Estate Planning: Death planning to acquire the assets you want, whenever you want, in the manner you want, with as little tax and legal fees as possible.
Elder Law: Disability insurance to get the people you want to take care of your affairs and to prevent your assets from being drained for long term care.
Introduction to Estate Planning and Elder Law One of the most satisfying and professionally fulfilling careers an attorney may choose is to practice estate planning and elder law. Imagine a field of practice in which your clients respect your experience and treat you with courtesy and kindness. They pay the fees in a timely manner and tell their friends how much they enjoyed working with you and your business. At the same time, you never face the burden of a deadline, much less an adversarial counsel on the other side of an issue trying to get you right. In most cases, you are working in the role of a lawyer (trusted counselor) rather than a lawyer (professional counsel).Visit Law Offices of Bryana Cross Bean
We spend our days meeting people, learning about their lives and their families and addressing their concerns and fears. Through our expertise, training, experience and creativity, we develop solutions, often elegant ones, as quickly and painlessly as possible to the age-old problem of transferring assets from one generation to another. At the same time, we also seek to protect those funds from being drained by taxes, legal fees and the costs of nursing home to the degree permitted by law.
The end result of this process is a person who feels safe and secure that they have all their bases covered in the event of death or disability. Having achieved peace of mind that their future is well planned and in good hands, the business of enjoying their lives will continue. A happier and pleased client was introduced to the practice for the attorney, and another potentially lifelong and mutually rewarding partnership was begun. Let’s look at the tactics and methods that we’re using to achieve this enviable situation.
Significant Issues Facing Senior Clients Today One way we help clients is to develop a comprehensive plan so that they can avoid court action upon death or in case of disability. Trusts are used for older people as they do not require court proceedings to resolve the estate, instead of wills. Trusts often bypass the international probate process required for property owned in another state, called ancillary probate. This saves the family time as well as the high costs of legal proceedings in settling the estate. Moreover, since revocable trusts of living take effect during the lifetime of the grantor, unlike wills, the client may stipulate the individuals take over in the event of their disability. Planning ahead helps to maintain power within the family or with trusted advisors and prevents a scenario that may not be in the best interest of the client. For example, in the case of a disability where no arrangement has been put in place, it may include an application to the court to have a legal guardian appointed for the disabled. The person the client would have preferred may not be this. In such a situation, assets may not be transferred to prevent them from being expended on nursing home expenses without approval from the court, which can or may not be given.