Estate planning after death & elder law for those with aging issues
Estate planning happens after death and elder care law plans for those facing aging issues, according to board-certified elder care attorney Scott Solkoff.
He spoke about the ethics and benefits of long-term care asset protection planning at a recent session of the ACE Lifelong Learning Center at Mandel JCC of the Palm Beaches, 8500 Jog Road, in Boynton Beach.
Solkoff joined his father Jerome Ira Solkoff’s law firm 22 years ago. His father co-founded the Elder Law Section of the Florida Bar in 1991, serving as chairman from 1991 to 1993. Scott Solkoff was chairman from 2003 to 2004 when membership was 1,600. Today it is 1,700.
“Elder care laws were passed in 1980. Elder care is ‘real stuff’ helping seniors,” Scott Solkoff said. “For many, the immediate question is why they can’t simply rely on their savings, health insurance, retirement and Social Security. The assumption is that with some basic preparation and existing government programs their future is planned for.
“The problem is it fails to account for two things: the high out-of-pocket costs for the growing needs of the elderly and the difficulty of navigating the existing government programs that may be able to assist.”
Solkoff cited a 2016 Genworth study quoted in a Forbes article: “Nearly a third of Americans (30 percent) believe home health care expenses are under $417 a month, but according to Genworth’s number crunching, the national median rate is about nine times that.”
“Most people have a revocable living trust,” he said. “If incapacitated, money you have is used for your care, for your protection while still alive. It is used to avoid probate. Recommended by elder care lawyer specialists is an irrevocable trust document.”
Solkoff related a case history.
ACE Lifelong Learning Center at the Mandel JCC has over 100 classes Monday through Friday covering topics such as history, current events, entertainment and personal growth, among others. Visit JCConline.com/ace or call 561-740-9000.