“Thought for the Day” #746 – by Stephen R. Elville, J.D., LL.M.

June 22, 2016

Many seniors with estates of $5,450,000 or less (estates with assets not exceeding one federal estate tax exemption amount) ask themselves at some point during the estate planning process whether they should be engaging in conventional estate planning (in the normal course), or should they be engaging in a hybrid combination of estate planning and elder law planning for the purpose of divesting certain assets during lifetime for asset preservation purposes (for the benefit of children or other beneficiaries).  This is a difficult but natural question that arises during the planning process where a broad-spectrum of counseling is offered.  Since all planning should be goal driven, it follows that the decision to engage in conventional versus hybrid planning will flow naturally as a matter of client goals, comprehensive counseling, and client legal education.