Who are you going to call?
As we get older it is often recommended that we go to an estate attorney to prepare a will and other estate documents. Scary terms are thrown around like probate, estate taxes, trusts, per stirpes and statutory. We know that we want to take care of our family and other loved ones after we are gone, but what is the difference between an Estate and Elder Care Attorney?
Estate Attorneys help us to pass money to our heirs in the most tax efficient manner possible.
What is less frequently understood or discussed, is the need to meet with an elder care attorney. Unless you are fortunate enough to have an unlimited amount of money, an elder care attorney can make sure that your assets are protected if you and/or your spouse have prolonged illnesses. A nursing home stay can last for 2 ½ – 3 years or more. It can cost upwards of $120,000 per year.
An Elder Care attorney will help you qualify for financial programs like Veterans Aid and Attendance or Medicaid, by carefully planning the spending and titling of your assets.
A skilled elder care attorney will make sure that you can retain your assets and are able to pay for your long term care needs. They will evaluate the way your homes, businesses and other assets are titled to ensure that they will not need to be liquidated to pay for your care needs. Long term care is essential, but in many cases, it will not cover all the needs you have or the length of time that you may need them.
In many cases you may need both attorneys. Some attorneys practice in both areas.
Disclaimer: The material in this blog is for educational purposes only. It is not intended to replace, nor does it replace, consulting with a physician, lawyer, accountant, financial planner or other qualified professional.
