The Four Basic Protections of Elder Law Estate Planning

We are talking about an area of law that assists us in maintaining control over four basic facets of our lives and assets. You must be wondering what they are about. Well, we have got you covered.

This article covers the four basic areas in which elder law estate planning helps us.

#1 Planning for Disability

Elder law estate planning includes un-called for circumstances such as the time of incapacitation. You choose the people who will make decisions for you when you cannot do it for yourself.

These people will ensure that your estate is met as per your wishes and that the government does not take over your life on the pretext of “guardianship proceeding”.

#2 Planning for Long-Term Care

Another plan is for the costs of long-term care.

  • Plan A is to buy long-term care insurance for the protection of assets and nursing home costs.
  • Plan B steps in case of the absence of long-term care insurance. This is when Medicaid Asset Protection Trust (MAPT) protects assets from long-term care and nursing home costs. MAPT pays for the costs while the assets are in the trust for five years.

#3 Death Planning

The third type of planning is for the transfer of assets from the deceased to the beneficiaries with the least amount of court costs, legal fees, taxes. This would save both time and money on the settlement of the estate.

#4 Inheritance Planning

Inheritance planning works to keep the inheritance within the family and for the protection of inheritance from the children’s divorces and creditors.

One way is to create an “Inheritance Trust” for each of your children so that they can receive the inheritance when the time comes. Or if they die, the assets can pass to the next beneficiary in the line.

We hope you have gotten a clearer idea about elder law estate planning. For further information or to talk to an experienced attorney in this regard, don’t hesitate to contact Keystone Asset Protection and Planning.