Estate Plans For The Older Client Are Different

The plain vanilla estate plan, which most people have, is designed for the younger client. The main purposes of this estate plan are to avoid probate court and to provide for the distribution of assets to heirs upon death. It will also minimize estate taxes.

Estate plans for the older client include all of the death planning as stated above. But they also include long term care and disability planning, and are designed for asset protection.  Your elder law attorney will help you plan ahead in the event you or your spouse face long term care needs during your lives. We have seen some families spend hundreds of thousands of dollars for their care. Skilled nursing care can be as much as $10K or $15K per month. These issues must be addressed.

The elder law attorney helps clients and their families plan for and qualify for Medi-Cal. This state program helps pay for a stay in a skilled nursing facility in the event you use all of your Medicare days.  Through proper Medi-Cal planning, it is possible to qualify for Medi-Cal and transfer your home to your loved ones without a state lien, and without a step-up in basis. You can also plan to preserve your monetary assets under the Medi-Cal regulations. Your elder law attorney can also help you plan for and qualify for the VA Aid & Attendance Benefit, which can help pay for your in home care and assisted living facility costs.

In addition, for the older client, you can review how you may be able to make a tax advantaged transfer of a portion of your savings or other assets into a financial instrument that has a long term care benefit rider. Unlike traditional long term care insurance, if you don’t use this long term care benefit rider, you still have a financial benefit to transfer to your loved ones upon death.

If you have an estate plan that is created for the younger client, please feel free to contact Elder Law Attorney Michael J. Young for further discussion.

This information is not to be taken as legal advice, and you are encouraged to see your elder law attorney. At the Law Offices of Michael J. Young, at 1931 San Miguel Dr., Ste. 220, Walnut Creek, CA www.WalnutCreekElderLaw, 925-256-0298, lawyoung1@gmail.com we practice Elder Law and we help Baby Boomers, Seniors and families through their Elder Care Journey. We help families with long-term care planning, asset-protection plans, comprehensive estate planning, wills, trusts and powers of attorney. We also help Baby Boomers and families get their “Ducks in a Row” in order help them qualify for Medi-Cal and the VA Aid & Attendance Improved Pension benefit.

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