Is Elder Law the Same Thing as Estate Planning?
Older Americans have unique legal and financial needs. Elder law attorneys are devoted to providing legal services that meet these needs. You may be wondering: Is elder law the same thing as estate planning? The short answer is “no”—estate planning is an important part of elder law, but the practice area is more comprehensive. Within this article, our elder law attorney provides an in-depth overview of the key things that people and families should know.
Elder Law is a Comprehensive Legal Practice Area
Elder law is not a synonym for estate planning. Indeed, estate planning is just one aspect of elder law. The American Bar Association (ABA) explains that elder law also covers “health care, long term care planning, guardianship, Social Security, & Medicare/Medicaid.” Elder law is a specialized practice area focused on legal issues that affect senior citizens and near-seniors. Here is a basic overview of the most important parts of elder law in New Jersey and New York:
- Estate Planning: Estate planning is one of the core elder law practice areas. It involves preparing for the management and distribution of a person’s estate during their life and after death. Specific aspects of estate planning include the drafting of wills, the establishment of trusts, and designation of beneficiaries. Estate planning should be customized to meet your needs.
- Health Care Planning: Health care planning ensures that an individual’s medical preferences are known and respected in case they are unable to make decisions themselves. Among other things, it may involve the creation of advance directives, living wills and health care powers of attorney (health care surrogacy).
- Long-Term Care Planning: The cost of a private room in a nursing home in New Jersey or New York can run over $100,000 per year. Long-term care planning prepares individuals for the potential need for extended medical and personal care, often due to aging or chronic illness. With proper long-term care planning, you can help to protect your assets against these costs.
- Adult Guardianships: Adult guardianships are legal arrangements where a court appoints a guardian to make decisions for an adult who is unable to manage their own affairs due to incapacity. It may be related to decisions about health care, finances, and daily living. If you have any questions about adult guardianships, an experienced attorney can help.
- Social Security Benefits: Social Security benefits provide financial support to retirees, disabled individuals, and their families. Understanding eligibility requirements and maximizing benefits through informed planning can significantly impact an individual’s financial stability in retirement,
We Provide Solutions-Focused Elder Law Representation in New Jersey and New York
At Poulos LoPiccolo PC, our elder lawyers are compassionate, experienced, and solutions-focused advocates for people and families. If you have any questions about elder law—from estate planning to guardianships to long-term care planning—professional support is available. Contact us today to set up your completely confidential, no commitment initial case review. Our firm provides elder law services in New Jersey and New York.
Source:
americanbar.org/groups/senior_lawyers/topics/elder-law/#:~:text=Covers%20a%20range%20of%20matters,Security%2C%20%26%20Medicare%2FMedicaid.
