Should I Work with an Estate Planning or an Elder Law Attorney?
Estate planning vs. elder law
Question:
What is the benefit of ensuring you work with an elder law attorney versus a traditional estate lawyer (cost savings, understanding benefits of Medicare/Medicaid, look back periods, spousal refusal on Medicaid eligibility, varying laws state by state, etc.)?
Response:
Elder law is really a subset of estate planning, so elder law attorneys can all help clients and families with traditional estate planning. What elder law attorneys add is a focus on the possibility of incapacity. So they assist both in planning to make sure that clients’ finances are in good order and will be well managed in the even of cognitive decline and on qualifying for public benefits, primarily Medicaid, to help pay for care, whether at home or possibly in a nursing facility.
Elder law attorneys also often get involved on a more emergency basis when someone does become incapacitated. If the client is still competent, this can involved updating documents. If not, it may require the appointment of a guardian or conservator. Elder law attorneys often assist clients in qualifying for Medicaid and protecting assets to ensure the financial stability of spouses and dependent children.
Think of it as a ven diagram with overlapping circles for estate planning and elder law attorneys. Much of what they do is in both circles. Elder law attorneys also help with long-term care planning issues, whether as part of advance planning or in more of an emergency. Many estate planners also do more complex tax and asset protection planning for high-net-worth clients, areas of law that may fall outside the expertise of many elder law attorneys.
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