What is the difference between elder care and estate planning?

When thinking about your future, you may be considering both elder care and estate planning. It’s important to know the difference so you can create a long-term goal now. Estate planning involves managing your assets in the event that you become incapacitated or pass away. Elder care manages your assets and financial situation if you need medical care or resources.

Why you need elder care: The cost of home care or nursing home care is very expensive, especially in New York. It is important to protect your assets against medical bills and preserve your assets for your family or loved ones. Our attorneys specializing in elder care law can help with a plan that can protect  your assets and help you qualify for Medicaid, VA benefits, and other earned benefits that can help you with long-term medical expenses. If needed, our eldercare lawyers can help seniors with guardianship or conservatorship as well.

 Why you need estate planning: While elder care planning is a recommended tool for protecting you during later years in life, estate planning is equally important for protecting your estate when you pass. You can work on estate planning at any time, but it is essential to regularly review your plan to account for changes in your estate or other circumstances, such as births, deaths, marriage, or divorce.

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