Yes, “estate planning” is important. But elders need more.
We have had number of educational programs over the years. There is one continuing lesson I shared. I offered to review any attendee’s “estate planning” documents from the Elder Law point of view. The problem simply is estate planning is about “Death and Taxes.” Elder law is about Life Planning before Death and Taxes arise. I analogize the difference to a life guard. The “Death and Taxes” lifeguard will help you after you have drowned. The Elder Law lifeguard will help you while you are struggling.
Estate Planning Did Not Meet All Their Needs
Many folks took me up on the offer to review their existing “estate planning’ documents. I focused on their trusts and powers of attorney. In every case the documents did not grant complete authority to take care of all matters of the client. I had the following report: They were all inadequate.
Death and Taxes is Not the Problem
99.9% of us folks don’t need to worry about taxes after death. But, the focus on death and taxes could force anybody into life-long probate court supervision by appointing a guardian or conservator. And that means that the probate court is in charge of every facet of your life. Where you will live, what medical treatment you will receive is all under the control of the court appointed guardian. All your finances will be in the public record. The conservator will file and inventory of your property and will file an account every year. The account will detail every dollar that you got and every expenditure that was made on you. Attorneys fees for the public hearings may run into the thousands of dollars.
I’ll give you a practical example: if a husband is in a nursing home his wife may have to spend over $50,000 in nursing home bills and attorney fees before the probate court will give her permission to withdraw from his IRA. And, on top of that, the court may open a conservator file and put all of his assets under probate supervision till he dies. All of that is easily avoidable.
Life Issues Come First
Elder law focuses on life issues as well as well as death issues. Here’s an example: Medicare and doctors. Ever had to deal with Medicare open enrollment after October 1st? Did you try to comprehend the complex plans and fit them into your needs for the upcoming year? Ever have to find out why the health insurance company did not give prior approval to a treatment recommended by your doctor? Can you imagine how difficult that can be for an elderly person? We all get older! (we hope) An estate plan will only address “end of life” (pull the plug) issues. An Elder Law plan will give the you the ability to have somebody help you with that. Ever been in a hospital and try to find a doctor? You can’t get out of your bed. Estate planning will be of no help. With Elder Law planning you can pre-appoint a life-time healthcare agent such as your spouse or a child to get anything you need. You can be in control even when you must rely on others.
So: Get started with protecting yourself now! Give us a call for a referral at (248) 356-3500, leave a message if we don’t pick up. We’ll call you back within 24 hours.
