Wednesday, June 16, 2010

Elder Law Issues

Almost all of our Kansas City area clients ask us, what is Estate Planning?

In our last couple installments we have been discussing the areas of concern for families and business owners regarding estate planning, which are as follows:

1. Lifetime control over financial and health care decisions
2. Planning for the cost-effective and expedient transfer of wealth at death
3. Family maintenance and protective planning
4. Business succession planning
5. Charitable planning
6. Gift and estate tax planning
7. Legacy planning
8. Elder law issues

Last week Garrett reviewed area 7 – Legacy Planning, today I will touch upon area 8 – Elder Law Issues.  The area of Elder Law is a complicated, confusing maze of Federal and State laws and regulations that is a separate specialty area, just like taxation.  While we have the taxation specialty, we have partnered with attorneys who have the Elder Law specialty to better assist our elderly clients.

Elder Law Issues

Elder law focuses on the legal needs of the elderly, and utilizes a variety of legal tools and techniques to meet the goals and objectives of the older client.

All of the typical estate planning concepts are still at play in Elder Law, but the client is typically “closer to the risk” in the context of planning for incapacity with alternative decision making.  The elder law client also frequently needs assistance in planning for possible long-term care needs, including nursing home care.

Locating the appropriate type of care, coordinating private and public resources to finance the cost of care, and working to ensure the client’s rights to quality care, are all part of Elder Law Issues.

For more information or if you have questions, please contact us.  Please keep the questions and comments coming.

 

Jason M. Salinardi

BridgeBuilder - Plans for Life