You might have heard or read discussions on elder law planning and estate planning. While some law firms work with both legal areas, and there is some overlap between them, technically they are distinctly different and equally important. Elder law planning protects the person’s assets while they are still living and estate planning protects the person’s assets after they are no longer alive.
The main goal of elder law planning is to ensure that the person is able to live a long, healthy and financially balanced life. Some of the planning that typically occurs with elder law planning is an anticipation of future medical needs (which includes planning for long-term care). With careful planning, the person can make provisions for potential medical needs and still have assets that will eventually be passed down to the heirs. Elder law planning can also help to shield the person from exploitation and abuse, which is all too common. If guardianship or conservatorship is needed, that would also fall under elder law.
What is covered under estate planning?
One of the significant differences between elder law planning and estate planning is that estate planning is not age-dependent. A Florida estate planning lawyer can provide solid advice on estate planning and probate, which include will contests, challenges with executors, issues with fiduciary duties, probate litigation, and handling estate taxes.
It is very important that your wishes for what occurs after you are gone are carried out exactly as you want them to be. Another part of estate planning is identifying a guardian for your child if that child is a minor as well as making provisions for beloved pets.
Careful planning for the future
Whether you have a large amount in assets or a modest amount, planning carefully to use those assets to ensure that you live a quality life as well as planning so that your loved ones are taken care of after you are gone are essential. If you plan carefully, you will be able to make sure that your wishes are carried out and that you live a comfortable, healthy life for many years to come.