Which Estate Planning Process Is Right for You? The Answer Lies Within Your Goals …

July 9, 2019

Authored by: Stephen R. Elville, Esq. — Elville and Associates, P.C. — 443-393-7696, steve@elvilleassociates.com, @elvilleassoc

Many people 65 years of age and over are subconsciously aware of the vulnerability of their assets, including retirement plan assets (IRAs, 401(k)s, 403(b)s, and other Qualified Plans) to Medicaid (long-term care) spend down and dissipation. This awareness carries over into the estate planning process, ultimately leading to the question(s): do I engage in “regular” conventional estate planning without consideration of lifetime long-term care asset protection considerations; or do I engage in a long-term care asset protection strategy that incorporates my overall dispositive plan; or a combination of both? For the majority of people, if these questions are not addressed during the estate planning process, the planning may be one-dimensional and opportunities could be missed. Who can afford that? To steer clear of this danger, all planning should be goal driven. With client goals being identified up front, the planning outcome should be a foregone conclusion and the opportunity to “hit two or three birds with one stone” will not be lost.

To discuss If you would like to know more about the estate planning options for your family or you, or simply have your existing estate planning documents reviewed, please contact me at the following: steve@elvilleassociates.com; or mary@elvilleassociates.com; or via telephone at 443-393-7696.