Is your Living Trust Centered Estate Plan up to date?

 If you completed an estate plan over five years ago, and you are now 65 years of age or older, chances are, your estate plan needs a complete overhaul. How could that be, you ask? Well, for starters, death tax laws are much more liberal than in the past. That means that today many couples have an AB-type living trust plan (a living trust that divides into sub-trusts after the death of the first spouse) which needlessly causes extra administration as well as legal and accounting fees when one spouse passes away.
But even if couples (or a single individual) have a “simple” trust, that trust is most likely focused on the issues surrounding what happens when the Settlor (the person who set up the trust) dies or becomes incapacitated. Which incidentally, is probably fine for persons under the age of 65. Still, while the question of what happens when I die is a crucial one to ask, the more important question seniors should be asking themselves is what happens if I live? That is, how am I (and my loved ones) going to deal with the emotional, physical, and financial burdens of my aging and long term care needs?
These are the issues that elder law attorneys face every day. So what does an elder law focused estate plan look like? Well, for starters, financial powers of attorney allow agents to maneuver an estate so that a person can qualify for government benefits such as Medi-Cal and/or VA Aid and Attendance Pension Benefits, where appropriate. Elder law attorneys also focus on asset preservation trusts, that not only avoid probate and say who gets what after you are gone, but additionally help you to live life comfortably now and preserve assets for your loved ones later.
Which really brings up an important truth about trusts: one size does not fit all. An estate plan for a young family is likely completely different than an estate plan for those in the prime of their life, which incidentally, is totally different than an estate and elder law plan for seniors.
To make sure your plan does what you want and need it to do, please contact Randall F. Kaiden, Esq. of Valley Elder Law at 661-247-8433, or via our website: www.valleyelderlaw.la.