Estate Planning? Elder Law? Which Do You Need?

Estate planning focuses on what happens with everything you own after death. Elder law addresses legal and planning needs late in life: decision-making authority, asset preservation, and support during physical changes that occur with age.

Read on for a more detailed overview and comparison.

Estate Planning Starts With a Will

Estate planning sorts out where your deed and other assets go when you’re gone. An estate plan starts with a will. It may involve naming who’ll make decisions for you when you need representation. It might also include legal instruments to bypass probate—the court process by which someone’s assets are distributed after death.

Your will states who will inherit your property. Through your will, you appoint a personal representative to distribute your assets through probate court. If you write a will directing the transfer of your home through probate, the recipient will get it by an executor’s deed.

Not everything has to move through the probate court, though. Living trusts, or transfer on death deeds (TODDs), pass assets—such as deeds to homes—to beneficiaries directly, without the need for probate.

You may undo either of those types of instruments. You can alter revocable trusts. You can sell a home or file a new TODD. Irrevocable trusts, as a general rule, can’t be changed. An estates and trusts attorney can advise you as to which, if any, your situation calls for. In any case, be sure you have an up-to-date will.

An estate plan can also include documents that address end-of-life matters. For example, you can give someone the power of attorney to sell your home. You’ll want to consult an estate planning lawyer for guidance in creating your documents.

Will taxes apply to the heir to your home’s deed? What about gift taxes when you give away assets before death? Learn more with Deeds.com.

Elder Law: Who Is It For?

Elder law attorneys support their clients in legal matters, such as protecting assets from undue influence or fraud, and ensuring proper treatment in care situations. Some elder law attorneys defend their clients against mistreatment or malpractice.

The scope of their guidance can be much broader, though—answering queries like:

• Where is the best place to live?

• What if I outlive my retirement funds?

• What’s my plan for medical expenses?

• What if I need hands-on support?

• What if I have a life partner, and our needs are not the same?

• Do I need to plan for powers of attorney, guardianship, conservatorship, or a living will?

• What if I have children, and want to make sure we’re all on the same page?

• What if I need to create a special-needs trust to care for someone who depends on me?

• How can I delegate legal responsibilities and financial powers to those I trust? How can I avoid costly mistakes that stress out my heirs?

• How do I apply for Social Security, medical, or VA benefits? Can I protect my deed from Medicaid?

An elder law professional helps you plan for various scenarios before a health diagnosis changes what you currently believe you or your family need. These legal experts know and work with insurers, tax and financial advisers, and medical care professionals to inform and support their clients.

Have a Plan

Assisted living, memory care, or nursing home care are large expenses, and most older adults need to have a plan in place to cover them. Good planning now can help a deed holder make things easier for family and friends, make sound decisions while that’s fully possible, prevent unnecessary loss of assets, and create an adaptive plan that fits future possibilities.  

For legal help that suits your circumstances, consult a local elder law attorney or a law firm that focuses on wills, estates, and trusts.