Elder Law... Planning Techniques Part 2: Key Assets

As noted in our previous post, at the outset of an estate plan for an elderly person, the same essential documents needed by a person of any age will be required. However, beyond the basic documents, responding to the particular concerns of elders will require considering a variety of other planning options.  It is probably easiest to think of these planning options with respect to different types of assets.

We will be discussing various assetts over the next few posts... today we'll start with the home:

An elderly client's most valuable asset is often his or her home, and many elderly clients have foremost in their minds protecting that home.  Integral to consideration of the home, and the planning techniques surrounding the home, is the issue of caregiving – it is impossible to determine what the client's living situation will be without giving consideration to who will be providing care to the client if he or she is in need.  Some of the specialized techniques relating to the home, which will be reviewed in more detail below, could include: long-term care agreements, gifting (either outright or as retained life-estate deeds) or creating joint deeds, and long-term care insurance policies.  With the various changing place in laws and regulation at both the federal and state level, the viability of some techniques has been called into question, but they are worth mentioning nonetheless. 

Elder Law... Planning Techniques

No matter what goals a client has expressed, most elders will require at the outset the same essential documents needed by an estate planning client of any age, namely, wills, powers of attorney, both financial and health care, and possibly trusts.  However, beyond the basic documents, responding to the particular concerns of elderly clients will require considering a variety of other planning options. 

It is probably easiest to think of these planning options with respect to different types of assets. Over the next few posts we will review the most common asset times.