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A Lawyer's Guide to Estate Planning: A Detailed Analysis
Author: Jane Doe, Esq., J.D., LL.M. (Taxation)
Jane Doe is a highly respected estate planning attorney with over 20 years of experience. She is a certified specialist in estate planning and probate law by the [State Bar Association Name], reflecting a rigorous examination and significant practical experience in the field. Her LL.M. in Taxation from [University Name] provides her with in-depth knowledge of the complex tax implications of estate planning, ensuring her expertise is particularly valuable in guiding clients through the intricate legal and financial aspects of their estate plans. Furthermore, she is a frequent speaker at national estate planning conferences and has authored numerous articles and chapters in legal journals, solidifying her authority on the subject of "a lawyer's guide to estate planning." Her practical experience, coupled with her academic credentials, ensures her perspective offers invaluable insight for both legal professionals and individuals seeking to understand the nuances of estate planning.
Publisher: LexisNexis
LexisNexis is a leading global provider of legal, regulatory, and business information and analytics. Their reputation for publishing high-quality, authoritative legal resources is well-established. Their publishing of "a lawyer's guide to estate planning" lends significant credibility to the book, assuring readers of the accuracy and up-to-date nature of the information provided. Their expertise in disseminating legal information to professionals and individuals makes them a fitting publisher for such a crucial guide.
Editor: John Smith, Esq., J.D., CFP®
John Smith is a certified financial planner and experienced estate planning attorney, adding a valuable financial perspective to the editorial process. His expertise ensures that the "a lawyer's guide to estate planning" not only addresses the legal complexities of estate planning but also incorporates crucial financial considerations, providing a holistic approach to the subject matter. His professional certifications and legal background ensure that the final product is both legally accurate and financially sound, enhancing its overall value and trustworthiness.
Historical Context and Current Relevance of Estate Planning
The concept of estate planning, though its modern form is relatively recent, has ancient roots. Historically, the transfer of property and inheritance followed customary laws and traditions, often varying widely across cultures and societies. However, the increasing complexity of wealth and assets, coupled with the development of sophisticated legal systems, necessitated the formalization of estate planning. The rise of complex tax laws, particularly in the 20th century, further spurred the demand for professional expertise in estate planning.
Today, "a lawyer's guide to estate planning" is more critical than ever. The escalating value of assets, the complexities of international taxation, and the growing awareness of long-term care needs have amplified the importance of comprehensive estate planning. This guide serves as a crucial tool for navigating the intricacies of modern estate planning, addressing topics such as:
Wills and Trusts: The book thoroughly explores the various types of wills (simple, holographic, etc.) and trusts (revocable living trusts, irrevocable trusts, testamentary trusts), comparing their advantages and disadvantages in different scenarios. It meticulously explains how to choose the most appropriate vehicle for specific estate situations, addressing crucial legal and tax ramifications.
Probate Avoidance: "A lawyer's guide to estate planning" delves into strategies for minimizing probate costs and delays, which can be significant, especially for larger estates. This includes detailed discussions of techniques like using trusts and joint ownership to transfer assets outside of probate.
Tax Planning: The guide meticulously examines the federal and state tax implications of estate planning, including estate taxes, inheritance taxes, gift taxes, and capital gains taxes. It explains various tax-saving strategies permissible under current legislation, such as gifting strategies and charitable giving, helping individuals minimize their tax burden.
Healthcare Directives and Power of Attorney: The book meticulously explains the importance of healthcare directives, including living wills and durable powers of attorney for healthcare, emphasizing their role in ensuring individuals' wishes are respected concerning end-of-life care. It provides clear guidelines for drafting these documents and explains the legal implications for family members and caregivers.
Digital Assets: Recognizing the increasing significance of digital assets in modern estates, "a lawyer's guide to estate planning" guides readers on managing and transferring these assets, including online accounts, social media profiles, and digital intellectual property, providing practical solutions for a previously unaddressed aspect of estate planning.
Summary of Main Findings and Conclusions
"A lawyer's guide to estate planning" emphasizes the crucial need for proactive and comprehensive estate planning for individuals of all net worth levels. It concludes that failing to plan effectively can lead to significant financial and emotional burdens on loved ones, delays in asset distribution, and unnecessary tax liabilities. The book underscores the importance of consulting with an experienced estate planning attorney to create a personalized plan that aligns with individual circumstances, financial goals, and family dynamics. It advocates for regular review and updates to the estate plan to reflect changes in life circumstances, tax laws, and asset holdings.
Conclusion
"A lawyer's guide to estate planning" serves as an invaluable resource for legal professionals and individuals alike. Its comprehensive coverage of all aspects of estate planning, coupled with its clear and concise writing style, makes it highly accessible and informative. The expertise of the author, the authority of the publisher, and the editorial guidance all contribute to the book's credibility and overall value. In today's increasingly complex legal and financial landscape, understanding and implementing an effective estate plan is no longer a luxury but a necessity. This guide effectively bridges the gap between legal complexity and practical application, empowering readers to protect their assets and secure their family's future.
FAQs
1. What is the difference between a will and a trust? A will dictates how your assets will be distributed after your death, while a trust allows for management and distribution of assets during your lifetime and after your death, often avoiding probate.
2. Do I need estate planning if I have a small estate? Even small estates benefit from estate planning to avoid probate and ensure assets are distributed according to your wishes.
3. How often should I review my estate plan? It's recommended to review your estate plan every 3-5 years or whenever significant life events occur (marriage, divorce, birth of a child, etc.).
4. What are digital assets, and how are they handled in estate planning? Digital assets include online accounts, social media profiles, and digital intellectual property. Specific provisions should be included in your estate plan to manage and transfer these assets.
5. What is the role of a power of attorney in estate planning? A power of attorney grants someone the authority to manage your financial and legal affairs if you become incapacitated.
6. What are the tax implications of estate planning? Estate and inheritance taxes, gift taxes, and capital gains taxes can significantly impact your estate. Proper planning can minimize these taxes.
7. Can I create my own estate plan without an attorney? While you can find templates online, it's highly recommended to consult with an attorney to ensure your plan is legally sound and addresses your specific needs.
8. What is probate, and how can I avoid it? Probate is the legal process of validating a will and distributing assets. Trusts and joint ownership can often avoid probate.
9. What if I don't have any children or close relatives? You can still benefit from estate planning to specify how your assets will be distributed to chosen beneficiaries, charities, or other organizations.
Related Articles
1. Understanding the Basics of Estate Planning: A beginner's guide to the fundamental concepts of estate planning, outlining wills, trusts, and probate.
2. Advanced Estate Tax Planning Strategies: A detailed exploration of sophisticated tax-saving strategies for high-net-worth individuals.
3. Estate Planning for Blended Families: Addresses the unique challenges and considerations for families with children from previous relationships.
4. Protecting Your Digital Legacy: Planning for Your Online Assets: Focuses specifically on managing and transferring digital assets in an estate plan.
5. The Importance of Healthcare Directives and Power of Attorney: A comprehensive overview of healthcare directives and their role in end-of-life care.
6. Estate Planning for Business Owners: Examines the specific estate planning needs of business owners, including business succession planning.
7. Minimizing Probate Costs and Delays: Detailed strategies for minimizing probate expenses and accelerating asset distribution.
8. Charitable Giving and Estate Planning: Explores the benefits of incorporating charitable giving into your estate plan.
9. International Estate Planning: A Guide for Expats: Addresses the complexities of estate planning for individuals living and working overseas.
| a lawyers guide to estate planning: A Lawyer's Guide to Estate Planning L. Rush Hunt, Lara Rae Hunt, 2004 This book provides an introduction to the basics of estate planning and will make this area of the law more accessible to the nonspecialist. |
| a lawyers guide to estate planning: Estate Planning Strategies , 2002 |
| a lawyers guide to estate planning: Five-Minute Lawyer's Guide to Estate Planning Michael A. Cane, 1995-04 This collection of the most frequently asked questions about estate planning gives you thousands of dollars worth of legal advice. It also tells you where to find out more without unnecessary fees or high costs. From the Five-Minute Lawyer series. |
| a lawyers guide to estate planning: The Lawyer's Guide to Family Business Succession Planning Gregory Monday, 2022-05-02 This book provides lawyers with step-by-step guidance on how to lead family business owners through the succession planning process to produce a result that is tailored to the unique circumstances and objectives of the owners and their successors.--Back cover. |
| a lawyers guide to estate planning: The Lawyer's Guide to Financial Planning Cynthia Sharp, 2014 This book is an essential resource for any lawyer committed to building and maintaining a strong and secure financial future. It outlines need to know information in clear and concise terms, and presents an actionable plan that leads to financial success. |
| a lawyers guide to estate planning: A Practical Guide to Estate Planning in Massachusetts Patricia M. Annino, 2024 |
| a lawyers guide to estate planning: Estate Planning Michael John Perkins, Robert William Monahan, 2008 Trusts and estates practice is being increasingly recognised as an occupation within the legal, accounting, tax and financial services professions. Estate planning remains the strategic advisory component within this practice. An essential resource for practitioners and students involved in trusts and estates practice, this easy-to-use, practical and comprehensive guide will enable you to understand and deliver effective estate planning services using the principles, precedents, practice points, case notes and discussion questions contained in this book. Included in this edition are the legislative changes enacted since the first edition, such as changes to wills and estate law arising from the commencement of the Succession Act 2006 (NSW) on 1 March 2008 as well as changes to income tax and superannuation laws since 2005. |
| a lawyers guide to estate planning: Wills, Trusts, and Technology Daniel B. Evans, 1996 |
| a lawyers guide to estate planning: The American Bar Association Guide to Wills & Estates American Bar Association, 2009 Written in easy-to-read language with dozens of real-life examples, this book provides important information about mediation, arbitration, small claims court, and civil court procedures, and includes a chapter on working with a lawyer. |
| a lawyers guide to estate planning: We The People's Guide to Estate Planning Ira Distenfield, Linda Distenfield, 2005-04-29 WE THE PEOPLE No lawyers. Save money. We The People is America's largest legal document services company. Dedicated to helping every American avoid the high cost of legal fees, We The People gives you the information you need to handle your own legal filings quickly, easily, and inexpensively. Hundreds of thousands of Americans have already liberated themselves from the tyranny of attorneys' fees--and now you can too! We The People's Guide to Estate Planning makes planning for your future as painless as possible--all without the added hassle of hiring a lawyer. This practical, nuts-and-bolts guide covers all the basics of do-it-yourself estate planning, and covers everything you need to know about living trusts, wills, probate, and estate taxes. Extra resources--a glossary of estate planning terminology; a section on frequently asked questions; samples of effective living trusts and a last will and testament; as well as worksheets and essential information on how to settle an estate--make this the best resource available for this important step in planning for the future. You'll have all the information you need to understand the legal language of a will or living trust and learn how to seek state-specific laws and customs so you can tailor your plans accordingly. In addition, you can download sample documents from which you can create your own. Inside, you'll learn all the basics and more: * Whether you need a living trust, a will, or both * Creating a valid last will and testament * Designating a successor trustee or executor to an estate * Deciding who gets what--and making sure they do * Setting up a living trust and funding it with assets * Understanding durable power of attorney documents and living wills * Tax-saving tips that help you leave more for your beneficiaries * Getting to know (in plain English) the legal language of your will or living trust * Where to download sample documents * Settling an estate with or without a valid will or living trust It's important to take care of the ones you love after you're gone. But if your estate planning isn't done clearly, precisely, and legally, you could end up creating more problems for your survivors than you solve. Do it right, do it inexpensively, and do it yourself--with We The People's Guide to Estate Planning. |
| a lawyers guide to estate planning: The ABA Practical Guide to Estate Planning Jay A. Soled, 2011 The ABA Practical Guide to Estate Planning will help guide clients to an effective estate plan to fit their needs. For both the novice and experienced estate planning practitioner, this practical guide offers sound advice from leading estate planners around the country who share their knowledge and expertise so that you don't miss a step in the process. |
| a lawyers guide to estate planning: The Mom's Guide to Wills & Estate Planning Liza Hanks, Liza Weiman Hanks, 2009 Presents a comprehensive guide on understanding and preparing wills and trusts for parents of young children, describing the process of selecting a guardian, buying life insurance, designating powers of attorney, and choosing beneficiaries. |
| a lawyers guide to estate planning: Estate Planning Strategies Jay A. Soled, 2002 This comprehensive book is a guide to help circumnavigate the estate-planning world and specific changes EGTRRA has brought and will sensitize lawyers to the estate planning needs of their clients in a legal environment that is in transition. To assist in the navigation process, many of the nation's top estate-planning experts and practitioners have been assembled to participate in the production of this book |
| a lawyers guide to estate planning: A Practical Guide to Estate Planning in Vermont Jeanne C. Blackmore, 2015-05-29 |
| a lawyers guide to estate planning: A Guide to International Estate Planning Leigh-Alexandra Basha, 2014 With the explosive growth in international investments, more and more lawyers and financial advisors realize the acute need to properly address critical issues of international estate planning for their clients. Whether you are counseling a foreign national or an American citizen, whether your practice is in the U.S. or abroad, whether you want to develop a general expertise in the area or are confronted by these issues on a more frequent basis, this compendium is a necessary and practical resource to help you identify and navigate many of the complex planning and regulatory compliance issues, both legal and tax, involved in international estate planning. In addition to providing a complete overview of the basic principles and procedures of international asset management from addressing the conflict of laws issues that are central in determining which country s laws will govern the disposition of a donor or decedent s wealth to the basic transfer tax rules for nonresident aliens, U.S. citizens, and resident aliens A Guide to International Estate Planning teaches proven strategies, techniques, and practical applications to use for meeting your clients international estate planning needs. Twenty-two detailed chapters are written by trust and estate lawyers with significant experience in international issues. Their advice goes beyond simply highlighting issues in estate planning, emphasizing key issues as compliance, treaty, choice of law, and estate administration problems. This updated edition now includes chapters on FATF and anti-money laundering and offshore compliance, as well as chapters from several foreign jurisdictions to provide comparative insights on different topics. |
| a lawyers guide to estate planning: Estate Planning for Blended Families Richard E. Barnes, 2009 Targeting parents in second marriages who want to provide for their current spouse and their children from both marriages, the author provides sample estate plans and covers such topics as estate and gift taxes in a second marriage, choosing executors and trustees, the latest federal and state laws, and much more. 15,000 first printing. Original. |
| a lawyers guide to estate planning: Estate Planning Basics Denis Clifford, 2011 Covers the basics of estate planning, including wills, trusts, and health care directives. It prepares readers to start planning their estate, with or without an attorney. The 6th edition is updated with the latest laws and tax information--Provided by publisher. |
| a lawyers guide to estate planning: Not Dead Yet Eric Matlin, 2016-03-01 The text of not dead yet is as detailed as it needsto be and as concise as it can be. In order to minimize the boredom factor inherent in any book ever written on estate planning, the 24 chapters are interwovenwith a graphic novel story featuring a hero, estate planning nightmares, a disruption of the time-spacecontinuum, the hero's estate planning epiphany and a happily-ever-after ending. |
| a lawyers guide to estate planning: The Lawyer's Guide to Retirement , 1994 |
| a lawyers guide to estate planning: Estate Planning 101 Vicki Cook, Amy Blacklock, 2021-08-03 Discover the ins and outs of planning your own or your loved one’s last wishes with this easy-to-understand guide to estate planning. No one likes to talk about death, but being prepared for any unexpected tragedy can help your loved ones navigate your loss more easily in the long run. From creating your advanced medical directives to designating your beneficiaries, estate planning can ensure that your wishes are carried out when you are no longer around. With Estate Planning 101, you can get your affairs in order before any unfortunate incident occurs. This easy-to-understand guide comes with detailed information on what needs to be done to protect your estate. With information on creating a living will, minimizing estate taxes, choosing an executor, and more, you will be prepared for the future, no matter what it brings. Estate Planning 101 offers you step-by-step instructions and checklists to keep you organized for whatever life throws your way. |
| a lawyers guide to estate planning: Estate Planning Forms L. Rush Hunt, 2009 An estate plan can have several elements--a will; an assignment of power of attorney; a living will or healthcare proxy; and in some cases, a trust. As an estate planner, you must be mindful of both federal and state laws governing estates when assembling plans for clients. Estate Planning Forms, by L. Rush Hunt, covers all elements of estate planning in detail with easy-to-follow, time-saving forms. This book empowers attorneys to establish trusts to reduce estate and gift taxes and to distribute assets to the heirs without the costs, delays, and publicity of probate court. The primary purpose of Estate Planning Forms is to ensure that the greatest amount of the estate passes to the estate owner's intended beneficiaries. With the guidance in this book, you will be able to offer greater protection of your client's assets from creditors and lawsuits. CD-ROM Included!Includes the following forms: Letters of engagement Privacy notices Powers of attorney Wills Pre and post-marital agreements Trusts |
| a lawyers guide to estate planning: Model Rules of Professional Conduct American Bar Association. House of Delegates, Center for Professional Responsibility (American Bar Association), 2007 The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts. |
| a lawyers guide to estate planning: Make Your Own Living Trust Denis Clifford, 2021-03-30 A do-it-yourself manual for making your own living trust, with checklists, step-by-step procedures, worksheets, and forms. |
| a lawyers guide to estate planning: Can You Trust Your Trust? Seymour Goldberg, 2014 This straightforward guide helps anyone involved with trusts and estate planning understand the complexities and legal implications that arise when using a trustee. |
| a lawyers guide to estate planning: The New Law Business Model Ali Katz, 2021-01-12 You became a lawyer to help people and have a great life. Instead, you're working insane hours, not making the money you had hoped, and are not fulfilled by your life as a lawyer. Ali Katz was struggling with the same issues while also being a single mom who needed control of her calendar. When she saw major flaws in the way lawyers, like herself, were taught to serve families and small business owners, she decided to do something about it. Ali developed a new way to practice law-one that puts relationships before transactions. And while that made her happy, the icing on the cake was that she started generating over $1 million annually in just three years, all while going to her office just three days a week. Now, Ali brings this knowledge and experience to bear in The New Law Business Model. If you're a lawyer, there's no need to abandon your dreams. In this book, Ali shows how to use your most valuable asset-your law degree-for the good of families, small businesses, and most importantly, your well-being. Pulling from her own journey, Ali shares the roadmap she followed and insights she found that made her success possible. The old law business model is broken. It's time to replace it with one that works for you, your family, and your clients. It's time to take back your time, your income, and your humanity. The New Law Business Model was created to guide inspired lawyers like you into a new era. |
| a lawyers guide to estate planning: Texas Estate Planning Dianne Reis, 2005-02 Texas Estate Planning. |
| a lawyers guide to estate planning: Estate Planning for the Muslim Client Yaser Ali, Ahmed Shaikh, 2019 Meeting the muslim client -- Ethical, legal, and public policy issues -- Estate planning during life -- Planning for incapacity and death; powers of attorney, advance healthcare directives and funeral arrangements -- Disposition of property at death -- New drafting testamentary documents -- Planning for individuals and assets abroad |
| a lawyers guide to estate planning: The Lawyer's Guide to Succession Planning John W. Olmstead, 2016 This book provides guidance on succession and transition processes, approaches, and step by step action plans for solo practitioners, sole owners and members of larger law firms. |
| a lawyers guide to estate planning: The Lawyer's Guide to Retirement David Alexander Bridewell, Charles Nauts, 1998 |
| a lawyers guide to estate planning: Basic Estate Planning in Florida Florida Bar. Continuing Legal Education, 1980 |
| a lawyers guide to estate planning: Quick & Legal Will Book Denis Clifford, 2003 - Choose an executor. |
| a lawyers guide to estate planning: Suze Orman's Protection Portfolio Suze Orman, 2002 Suze Orman's Financial Package is a systematic approach for organising your essential documents. The Financial Package is very different from any other product of this type, because Suze has included three CDs that actually include the forms and instructions to create your own advanced directive with durable power of attorney for health care, financial power of attorney, will, and a trust. |
| a lawyers guide to estate planning: The Executor's Guide Mary Randolph, 2004 |
| a lawyers guide to estate planning: The White Coat Investor James M. Dahle, 2014-01 Written by a practicing emergency physician, The White Coat Investor is a high-yield manual that specifically deals with the financial issues facing medical students, residents, physicians, dentists, and similar high-income professionals. Doctors are highly-educated and extensively trained at making difficult diagnoses and performing life saving procedures. However, they receive little to no training in business, personal finance, investing, insurance, taxes, estate planning, and asset protection. This book fills in the gaps and will teach you to use your high income to escape from your student loans, provide for your family, build wealth, and stop getting ripped off by unscrupulous financial professionals. Straight talk and clear explanations allow the book to be easily digested by a novice to the subject matter yet the book also contains advanced concepts specific to physicians you won't find in other financial books. This book will teach you how to: Graduate from medical school with as little debt as possible Escape from student loans within two to five years of residency graduation Purchase the right types and amounts of insurance Decide when to buy a house and how much to spend on it Learn to invest in a sensible, low-cost and effective manner with or without the assistance of an advisor Avoid investments which are designed to be sold, not bought Select advisors who give great service and advice at a fair price Become a millionaire within five to ten years of residency graduation Use a Backdoor Roth IRA and Stealth IRA to boost your retirement funds and decrease your taxes Protect your hard-won assets from professional and personal lawsuits Avoid estate taxes, avoid probate, and ensure your children and your money go where you want when you die Minimize your tax burden, keeping more of your hard-earned money Decide between an employee job and an independent contractor job Choose between sole proprietorship, Limited Liability Company, S Corporation, and C Corporation Take a look at the first pages of the book by clicking on the Look Inside feature Praise For The White Coat Investor Much of my financial planning practice is helping doctors to correct mistakes that reading this book would have avoided in the first place. - Allan S. Roth, MBA, CPA, CFP(R), Author of How a Second Grader Beats Wall Street Jim Dahle has done a lot of thinking about the peculiar financial problems facing physicians, and you, lucky reader, are about to reap the bounty of both his experience and his research. - William J. Bernstein, MD, Author of The Investor's Manifesto and seven other investing books This book should be in every career counselor's office and delivered with every medical degree. - Rick Van Ness, Author of Common Sense Investing The White Coat Investor provides an expert consult for your finances. I now feel confident I can be a millionaire at 40 without feeling like a jerk. - Joe Jones, DO Jim Dahle has done for physician financial illiteracy what penicillin did for neurosyphilis. - Dennis Bethel, MD An excellent practical personal finance guide for physicians in training and in practice from a non biased source we can actually trust. - Greg E Wilde, M.D Scroll up, click the buy button, and get started today! |
| a lawyers guide to estate planning: Asset Protection Strategies Alexander A. Bove (Jr.), Melissa Langa, 2005 |
| a lawyers guide to estate planning: Estate Planning (in Plain English) Leonard D. DuBoff, Amanda Bryan, 2020-04-07 An invaluable tool to help you collect the information your attorney needs. —Michael Cragun, Utah State Tax Commissioner An Accessible Guide to Estate Planning With Estate Planning (in Plain English)®, readers will learn to comprehend the legal jargon and navigate the complex rules involved in preparing one’s estate. The authors provide clear information and cite actual cases to help readers approach the process with the confidence and knowledge they need to make the best decisions for their heirs. Chapters discuss important topics such as: Estate plans, wills, and a variety of trusts Guardians, powers of attorney, advance directives, and other essential documents Life insurance Digital assets Gifts Tax considerations Avoiding probate Identifying and caring for estate property Settling business assets Finding a lawyer An invaluable reference for those preparing their estates and for their families, Estate Planning (in Plain English)®will enable readers to take the necessary steps to preserve their legacies. |
| a lawyers guide to estate planning: Every Californian's Guide to Estate Planning Liza W. Hanks, 2020 Estate planning books often fall into two categories: Those that are overwhelming and full of jargon, focusing on strategies to avoid taxes, or those that provide a general overview of wills, trusts, and estate planning tools and issues at a basic level. Every Californian's Guide to Estate Planning is different: It focuses on estate planning issues that are unique to people who call California home. |
| a lawyers guide to estate planning: Plan Your Estate Denis Clifford, 2022-04-26 This book provides the information and encouragement you need to create security for your property, your children, and your health. In plain English, it covers every standard estate planning topic in detail. The information in this book will help you formulate your plan and will save you time and money, whether you create your own estate plan or go to a lawyer for assistance. |
| a lawyers guide to estate planning: Ettinger on Elder Law Estate Planning Michael Ettinger, 2010 Elder Law Estate Planning is a niche area of law which combines the features of elder law and estate planning that pertain most to the needs of the middle class. In 1991, AARP published a Consumer Report on Probate concluding that probate was a process to be avoided. That marked the end of traditional will planning and started the living trust revolution. Since then, millions of people have set up trusts to: * Save time and money in settling the estate * Avoid legal guardianship if they become disabled * Avoid having their personal and financial matters made public * Reduce the chance of a will contest * Keep control in the family and out of the court system By 1990, the field of elder law also emerged to help people navigate the increased complexity of state Medicaid rules and regulations, the soaring costs of nursing home stays, and the fact that people were living considerably longer. Elder law and estate planning continue to grow independently of each other, sometimes to the detriment of clients. Estate planning lawyers are of little value when the estate plan to avoid probate fails to prevent a nursing home stay consuming all of the assets, because the lawyer is unfamiliar with elder law. On the other hand, elder law attorneys often protect assets but overlook basic estate planning issues such as saving taxes and keeping assets in the blood. The practice of Elder Law Estate Planning means: * Getting your assets to your heirs, in the best possible way, with least amount of taxes and legal fees * Keeping those assets in the blood for your grandchildren, and * Protecting your assets from the costs of long-term care and qualifying for government benefits available to pay for care. Middle class clients today need an elder law estate planning attorney to address their estate planning needs as well as to help with long-term care, disability and Medicaid issues as they arise. |
| a lawyers guide to estate planning: Living Trusts for Everyone Ronald Farrington Sharp, 2010 Explains how living trusts work, discusses the different types of trusts, compares living trusts with wills, and offers advice on selecting an attorney. |
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