When it comes to planning for the future, it helps to work with an attorney specializing in elder law. Even if you’re familiar with estate planning options such as wills and living trusts, elder law remains an area surrounded by misconceptions. Learn about four of the most common myths concerning elder law to make informed decisions for your future with the help of your attorney.
4 Common Elder Law Myths
1. Elder Law Applies to Seniors Only
Anyone can speak with an elder law attorney about their finances. Doing so is strongly recommended since accidents, injuries, and illnesses can occur at any time. Creating a living will or trust with the help of an estate planning lawyer provides peace of mind since it will ensure that your assets are distributed as you wish upon your incapacitation or passing.
2. Elder Law Attorneys Handle Wills & Living Trusts Only
Elder law attorneys provide a wide range of services in addition to will and living trust creation, including business succession plans and asset protection. They also help you create advance medical directive documents detailing your wishes regarding your health, such as whether to continue life support in the event of a serious injury or illness.
3. Wills & Trusts Take Every of Everything After a Person’s Passing
Not all assets fall under will and trust control. For example, if you and another person own property together, that property cannot get passed or distributed to friends and family without the other owner’s knowledge. You must come to an agreement first, such as buying the person out. Pay on death and transfer on death provisions are also outside will and trust control, as monies and other assets go directly to beneficiaries upon the owner’s death.
4. It’s Too Late for People in Nursing Homes to See Elder Law Attorneys
Nursing home residency is irrelevant to elder law so long as you are of sound mind. The creation of wills and similar documents have nothing to do with the individual’s current living situation; what matters is whether the person can communicate their wishes effectively. Estate planning document preparation also requires witnesses who testify about your mental state at the time of the signing if problems arise after your passing, such as if family members dispute asset distribution.
Discuss your estate planning needs with the elder care attorneys at Stephen B. Kaufman, P.C. Based in the Bronx, NY, this attorney has over 40 years of experience in estate planning as well as personal injury. All phone calls are returned within 24 hours. Call (718) 822-0500 today to schedule a free consultation or learn more about the law firm online. Get additional legal advice on Facebook.