ElderLaw News-The Estate Planning & Elder Law Firm, P.C. — MD, VA, DC
ElderLaw News
ElderLaw News is a weekly e-newsletter that brings you reports of legal developments and other trends of vital interest to seniors and their advocates. This newsletter is brought to you by The Estate Planning & Elder Law Firm, P.C., William S. Fralin, Esq., President., William S. Fralin, Esq., President.

New Technology Aids Financial Analysis

With any new technological development, from LinkedIn.com to online banking, one must consider the opportunities and challenges it presents.

This article will review four websites which will help people of all ages become more organized and efficient in how they organize their financial lives.


Mint.com provides free financial planning software in a secure environment. Since no financial transactions occur through Mint.com, ID theft is not possible. This software has a variety of useful features which provide personalized budgeting opportunities. For example, one can itemize an expenditure as tax-deductible. It also has a useful calculator for comparing the cost of renting versus owning a residence.


PlanWithVoyant.com is another free financial planning website. More visual than Mint.com, a user can create a timeline of current savings with market growth to see a graphic display of the number of years needed to meet a desired retirement savings. This software can also calculate tuition growth. For those with limited patience, PlanWithVoyant.com has the quickest setup. A user account can be created in 30 minutes versus the approximate 1 hour it takes to set up an account on Mint.com.


DocuBank is an electronic deposit box for storing important documents. DocuBank was originally created to store a client’s Advance Medical Directive in a secure online registry for ease of retrieval by medical personnel in emergency situations. Today, DocuBank has expanded its registry to electronically store medical, legal, and financial documents. Users can easily upload their tax records, a Revocable Trust, or a Power of Attorney into the system. There is a user fee of $45 for a one-year storage or $145 for a five-year storage.

ESPlannerBasic (basic.esplanner.com)

ESPlannerBasic is a much more comprehensive website than Mint.com, and it has stronger tools than both PlanWithVoyant.com and Mint.com. ESPlannerBasic has a very different attitude from that of Mint.com or Playwithvoyant.com; instead of letting the user set his or her own goals, it tells the user what is needed to continue to experience the same standard of living. This is especially helpful when one considers that most people do not save ten percent of their income, do not adjust their tax withholding each year, and do not live in homes they truly can afford. ESPlannerBasic does not let the user set his or her own goals if such goals are unreasonable; instead, it keeps the user in touch with reality by including inflation and property taxes in its calculations.


As much as these websites will help people manage their assets, such websites should supplement, and not replace, the use of professional advice. The information these websites provide is personalized, but it is not necessarily comprehensive. For example, a website might suggest one purchase more life insurance to protect a spouse, but an attorney would still need to review how to structure the ownership of such a policy in order to avoid the Federal Estate Tax.

Lastly, certain legal documents must be maintained in their original form. For example, when a Will is probated after someone’s death, a Court will require the original signed Will. Copies are not accepted. The Estate Planning & Elder Law Firm, which specializes in Elder Law, is an expert at advising in Estate Planning and/or Long-Term Care Planning issues.


If you are interested in having an Elder Law attorney from The Estate Planning & Elder Law Firm, P.C. speak at an event, then please call us at:

Maryland (301) 214-2229
Virginia (703) 243-3200
Washington DC (202) 223-0270

The Estate Planning & Elder Law Firm, P.C.

The Estate Planning & Elder Law Firm, P.C. is an elder law firm. We represent older persons, disabled persons, their families, and their advocates. The practice of elder law includes estate planning, estate and trust administration, powers of attorney, advance medical directives, titling of assets and designations of beneficiaries, guardianships, conservatorships, and public entitlements such as Medicaid, Medicare, Social Security, and SSI, disability planning, income tax planning and preparation, care management, and fiduciary services. For more information about The Estate Planning & Elder Law Firm, P.C., please visit our website at http://www.chroniccareadvocacy.com.

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This newsletter is not intended as a substitute for legal counsel. While every precaution has been taken to make this newsletter accurate, we assume no responsibility for errors, omissions, or damages resulting from the use of the information in this newsletter. The Estate Planning & Elder Law Firm, P.C. thanks the law firm of Hook Law Center for their input to this newsletter.

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