Sunday, January 20, 2013
Wealth Management reported on a speech at the Heckerling Institute on Estate Planning relating to elder law planning. Speakers Lawrence Frolik and Bernard Krooks pointed out that estate planning work with a tax-planning focus may not be as prominent anymore since only about 4,000 estate tax returns filed will actually owe a tax. However, seventy percent of people will need long-term care, so focusing on long-term care might be a better way to secure work as an estate planner.
The speakers expanded the definition of elder law to generally mean quality life planning for clients in the last 20 to 30 years of their lives. Potential for dementia as clients age raises questions such as who will manage the client's affairs when he can no longer manage them. Addressing the financial needs of long-term care is also a major concern. Lastly, the speakers touched on questions of legal capacity that might accompany cases of dementia.
See Martin M. Shenkman, Elder Law Fundamentals, WealthManagement.com, Jan. 14, 2013.