What Is the Difference Between Estate Planning and Elder Care Planning?
Many people confuse estate planning with elder care planning, leaving them unsure which service they most need. The truth is that estate planning and elder care planning can and should go hand-in-hand, which makes them both practical considerations for aging individuals and families. However, each type of planning focuses on different aspects of getting older and preserving wealth.
What Is Estate Planning?
Estate planning involves determining how someone’s assets will be distributed after death. For that reason, estate planning discussions between lawyers and clients typically involve subjects such as wills, trusts, powers of attorney, living wills, health care proxies, avoiding probate court proceedings for survivors, and minimizing estate taxes. The goal of estate planning is to ensure that every asset goes where it should go after a person has died, and that nothing gets missed in the mix.
What Is Elder Law Planning?
Unlike estate planning, elder law planning concentrates on how to leverage wealth while a person is still alive, not where the money will go after he or she dies. Elder law lawyers represent clients who want to make sure they know how to make the most of their finances to live comfortably as they get older.
For example, a couple may want to talk with an elder law attorney about the most reasonable ways to ensure that the money they have saved will not run out if one or both of them goes into a nursing home. Nursing homes can be incredibly expensive, often costing well in excess of $100,000 per patient annually. The right elder law plan can save time, headache, heartache, stress, and money.
How Estate and Elder Law Planning Can Help One Another
Some people feel as if they have to choose between estate planning or elder law planning. The truth is that both legal services should play important roles for any individual or couple. Why? Consider how smart elder law planning can affect estate planning with the following scenario.
Consider a situation where a couple has amassed a fair amount of assets and already has an estate plan in place. With elder law planning advice, they can be certain that their assets will not be depleted, even if they end up requiring costly end-of-life medical treatment and care. That way, the estate planning they did will still be viable after they are deceased. If they did not take advantage of elder law planning, they might deplete their savings well before they died, leaving almost nothing in terms of an estate.
Brooklyn Elder Law Lawyers at Korsinsky & Klein, LLP Work With Clients Who Need Advice for Wealth Planning, Asset Management, and Estate Distribution
Talking about senior citizen issues such as being financially ready for a lengthy nursing home stay or choosing the right types of guardianship decisions can be difficult. Yet it can also be a great gift to pass along to children and relatives who might otherwise be unsure what to do in complicated end-of-life circumstances. If the time is right to discuss your circumstances with a Brooklyn elder law lawyer, contact Korsinsky & Klein, LLP at 212-495-8133 or submit an online inquiry.
With offices in Brooklyn, New York City, and Lakewood, New Jersey, we represent clients from all five boroughs, including Manhattan and Long Island, as well as cities such as Westchester, New York.