experience do you have drafting estate plans and navigating estate taxes?
3. Do my circumstances warrant a revocable living trust?
4. Will my powers of attorney have dementia specific provisions?
5. What are my best options in planning for long term care?
Listen to how an elder law attorney frames their answers in light of your specific situation. This will help demonstrate their knowledge and what it might be like working with them. A sound strategy comes from an attorney who's willing to listen and learn about your family's needs and goals. Partner with someone who offers clear communication, options, and ideas that align with your values.
For more information please contact the Law Office of Sean D. Ethington at (661)295-4604 or visit our website at www.ElderLawSite.com.