What is the difference between Elder Law and Estate Planning? When people think about both, they typically focus on wills and an estate plan. They concentrate on making sure the most money goes to their heirs and they pay the least amount of taxes.
However, that is not the sole obligation of an elder law attorney. An “estate planner” deals with what happens after you die. An ‘elder law attorney’ helps you while you are still alive. They are here to help you survive with your assets in a world of increasing health care costs and the need to rely on assistance. An estate planner does not deal with this.
What an estate planner will do is disperse your money and property that you have left after you pass on. As an elder law attorney, we make sure that you have something left to take care of you in your autumn years. Hospital stays, long term illnesses, and expensive medical treatments can wipe out your savings before you are able to leave your spouse or loved ones with any inheritance. This is the major difference between the two professions.
So, when would you need an elder law attorney and when would you need an estate-planning attorney?
It depends mainly on your financial situation. If you are able to afford the yearly cost of nursing home care, indefinitely, then you probably need an estate planner. However, that means that you can afford about $120,000 a year for the rest of your life without dipping into your principal funds. Most of us cannot do this.
If you don’t have that type of money, then you may want to consider an elder law attorney. The elder law attorney is there to help you with providing assistance in moving forward and enjoying your quality of life.
If you have any questions about what an Elder Law Attorney can do for you, contact us at the Kabb Law Firm, 216-991-KABB (5222)