Excerpt from: recordonline (click for full article)
The basics of “estate planning” are familiar. Estate planning has been defined as “getting your assets to whom you want, when you want, and the way you want, with the least amount of taxes and legal fees possible.”
The meaning of “elder law” is a bit less clear. What does it actually mean?
Planning for disability early
In general, the field of “elder law” focuses on long-term care and substitute decision-making. Securing the proper care is critical for seniors to thrive in their golden years. But even though more than half of Americans will need long-term care at some point in their lives, the process of obtaining and funding the care is confusing and complex.
An elder law attorney's role is to create plans for disability early, so that long-term care is available in the future or, absent advance planning, to do crisis planning when the client is “on the nursing home doorstep” to protect assets while ensuring the necessary care is available.
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