Estate Plans give direction to your family about what happens to your assets after you die. But during your lifetime, you will face all the issues that go along with aging, including Alzheimer’s disease, Parkinson’s, or the frailties of aging. Most estate plans do not help your family deal with issues of aging, long-term care an asset protection. Planning for your life should be included as part of your estate plan!
Estate Planning Shouldn’t Just Be About Dying
Too often, lawyers focus only on what happens when you die, ignoring issues with regards to aging, disability or asset protection.
Most estate plans we review include a basic revocable living trust that, if properly drafted and funded, avoids probate upon death. The missed opportunities here lie in the type of trust and how the trust is set up. What if instead of just protection against probate proceedings, we could also protect against long-term care costs for an ill spouse? An Elder Law attorney can help you in this regard.
The Same Estate Plan For Everyone?
There is no such thing as a “one size fits all” estate plan. An estate plan for a healthy 55 year old should be very different from the estate plan of couple in their 70’s dealing with dementia or Parkinson’s disease. Ignoring the long-term care aspect of the elderly and focusing only on “asset distribution” on death is a large oversight in an estate plan.
If you would like to ensure that your estate plan will not fail you during your lifetime, give our office a call and arrange an appointment. We help families like yours throughout West Michigan.