Elder law attorneys assist older or disabled clients with legal issues specific to their stage in life. They help navigate complicated health care issues, long-term care options, retirement, estate planning, and much more. While a general practice lawyer may have some knowledge of seniors needs, an experienced and compassionate elder law attorney is the most reliable option.
Following are some examples of the services elder law attorneys provide:
Financial Planning and Asset Preservation
No matter the value of your cash or assets, you do not want to see even one penny go to creditors, the government, or falsified nursing home bills. Many prefer to have a choice in how assets are distributed after death. You can read more testimonials about elder law via http://www.voyantlegal.com.
A qualified law firm can help you decide on the best asset preservation strategies for your economic situation and long-term goals. Some things you will discuss include:
– Avoiding probate expenses
– Minimizing income, estate, and gift taxes
– Protection from judgments
– Planning for long term care costs
Wills and Trusts
Wills and trusts serve different purposes when it comes to your estate planning. Both may be useful, but you will need to understand the advantages and disadvantages of each. Key points include:
– A will take effect after your death, whereas a trust is effective upon creation.
– A will pass through probate, meaning a court will oversee the process. A trust does not pass through probate. Not involving the court allows the terms of the trust to remain private whereas a will is a public document.
– A trust allows you to designate assets and property to others prior to your death, which may be helpful in planning for illness or saving on taxes.
-A will can name a guardian for minor children and also include provisions for funeral arrangements.