Patti's Comments: Nice discussion of the differences between Elder law and traditional estate planning.
Excerpt from The Alternative Press: (click for entire article)
When a new client comes to see us, very often the focus of attention begins with the will and estate plan. "I want to make sure my assets pass to my heirs in the manner I desire and that it be done with a minimum of taxes and other expenses", our clients will frequently say.
When I meet someone and tell them that I am an elder law attorney, they invariably reply, "Oh, you do wills and trusts, right?" I then explain the difference between elder law and estate planning. Here’s my answer. An estate plan covers the scenario of "what happens when I die". In the case of your assets, how will they be distributed and to whom. An additional emphasis is placed on minimizing estate and inheritance taxes through the use of wills and trusts.
But in today’s world, increasingly, the bigger, more difficult question is "what happens if I live?" By that, we mean, what happens if I live but am not healthy and have increased health care costs and need to rely on others for assistance, either temporarily or on a permanent basis. The estate plan does not address this need. An estate plan can help you answer the first question, but a long-term care plan can help you answer the first and the second question.
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