In 2008, Congress declared the third week in October as National Estate Planning Awareness Week. This week is to be used for estate planning attorneys to spread the word about their services and why it is so important to put together an estate plan. We think it's equally important to let seniors know the importance of planning with an elder law attorney to address the possibility of needing long term care.
Here are a few common misconceptions people have about elder law plans:
- I'm too young for an elder law plan. WRONG!
The sooner you plan, the less likely you will lose your savings to the high costs of long term care. Tragedy can strike anyone at any time. It's best to hope for the best but plan for the worst.
- Elder law plans are just for the rich. WRONG!
Very few of us can afford to pay thousands of dollars a month out of pocket for care. Working with an elder law attorney to put a comprehensive plan in place can save you and your loved ones not just tens of thousands of dollars, but it will lessen the emotional turmoil on your family.
- When I die, my kids will obviously just get everything. WRONG!
Probate court is no place any family wants to be after a loved one dies. Creating an elder law plan is the only sure method to stay out of the courts, avoid unnecessary court fees, and make sure that your specific wishes are carried out.
We encourage you to use this week to bust these planning myths. Get out into your community and spread the word about what an elder law attorney really does. Take the time and explain how every family could benefit from your services in one way or another.
If you're looking for ways to improve your estate planning practice, visit our partners at WealthCounsel.