Many people are under the impression that estate planning is only for the extremely wealthy. However, elder law estate planning evolved from those general practices as a way to protect the middle class from high nursing home costs. Given that many people today will face at least one long term care event in their golden years and that the cost of health care has been on the rise for decades, the elder law estate planning now serves everyone rather than just the wealthy.
Consulting with an experienced elder law planning attorney may be important if you are concerned about not just having the documentation in place that is necessary if you become incapacitated, but also considering the unique issues that face an aging population. You can discuss topics such as benefitting the organizations and the people that you care about and articulating how your estate will be passed on. Furthermore, you may wish to minimize the potential for conflicts and frustration by your loved ones when you pass away by having clear estate plan.
Elder law planning often frequently involves looking ahead to Medicaid and other ways to fund health care expenses in the future. You want to protect your assets, including your home from being lost in nursing home costs and one of the best ways to do this is to consult with an estate planning attorney early on in the process and look to the future.
