Today it’s more important than every before to plan your estates. People are living longer and hence acquiring more properties, it is imperative that you safeguard those assets.
With individuals living longer there are extra factors to consider that intersect the “traditional” locations of estate planning and elder law. Estate planning was traditionally done with a will and dealt with the succession of wealth and possessions to recipients upon the decedent’s death. Senior law has traditionally handled sophisticated care, health care, living plans, powers of attorney, and fulfilling the dreams of the customer as they advanced in age.
The intersection of older law and estate planning:
1. Circulation of possessions upon death
As individuals live longer there are additional issues about retirement earnings, advanced care, and then the distribution of properties upon death. Attorneys and customers need to understand the household dynamics, any family-business succession, and care regulations. A will or living trust are two mechanisms to achieve these objectives. A will works at the time of death and moves through the probate process. A living trust is a legal instrument where the customer (grantor) contributes all their possessions to a trust and have the usage and advantage of those assets throughout their life time and then upon death, those properties are dispersed according to the regards to the trust.
Clients should talk about the income produced and use of that income during their lifetimes to properly prepare for their remaining years. There are advantages and detriments to each instrument, and the best instrument will be highly dependent upon specific circumstances. A client who is senior will have to talk about the appropriate mechanism to distribute properties at their passing while maintaining enough income creating property for usage in their retirement and health-care planning needs.
2. Living Arrangements
There are now different kinds of living facilities for the senior. There are conventional nursing houses, which offer the most care to the individual as they age, assisted-living care facilities, which enable persons to live primarily independently while providing some services, and continuing care facilities, which increase care as the individual requirements it. Older law and estate planning converge now as individuals need to prepare for the expense of these numerous living plans and care requirements. A properly drafted trust or estate plan (which would have numerous parts to satisfy the developing needs of the customer as they age) need to represent present requirements, future needs, and the wishes of the client and the distribution of their assets after their passing.
3. Health Care
Health care planning is a costly and time-consuming proposal, however an extremely essential one. As individuals age they will naturally have increasing and various health care requirements than they did previously. Medicare, personal insurance coverage, healthcare proxies, advanced health care instructions, and “living wills” are all concerns that need to be addressed by the customer and attorney. A few of these concerns were more conventional senior care and others were traditional estate planning ones. However, long term care, medicare, and traditional retirement income, along with resilient powers of attorney or healthcare proxies, are all linking problems that the lawyer should solve with the customer. As people age, how they desire to spend their remaining years and the type of health care services they wish to accept or decrease are a few of the most important choices to be made.