The Value of Estate and Elder Care Planning

Estate planning can do much more than provide financially for loved ones after the death of a financial provider. Unfortunately, situations may arise in our lives when we are no longer able to make important decisions for ourselves. Advanced planning can make a huge difference if:

• A serious injury or illness leaves you unable to make timely medical decisions
• Mental incapacity leaves you unable to make timely financial/legal decisions

If you cannot make these important determinations for yourself, who will do it? Someone needs the authority to make decisions on your behalf - who will that be? And how much time, trouble and expense will it cost for them to get the legal authority necessary to make those decisions? 

Advanced planning with a will, living will, and medical and financial powers of attorney can quickly and cost-effectively ensure that important decisions can be made when they need to be. Without proper planning, you are subjecting your loved ones to added expense and hassle in an already trying and stressful time. 

Contact us to learn more about our advanced planning services. Our knowledgeable team can help you draft documents to ensure your wishes are carried out, even when you can no longer communicate them.

Trusts to Protect Assets and Provide for Persons with Special Needs

A trust is not necessary for every situation, but it can be an excellent choice to meet some specific goals. You may consider a trust if you need to:

• Provide for the education of a young person
• Allow an elder to qualify for Medicaid for long-term nursing home care
• Transfer assets from one generation to the next without going through the time and expense of probate
• Shelter your assets from Maryland or federal estate tax (if you have assets over $1 million, a Maryland Q-TIP trust could save your estate tens of thousands of dollars in taxes)

Medicaid Planning

There are a wide variety of trusts, and different trusts address different goals. A special needs trust is often established to meet the ongoing medical care needs of elderly or disabled persons entering a nursing home. By moving a percentage of the person's assets into the trust, he or she will still qualify for government benefits to help defray nursing home expenses, but still have money available to cover other costs. 

At the Law Office of Robert Plotkin, LLC, we encourage our clients to consider establishing a trust only if it makes sense for their overall financial goals. Give us a call or submit our convenient online form to schedule a consultation. We will take the time to explain all your options, and can help you understand whether a trust is right for you.

Law Office of Robert H. Plotkin, LLC

Telephone (301) 279-7389 ● Fax (301) 279-0386
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Estate planning lawyer Robert Plotkin provides estate planning, elder law, and probate services in Rockville, Maryland, and surrounding communities in Montgomery County, as well as the Washington, DC area.