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Home » Elder Law » Elder Law & Estate Planning

Elder Law & Estate Planning

January 5, 2011 by John Potter

Although there are many similarities between Elder Law and Estate Planning, there are also some differences. Many attorneys that practice Estate Planning are also familiar with Elder Law, but the two areas of practice are not necessarily the same.

An attorney who practices estate planning will generally focus on estate documents, such as a will, trusts, living wills, etc. They also know how to position assets to protect those assets, as well as methods of minimizing or avoiding estate and gift taxes and probate.

Elder Law attorneys can help in these areas, but may also be able to assist clients with methods for maintaining a sufficient income once a loved one has become incapacitated, paying medical bills, and protecting assets and income for the healthy spouse.

When someone is faced with a health crisis or terminal illness, there are many questions that they need answers to. It is extremely important that before you make any moves that you contact an attorney that practices Elder Law, as well as Estate Planning. When someone has been diagnosed with a terminal or long term illness, not only is it important to have an estate plan in place, but you will need to step carefully when it comes to your assets to ensure that you do not disqualify yourself from receiving Medicaid to cover the costs of long term care.

One of the first reactions that people have when they realize that they are seriously ill is to distribute their assets to their loved ones, but this can be a big mistake. Not only can there be issues when it comes to gift taxes, but there is a five-year look back period for Medicaid, and giving away your assets may cause a major delay in receiving benefits.

The best course of action if you have been diagnosed with a long term or terminal illness is to contact an attorney that focuses on Elder Law and Estate Planning before you do anything else. You will need advice on how you can qualify for Medicaid, and how to create an estate plan that protects you, as well as your heirs.

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  • Recent Posts
John Potter
Latest posts by John Potter (see all)
  • What You Need to Know about the Medicaid Look-Back Rule - January 3, 2023
  • How to Pass Down Your Legacy in Your Estate Plan - October 3, 2022
  • Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022

Filed Under: Elder Law Tagged With: Estate Planning

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

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