We’re often asked about the difference between estate planning and elder law. The two go hand in hand. One notable similarity is that that they are both more universal than most people think. Estate planning is not only for those with large estates, and elder law is not only for the elderly, but there are also important distinctions between the two.

Let’s talk about estate planning. Estate planning focuses on an individual’s assets, how they should be held while the individual is still living, and how they should be distributed after that person dies. An estate planning attorney can use tax planning strategies to minimize estate taxes. Proper estate planning will also use substitutes for a will to minimize the cost of probate. Of primary importance to many people is the ability to make specific choices regarding who the beneficiaries of the assets are. With the help of an estate planning attorney, an individual can create a plan that reflects the wishes of the person about how his or his property should be distributed upon their death.

Without a proper estate plan in place, assets will be distributed according to the strict requirements in the Probate Code, which may be well different from what the person wants. Additionally, an estate plan and attorney can create a plan that includes protecting the needs of minor children and family members with disabilities so that each family is best provided for according to their unique and individual needs.

Now, let’s talk about Elder Law. Elder Law is a broad field that encompasses many different areas of the law. It’s not just for the elderly, and it can be most effective when it is started before someone reaches an advanced age. Elder law focuses on providing a plan to continue living according to one’s wishes as that person get solder while remaining in good financial standing.

Depending on the individual circumstances, this plan can include trusts, gifts to family members, buying long term care insurance, and qualifying for medical or VA benefits. Elder Law planning also may include many of the estate planning tools, such as trusts and powers of attorney to avoid the needs for conservatorship. The plan could also include medical planning so that the individual can name someone to make health care decisions if that individual can’t anymore. A proper Elder law plan should be a comprehensive holistic plan, taking into account the specific needs of the individual and his or her needs as they age.

Now, attorneys practicing in the fields of estate planning and elder law share a common goal to help their clients achieve their wishes while protecting their property and assets for themselves and their loved ones. It is important to reach out to a qualified elder care and a state planning attorney for ensuring that you have plans for your future. My name is Matthew Kreider, and thank you for watching.

You should just do it. I wanted to share with you some advice that I got from one of my mentors. And this is probably the biggest piece of advice that I’ve ever received. The piece of advice I received is to get started.

Now, I know in estate planning, the biggest issue that I see is people who just don’t do their estate planning. They procrastinate. They put it off month to month or year to year.

And I wanted to talk to you about a story. One of my family friends was talking with me one day, and she was telling me about a cousin of hers who wanted to go to law school. The problem, however, was that he was 40, and he felt that he was too old to go to law school. That law school is three years if you go straight through fulltime. If you go part time, it could be five or six years.

And she asked him a very direct question, and that question was, if you don’t go to law school, how old will you be in five years? Well, of course, the answer was that he would be 45 years old regardless of whether he went to law school or not. And so the point is that he should have just gone through with it if that was one of his goals and dreams.

One of my favorite quotes comes from musician Henry Rollins, and he says, there’s no such thing as downtime. There’s no such thing as free time. There’s no such thing as spare time. The only thing we have is lifetime. And that’s very true, because none of us really know when we might die and pass away. We can plan for it. We can hope for a ripe old age. We could hope for a long retirement. But the fact is that none of us know when we will pass away.

Another one of my favorite quotes comes from the actor Anthony Hopkins, and he said, to paraphrase, that none of us are getting out of here alive, so treat yourself well, because there’s no time for anything else. And so here’s what I’d like you to do. I would like you to commit and take action.

And there are two simple things that I would ask for you to do now. The first is to download our free guide, the “10 Most Gruesome Estate Planning Mistakes” and read it. This will give you some insight into what I see as the ten most common mistakes that people commit with their estate planning.

The second thing that I would ask for you to do is use the link to schedule your initial meeting about estate planning. We call this our Right Fit meeting. And this is where we can sit down, we can talk and discuss what your concerns are, what your goals are, and figure out what the best path for you and your loved ones. So to borrow a marketing phrase, you should just do it. You should just get started.

A question I get a lot of is whether the person named as your agent in a power of attorney will take care of and control and manage your property when you pass away. And the answer to this is no.

The power of attorney is only effective if you’re incapacitated. And the person that you name in the power of attorney will only have control over your property while you’re incapacitated. The person who controls your property when you pass away is either the executor under a will or a trustee under a revocable living trust.

So when you pass away, the power of attorney is no longer effective, and the person who is in control of your property is either the trustee under a trust or the executor under a will. I’m Matthew Crider and thank you for watching.