Estate planning: planning for death with the minimum amount of taxes and legal costs possible to get the assets you want, what you want, the way you want.
Elder Law: Disability planning to get the people you want to manage your affairs and to protect your assets from long-term care being exhausted. Woodbridge Estate Planning Attorney Association is one of the authority sites on this topic.
Estate Planning Introduction and Elder Rule
One of the most satisfying and professionally fulfilling occupations an attorney can choose is to practise estate planning and elderly law. Imagine an area of practise where your customers respect your understanding and treat you with kindness and courtesy. In a timely manner, they pay your fees and inform their friends how much they enjoyed working with you and your company. You rarely face the burden of a deadline at the same time, much less an adversarial attorney on the other side of a matter seeking to give you the best. In most cases, instead of an attorney at law (professional representative), you behave in the capacity of a counsellor at law (trusted advisor).
We spend our days meeting clients, learning about their lives and their families and discussing their worries and concerns. We build solutions, often elegant, to the old problem of moving assets from one generation to another as quickly and painlessly as possible, through our expertise, training , experience and creativity. At the same time, to the degree that the law requires, we also aim to shield those funds from being drained by taxes, legal fees and nursing home costs.
The end result of this process is a client who feels comfortable and confident in the knowledge that they have all their bases covered in case of death or disability. They can get on with the business of living their lives, having gained peace of mind that their future is well planned and in good hands. For the lawyer, a happier and pleased client has been introduced to the practise and another partnership has started that is potentially lifelong and mutually satisfying. To maintain this enviable state of affairs, let ‘s look at the tactics and techniques we use.
Major issues facing today ‘s senior clients
One of the ways we assist clients is to set out a detailed plan so that they can escape legal action in the event of death or disability. Trusts are used by elderly people in lieu of wills because they do not require legal proceedings to resolve the estate. The international probate procedure required for property owned in another state, known as ancillary probate, is often avoided by trusts. This saves the family time, as well as the high costs of legal proceedings, when settling the estate. In addition, because revocable living trusts take effect over the lifetime of the grantor, unlike wills, the consumer can stipulate which individuals take over in the event of their disability. Planning ahead helps keep the family or trusted advisors in check and prevents a situation that may not be in the best interest of the client. In the case of a disability, for example, if no arrangement has been placed in place, a request could be requested from the court to have a legal guardian appointed for the disabled individual. This may not be the individual that would have been chosen by the client. In such a situation, the funds can not be exchanged without court consent, which can or may not be given, to prevent them from being expended on nursing home costs.