Top 5 Myths About Elder Law and Estate Planning Debunked

In his decades as an elder law attorney in Pennsylvania, Rob Slutsky has encountered plenty of misconceptions regarding estate planning and elder law. He has had clients who thought they didn’t need a will, who thought Medicare would cover them for long-term care services, and who put off their estate planning until they were well into old age. Myths like these are pervasive and can negatively impact your future and those of your heirs if you can’t get accurate information. 

Today, the team at Slutsky Elder Law would like to debunk some of the most common elder law and estate planning myths to help you make the best decisions about your future.

Myth #1: I Don’t Need a Will

There are many reasons why a person might put off writing a last will and testament. Maybe they are unmarried or don’t have kids; they don’t own major assets like a house or a retirement account. Perhaps they think their loved ones will know what to do with their assets after passing away. In reality, every adult needs a will.

If you die without leaving a will, your assets will be distributed based on your state’s laws regarding intestate succession. These laws generally prioritize spouses and children, but in some cases, your lack of a will could cause issues. For example, if you are separated from your spouse but have been living with someone else, your ex would likely receive your inheritance no matter how long you have been separated. If you would rather have your assets go to your current partner, writing a will serves to clarify situations like these so your inheritance doesn’t end up going to someone you no longer associate with.

In the example of someone who isn’t married or doesn’t have kids, a will can still clarify who will take custody of pets or take possession of certain assets. If you have a relative or friend whom you know will take good care of your beloved pet, your prized car, or anything else you value, it’s best to put it in writing. Even if you think that you don’t have any valuable assets, or that your family will know what to do with them, writing a will makes your wishes perfectly clear and legally binding. And simply because you do not have a partner or children does not mean that there are not people or organizations you do not want to benefit when you die. 

Myth #2: Estate Planning Can Wait Until I’m Older

Rob Slutsky has spoken to plenty of clients who waited until the last minute to do their estate planning. Sure, it can seem like a chore, but it’s never too early to start thinking about the future. Planning your estate at a younger age can even prevent some situations that would be difficult to resolve for someone who has waited too long. For example, if you suddenly become ill or injured, documents like a living will and powers of attorney can ensure you receive medical care in accordance with your wishes and that your assets are managed responsibly for your benefit. To achieve the best outcome for you and your loved ones, it’s best to speak with an elder law attorney and start planning your estate as early as the age of 18.

Myth #3: Medicare Will Cover My Long-Term Care Needs

Data compiled by the Department of Health and Human Services estimates that 70% of Americans will need some form of long-term care after the age of 65. If you think Medicare will cover these expenses, think again; Medicare provides no coverage for long-term care costs. With the cost of skilled nursing homes and in-home care skyrocketing all over the country, it’s important to make a plan before you need care.

 

Whether your plan involves purchasing long-term care insurance or taking steps to qualify for Medicaid, advance planning guided by an elder law attorney can ensure you get the care you need without depleting your assets.

Myth #4: I Don’t Have Enough Money to Worry About Estate Planning and Elder Law

Even if you don’t have a mansion and millions of dollars in the bank, estate planning and elder law should still be concerns for you. After all, elder law is about more than just money. As we already mentioned, drafting the correct documents like living wills and powers of attorney will dictate who will make decisions on your behalf if you become incapacitated – something that can affect anyone, even those who aren’t wealthy. No matter what your income level, you should speak to an elder law attorney about important considerations you will need to make as you get older.  And unexpected life events occur all the time.

 

Myth #5: I Can Do My Estate Planning Without an Elder Law Attorney

With the rise of legal services websites, many people think they can do estate planning and elder law tasks on their own. Unfortunately, this mindset can cause a lot of problems down the road. Proper estate planning takes experience and a depth of specific legal knowledge that most people don’t possess. This is especially true of complex tasks like Medicaid asset protection, which needs to be done many years in advance to be effective or in crisis. If you want to be sure your estate planning and elder law strategies will work for you in the future, the advice of an experienced attorney will be invaluable.

 

Pennsylvania residents can get in touch with Robert Slutsky for a Medicaid asset protection planning attorney in Chester County, PA, and surrounding communities. Rob was one of the first attorneys in Pennsylvania to focus his practice on elder law, and with more than 30 years of experience, he is highly qualified to advise you on a range of elder law concerns, from powers of attorney to Medicaid planning and more. Contact Slutsky Elder Law at 610-940-0650 today to schedule a consultation. 

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