What is elder law estate planning?
The basic difference is that Elder Law planning seeks to preserve your income and assets for use while you are alive. Estate planning is primarily concerned with implementing your wishes and distributing your assets after you pass on, in the most efficient and tax advantaged way.
What is the difference between a probate attorney and an estate planning attorney?
People typically hire an estate planning lawyer before death to help them make a plan for dividing up their estate and assets, while a probate lawyer can help the estate administrator and family oversee the validation and administration of a will in probate court after a person has passed.
What is the difference between elder law and estate planning?
Both areas of the law involve long-term planning for the future. The primary difference between them is that elder law focuses on what happens while you are living, while estate planning usually centers around what happens after you pass away.
What does elder law include?
Elder law is a field of law that specializes in legal issues that affect older individuals. Major areas of elder law include disability and special needs planning, long-term care planning, estate planning and settlement, guardianship or conservatorship, and elder abuse.
Is elder law transactional?
For the most part, elder law attorneys are rarely in court and usually don’t litigate. Most of their work is transactional, such as drafting wills and trusts; putting together estate plans; and working on inheritance tax returns.
Is probate and estate planning the same?
“Probate” is simply the act of making a will or trust official and enforceable in court. “Estate planning” is the act of putting together a financial plan that will constitute a document like a will and manage your estate after your death or incapacitation.
What is an estate proceeding?
Probate is the legal process for reviewing the assets of a deceased person and determining inheritors. Probate proceedings are typically focused on the existence of a will. A probate proceeding is not always required upon death but is usually essential when a deceased person’s remaining estate is of high value.