Estate Planning and Elder Law Scenarios

Many people think that estate planning is only for the wealthy. Nothing could be further from the truth. At The Bronsther Law Firm P.C., we work with families and individuals across the Capital Region and beyond, tailoring estate planning and elder law solutions to their needs.

To show you that estate planning is not just for people with substantial assets, we created the following scenarios to show how people from all walks of life can benefit from estate and elder law planning.

Scenario #1: A younger married couple with two minor children, a home and $50,000 in investments: What type of estate plan is right for this family? Parents of minor children should establish a guardian for their children in the event both parents die or become incapacitated. In addition, these parents will, at a minimum, need a will to pass on their assets in the manner they intend.

Scenario #2: Adult children of an elderly parent who will require nursing home care in the near future: This is a common Medicaid planning or elder law scenario. The key to successful elder law planning is to plan ahead. There are certain strategies that can minimize the amount an elderly parent will have to spend on nursing home care. There are also estate planning considerations in this scenario. If parents are beginning to lose their capacities, it is critically important for adult children to obtain a power of attorney. This will make it easier to make legal decisions for a parent if they are no longer able to.

Scenario #3: A married couple in their mid-60s wants to make sure that their children inherit their house. This couple wants to make sure that the state does not receive the house if one or both parents must go on Medicaid. Through careful, proactive elder law planning, the parents may be able to pass their home to their heirs.

Scenario #4: Adult children are giving their mother money to pay for her living expenses. All family members want the children to inherit the mother's home and any other assets. The one issue in this scenario is the fact that the mother's home and other assets are considered countable assets under Medicaid. As a result, the children would not be able to recoup the money they are giving their mother through an inheritance. Again, elder law planning can make a difference.

With more than three decades of experience, estate planning lawyer Brian H. Bronsther of The Bronsther Law Firm P.C. can help you achieve your goals. He fully understands New York and federal laws and how to apply these laws to your benefit.

Call The Bronsther Law Firm P.C. Today

Based in Latham and Clifton Park, our law firm works with people across the region. Call 518-952-9044 or complete our email form to get started.