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.

Aging Is Not Easy

As our life expectancy increases, we must support ourselves for a longer period of time, frequently while suffering from chronic illnesses.

Poor tax and investment planning may result in the depletion of your savings prior to your death. Long-term care expenses can easily cost $60,000 to $75,000 per year, well in excess of the income of most people. A disability can result in the court appointment of a guardian and conservator to make healthcare and financial decisions for you. The failure to develop an effective estate plan can result in family controversy or litigation.

During our retirements, life does not become easier. We are confronted with complex issues concerning tax, investment, retirement, healthcare, long-term care, disability, and estate planning. The failure to develop a good plan to address these issues can result in poverty, loss of independence, or litigation.

Elder law attorneys assist their clients to develop plans to avoid impoverishment because of longer life expectancies, long-term care expenses, and uninsured healthcare expenses, while preserving their autonomy and inheritances for their loved ones. To help clients with these complex problems, elder law attorneys strive to provide an integrated plan to maximize the likelihood of successfully accomplishing the client's objectives.

Experienced elder law attorneys use six steps in the planning process:

-- The first step is to define the scope of services needed by the client.

-- After the scope of services is defined, they assist the client in gathering and organizing the client's financial, tax and legal information.

-- The third step is to process the client's information and to develop planning alternatives, including using public benefits (i.e., Social Security, Medicare, Medicaid and veterans' benefits), insurance (health and long-term care), investment plans, and tax strategies.

-- After the alternatives are developed, they consult with the client and make a recommendation of the most appropriate plan.

-- After the client approves a plan, they assist the client in implementing this plan.

-- The process is not complete at this point. The plan must be periodically monitored and updated as necessary. The Estate Planning and Elder Law Firm recommends that each client meet with our attorneys to monitor and update the client's plan on a periodic basis, or when necessitated by a material change in the client's circumstances.

Speakers

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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Our websites contain information about The Estate Planning & Elder Law Firm, P.C. and an archive of our newsletters and other estate planning, estate administration, and elder law articles and resources.

http://www.chroniccareadvocacy.com

Distribution of This Newsletter

The Estate Planning & Elder Law Firm, P.C. encourages you to share this newsletter with anyone who is interested in issues pertaining to the elderly, the disabled and their advocates. The information in this newsletter may be copied and distributed, without charge and without permission, but with appropriate citation to The Estate Planning & Elder Law Firm, P.C. If you are interested in a free subscription to the Elder Law News, then please e-mail us at office@chroniccareadvocacy.com, telephone us at (703) 243-3200, or fax us at 703-841-9102.

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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