Wills and estate planning may not be the most exciting things to talk about. However, in this day and age, they can be one of the most vital tools to ensure your wishes are carried out after you’re gone. WAGM’s recent article entitled “A Closer Look at Elder Law“ takes a look at what goes into estate planning and elder law.
What does an Elder Law Attorney Do?
Elder law attorneys, like Vick Law, P.C., focus their practice on issues that concern older people. However, it’s not exclusively for older people, since these lawyers counsel other family members of the elderly about their concerns. We can help you create an estate plan that may consists of a basic will, a financial power of attorney, a medical power of attorney and a living will. Additionally, elder law attorney can help you plan for medicaid and long term care.
Where to Start
People often don’t know what they should do, or what direction they should take. The earlier you get going and consider your senior years, the better off you’re going to be. For many, it seems to be around 55 when it comes to starting to think about long term care issues. However, you can start your homework long before that.
A big concern for many families is how do I get started and how much planning do I have to do ahead of time? If you’re talking about an estate plan, what’s stored just in your head is usually enough preparation to get the ball rolling and speak with an experienced estate planning or elder law attorney.
Long Term Care Preparations?
For long term care planning, people will frequently wait too long to start their preparations, and they’re faced with a crisis. That can entail finding care for a loved one immediately, either at home or in a facility, such as an assisted living home or nursing home. Waiting until a crisis also makes it harder to find specific information about financial holdings.
Taxes
Some people also have concerns about the estate or death taxes with which their families may be saddled with after they pass away. For the most part, that’s not an issue because the federal estate tax only applies if your estate is worth more than $12.06 million in 2022. However, you should know that a number of states have their own estate tax. This includes Connecticut, Hawaii, Illinois, Maine, Massachusetts, Minnesota, New York, Oregon, Rhode Island, Vermont and Washington, plus Washington, D.C.
Iowa, Kentucky, Nebraska, New Jersey, and Pennsylvania have only an inheritance tax, which is a tax on what you receive as the beneficiary of an estate. Maryland has both.
Vick Law, P.C. can help you navigate the two stages of elder law planning. The first is where you may need care during life, and the second is how to distribute your assets after death. Contact Vick Law, P.C. today to speak with an experienced elder law attorney and create your estate plan or long term care preparation today.
Reference: WAGM (Dec. 8, 2021) “A Closer Look at Elder Law“
