Critical Decisions Are Important in ELDER LAW

By Christine S. Maxwell

Richard J. Miller, Esq., chair of Elder Law department at Mandelbaum Barrett in Roseland

has seen many changes to elder law during the years. But what has not changed is the need to plan and seek qualified, competent advice to effectuate wishes in our final years.

“Elder law encompasses various situations for the elderly and disabled— from Medicaid and Government Benefits Planning, Estate Planning, Advanced Directives, and Trusts to many more,” states Miller. He stresses that people need to plan and stay abreast of the law for the proper care and outcomes in their older years.

During a recent discussion with Miller, he explains four critical issues that everyone should be made aware of in order to have positive outcomes in elder law:

1Medicare Planning & Retention of Assets

In previous years, elder planning focused on protecting assets from federal and state income taxes. Now, the change has shifted to preserving assets from the cost of long-term cost of care. Although it is best to begin this planning early on, there are still options available for people who wait until a crisis occurs.

2 Critical or Individual Estate Planning Documents

Miller advises that clients have well-prepared, written, and current documents. Most noteworthy in recent years is the first generation of seniors with blended families. Without having proper instructions, conflicts, or problems regarding the distribution of assets may occur. Having the appropriate family documents that include clear, comprehensive, and thoughtful decisions, can avoid significant legal problems and family conflicts later. The critical documents consist of a Will; a Durable Power of Attorney; and an Advanced Health Care Directive.

3 Beneficiary Designations/ Joint Accounts vs. Wills

A myth is that wills control the disposition of all one’s asses at death. Beneficiary designations and joint accounts, however, supersede the will. A thorough review of assets and their designated allocations is necessary for proper disbursement.

4 Internet Information— One Size Does Not Fit All

While the Internet provides a wealth of preliminary information about elder law, Miller cautions that state laws and procedures vary. Therefore, people should seek information from qualified and competent individuals who can give specific and appropriate advice based on their locality and individual circumstances.

Elder law is complicated. Laws change, and people change. Protect your final wishes by consulting with an Elder Law professional.

Mandelbaum Barrett, PC

3 Becker Farm Road, Ste. 105, Roseland 973-736-4600 | www.mblawfirm.com