The Estate Planning and Elder Law Firm, PC
2200 Clarendon Boulevard
Arlington, VA 22201
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Planning For the Future
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 clients 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 clients financial, tax and legal information.
The third step is to process the clients 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 when there is a material change in the clients circumstances.
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