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Elder law: a key component in the estate planning universe

On Behalf of | Jan 14, 2021 | Estate Planning |

It is certainly true that the estate planning realm is a bit formidable for many individuals and families across the New York metro and elsewhere nationally.

Legions of would-be planners often comment that they don’t quite know how or where to start with the process. Others cite the view that planning is only for ultra-wealthy families. Such views lead to procrastination and a mindset that “estate planning is not for me.”

In fact, though, it likely is, and at whatever stage of life a prospective planner begins to first think about the need for purposeful planning. Crafting tailored plans with input from a proven estate planning legal team can unquestionably benefit planners with outsized assets, of course. Key benefits are also realized, though, by legions of other individuals and families who work with experienced and empathetic legal counsel.

Here’s a fundamental point stressed by an authoritative New York legal source addressing sound and timely estate planning. That overview duly notes that planning “is an opportunity for people of all walks of life to have a say about weighty matters.”

Those matters certainly do embrace asset-tied issues (preservation, lawful tax avoidance, business succession, inheritances for future generations and so forth). Yet they also spotlight legal concerns such as guardianship designations, agents appointed to make key money and health care decisions at critical times and loved ones with special needs. And they can additionally center on charitable goals, trust creation, probate avoidance, retention of privacy and more.

Elder law: What is it, and why is it important?

Any comprehensive discussion of estate planning will necessarily include a dive down into the critically important component of elder law. The discussion is objective and often empowering rather than troublesome for planners and loved ones. We all advance in age, and timely preparing for that reality often yields candor and great comfort for many families regarding the future.

An elder law focus and strategy recognizes that and enables planners to take timely future-focused steps. On national article on elder law’s contours and planning specifics notes that the legal realm “includes a wide range of issues affecting older individuals.” Those include these and additional matters:

  • Negotiating challenges and reaping benefits from insurance and government-sponsored programs like Medicare and Medicaid
  • Protection against elder abuse (e.g., undue influence, coercion, third-party violence and various acts of fraud)
  • Assistance with generalized planning goals
  • Long-term care issues
  • Guardianships and conservatorships
  • End-of-life considerations

The above article underscores that experienced and compassionate elder law attorneys “understand the unique needs of elderly clients.” A proven legal team can help planners and their loved ones secure peace of mind and promote best interests in a vitally important estate planning sphere.