The basic difference is that Elder Law planning seeks to preserve your income and assets for use while you are alive. Estate planning is primarily concerned with implementing your wishes and distributing your assets after you pass on, in the most efficient and tax advantaged way.
There are four main elements of an estate plan; these include a will, a living will and healthcare power of attorney, a financial power of attorney, and a trust .
The Estate Planning Process : 6 Steps to Take CREATE AN INVENTORY OF WHAT YOU OWN AND WHAT YOU OWE. DEVELOP A CONTINGENCY PLAN . PROVIDE FOR CHILDREN AND DEPENDENTS. PROTECT YOUR ASSETS. DOCUMENT YOUR WISHES. APPOINT FIDUCIARIES.
Some attorneys may prepare a simple will or power of attorney for as little as $150 or $200. On average, experienced attorneys may charge $250 or $350 per hour to prepare more sophisticated estate plans. You could spend several thousand dollars to work with such an attorney.
An elder law attorney helps seniors and families Having the essential legal documents in place gives you the necessary legal rights to provide the best care for your older adult, now and at the end of life. That’s why it’s so important to find an expert lawyer that you trust to draw up the right documents.
In California , the fees attorneys can charge of probate work is set by statute, based on the gross value of the estate. The attorney’s fee schedule is as follows: 4% of the first $100,000 of the gross value of the probate estate. 3% of the next $100,000.
Finally, you should not put anything in a will that you do not own outright. If you jointly own assets with someone, they will most likely become the new owner. Assets with named beneficiaries Bank accounts. Brokerage or investment accounts. Retirement accounts and pension plans. A life insurance policy.
This online program includes the tools to build your four ” must – have ” documents : Will. Revocable Trust. Financial Power of Attorney. Durable Power of Attorney for Healthcare.
A trust will streamline the process of transferring an estate after you die while avoiding a lengthy and potentially costly period of probate. However, if you have minor children, creating a will that names a guardian is critical to protecting both the minors and any inheritance.
Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.
Wills, trusts, powers of attorney, living wills and life insurance can work together to help you plan your estate .
How to create a bulletproof estate plan Step 1: Sign a will. Photo: Mark Wragg. Step 2: Name beneficiaries. Step 3: Dodge estate taxes. Step 4: Leave a letter. Step 5: Draw up a durable power of attorney . Step 6: Create an advance health care directive. Step 7: Organize your digital and paper files .
Most people can , in fact, create most important estate planning documents on their own , as long as they have reliable, clear instructions. (After all, you wouldn’t start refinishing that table without some instructions–don’t write your own will until you know what you’re doing .)
Generally, a trust ranges in price from $1,500 to $3,000. This includes all documents required to establish a trust , powers of attorney , both financial and health care related. A simple will in California generally ranges in price from $400 to $700.
The costs for establishing a living revocable trust varies from state to state, depending on laws, and can also be affected by the size of the estate. The national average cost for a living trust for an individual is $1,100-1,500 USD.