Legacy Lawyer’s Guide to Estate Planning
Legacy Lawyers specializes in estate planning and elder law. The first is the plan people make for their assets, deciding who gets them and when, in such a way that you minimize the amount of legal fees and taxes you have to pay. Meanwhile, elder law is about putting a plan in place should you become disabled, so that somebody can protect your assets from depletion.
Legacy Lawyers on Elder Law and Estate Planning
Because both elder law and estate planning are about being ready for the future, they are often confused. However, they are two very different things and must be treated as such. What Legacy Lawyers focuses on more than anything, however, is making sure that people are treated the way they should be, with professional attention and care. Lawyers who deal with elder law and estate planning have to be very empathic. They have to speak to people about their personal and private concerns, which is a very unique perspective.
The Issues Senior Clients Face Today
Elderly people in this country deal with some very specific problems. Those include:
- Avoiding legal action if they become disabled or die.
- Keeping the cost of legal assistance down.
- Having a legal guardian that they can get behind.
- Not having to pay too many taxes.
- Which types of living trusts are most suitable to them.
How Seniors Should Plan Their Estate
Legacy Lawyers has developed five key steps towards properly planning an estate, which any good law firm will go through with their clients. Those are:
- To understand, in a realistic manner, what the family dynamics are like.
- To have all the estate planning documents that are already in place ready. Lawyers will look at whether their client is a citizen of this country, whether they expect to inherit something, whether they have insurance in place for long term care, and whether they require additional financial planning.
- To review the assets that are in place, and what types of assets they are.
- To create a real estate plan that the client is in agreement with.
- To apply for the relevant Medicaid benefits.
Major Elder Law and Estate Planning Mistakes
Legacy Lawyers has also developed a list of mistakes that many legal firms make, in the hopes of helping prospective clients avoid those. They are:
- To not address every issue and eventuality.
- To not place the estate plan under regular review.
Real estate planning and elder law is highly complex. Not just that, it is also sensitive. At the end of the day, it surrounds discussing death and ensuring the right people within someone’s circle of family and friends get what they should get. Sometimes, people make decisions that they know their family won’t agree with, such as leaving millions to a cat charity. This is why it is so important to have all documents in place, reviewed regularly, and authorized by legal professionals who understand what they are talking about. While this will not avoid people from being happy with the plan, it does mean that the individual’s wishes will be followed regardless.