Elder Law estate planning is estate planning, but it is specifically tailored to address the unique needs and challenges faced by older adults. In addition to managing assets and providing for loved ones, elder law estate planning also considers issues related to:
 

  1. Long-term care: As people age, they may require assistance with daily living activities or even full-time care in a nursing home or assisted living facility. Elder law estate planning addresses how to plan for and finance long-term care needs, including the potential use of Medicaid or other government benefits.
     
  2. Incapacity: Older adults may face a higher risk of cognitive decline or other health issues that can impair their ability to make decisions for themselves. Elder law estate planning often involves drafting durable powers of attorney and advance healthcare directives, which allow individuals to designate someone to make financial and medical decisions on their behalf if they become incapacitated.
     
  3. Special needs planning: Some older adults may have adult children or other dependents with special needs. Elder law estate planning can help ensure that those dependents are provided for, often through the use of special needs trusts, without jeopardizing their eligibility for government benefits.
     
  4. Medicare and Medicaid planning: Navigating the complexities of Medicare and Medicaid can be particularly important for older adults. Elder law estate planning may involve understanding eligibility rules, enrollment, and potential benefits, as well as planning for the potential need for long-term care under these programs.
     
  5. Asset protection: Elder law estate planning may involve strategies to protect assets from potential creditors, lawsuits, or nursing home costs. This may include the use of certain types of trusts or other legal structures.

Need help with elder law estate planning?