By Doug Sisson, W M Law Probate and Bankruptcy Paralegal
Many clients and even attorneys are perplexed by the differences between estate planning and elder law. Not all estate planning requires elder law, and elder law does not always require estate planning. So, what’s the difference?
Estate Planning – What happens if I die?
An estate plan determines who, when, and how assets are divided upon your passing. This is assuming you have assets left to distribute at the end of life. Any myriad of events could happen to you or loved ones between the creation of an estate plan and one’s passing – personal injury, mental incapacitation, inheriting other assets, becoming permanently disabled etc. etc.
Elder Law – focuses on the opposite, what happens if I live?
The best estate plan in the world can’t protect against all the “what-ifs” that happen while you are still alive. Elder law helps you stay in control as you age which entails everything from your healthcare decisions, to how you pay for a care, preservation of money now, income and assets, and what can be used for your benefit and care while you’re still alive.
So which do I need? It really boils down to: is your […]