Estate Planning Focused on Long-term Care and Elder Law

WealthManagement reported on a speech at the Heckerling Institute on Estate Planningrelating to elder law planning. Speakers Lawrence Frolik and Bernard Krookspointed out that estate planning work with a tax-planning focus may not be asprominent anymore since only about 4,000 estate tax returns filed will actuallyowe a tax. However, seventy percent of people will need long-term care, sofocusing on long-term care might be a better way to secure work as an estateplanner.

 The speakersexpanded the definition of elder law to generally mean quality life planningfor clients in the last 20 to 30 years of their lives.  Potential for dementia as clients ageraises questions such as who will manage the client’s affairs when he can nolonger manage them.  Addressing thefinancial needs of long-term care is also a major concern. Lastly, the speakerstouched on questions of legal capacity that might accompany cases of dementia.

See MartinM. Shenkman, Elder Law Fundamentals, WealthManagement.com, Jan. 14, 2013.