DECEMBER 2018 • LONGISLANDPRESS.COM 49
UNDERSTANDING ESTATE PLANNING AND ELDER LAW
By Ronald Fatoullah, Esq.
Ronald A. Fatoullah, Esq. is the founding attorney of Ronald Fatoullah & Associates, a law firm that concentrates in elder law, estate planning, Medicaid planning, guardianships, estate
administration, trusts, wills, and real estate. The law firm can be reached at 516-466-4422, or toll free at 1-877-ELDER-LAW or 1-877-ESTATES. Mr. Fatoullah is also a partner with Advice Period,
a wealth management firm, and he can be reached at 424-256-7273.
I am frequently asked about the difference
between estate planning and elder law. Although
I believe that the two go hand in hand, there are
important differences between the two. One
notable similarity, however, is that they are
both more universal than they may seem at first
glance: elder law is not exclusive to the elderly,
and estate planning is not only for those with
large estates.
Elder law is a broad field that encompasses
many different aspects of the law. As mentioned,
it is not just for the elderly, and in fact the
process can be most effective when initiated
prior to advanced age. Elder law focuses on
providing a plan for an individual to continue
living according to his wishes as he ages,
while remaining in good financial standing
throughout. Depending on an individual’s
circumstances, this can include trusts, gifts to
family members, or the purchase of long term
care insurance in anticipation of potential future
needs, such as qualifying for Medicaid benefits.
Elder law planning also encompasses many tools
such as wills and trusts, as well as the important
Power of Attorney, which can avoid the need
for a Guardianship should an individual lose
capacity at any point. A proper elder law plan
should be a comprehensive, holistic plan, taking
into account the specific needs of the individual
and his future needs as he ages.
Estate planning focuses on an individual’s
assets and how they should be held while the
individual is still living, as well as how they
should be distributed after that individual
passes. Of paramount importance to many
clients, estate planning allows an individual to
make specific choices regarding the beneficiaries
of his/her assets. With the help of an estate
planning attorney, an individual can create a
will or trust that dictates his desires regarding
how his estate should be allocated after his
passing. Without a proper estate plan in place,
assets will be distributed according to the strict
requirements of law, which may run counter to
the true wishes of the individual. In addition,
an estate planning attorney can provide a plan
inclusive of the needs of minor children or
family members with disabilities, so that each
family is best provided for according to its
unique and individual needs.
Attorneys practicing in the fields of estate
planning and elder law share a common goal: to
help the client achieve his goals while preserving
his assets for himself and his loved ones. However,
as mentioned, there are key differences between
the practice of estate planning and elder law. It is
important to reach out to a qualified elder care
and/or estate planning attorney for assistance
in ensuring that one’s future is appropriately
planned for, both in terms of the preservation
of one’s assets and the ultimate distribution of
those assets.