What is the difference between “traditional” estate planning and Legacy Wealth Planning?

June 22, 2018

Traditional estate planning is focused on financial assets and is concerned with avoiding probate and estate taxes. On the other hand, Legacy Wealth Planning is concerned with financial and non-financial assets of a family and creating a family’s personal legacy plan. Legacy Wealth Planning addresses how to capture and transfer family traditions and values, as well as protecting financial wealth for current and future generations.

In this day and age it is very rewarding and comforting to make a major decision for the long-term security of your family. Over 14 years ago we decided upon the Kinghorn Heritage Family to create our family trust. Through the years it became very evident that this decision was a major and necessary step for a secure future in an ever-changing legal climate. The Kinghorn Family has been a close friend that has always been there to serve our family.

Gary and Velma T. Client Review September 8, 2020

We appreciate the programs presented that keep us informed and updated in today’s internet and financial world. It is a comfort to know that you are only a phone call away if questions arise.

Robert and JoAnn H. Client Review September 8, 2020

We enjoyed meeting all the behind-the-scenes people on your team and want to thank you for the peace of mind you’ve given us and our children.

M.D. Client Reveiw September 8, 2020

What an amazing law firm, where the people I refer to them are handled as good friends, family, and confidantes.

Eileen E. Client Review September 8, 2020

Thank you Allison and Kinghorn Law family for everything you have done to make our end-of-life decisions a reality and stress free. When we think of Kinghorn: trust, peace of mind, professional. Outstanding Law Firm!

Ken and Cheryl V. Client Review September 8, 2020

Very satisfied with your company and staff.

Robert and Britt O. Client Review September 8, 2020

There are many reasons why people of all ages should talk with an elder law attorney. One of the big reasons is that elder law attorneys can help you to identify risks to your financial security and your future that you did not even know you were facing. Did you know, for example, that your insurance probably does not cover routine nursing home care if you need it as you get older? Your elder law attorney can help you to plan ahead to resolve this problem and make sure you can get nursing home care costs covered. Your elder law attorney can do much more as well, including explaining some of the key steps to take to protect your autonomy , your family, and your financial security as you age. Kinghorn Law has extensive experience providing elder law services. We can work closely with you and your family to make certain you have planned ahead to achieve the strongest future possible and we can assist you in preparing if your future does not turn out as you hoped. Give us a call at (520) 529-4000 to talk with a Tucson elder law attorney and to get answers to questions you have about elder law including:

What kinds of elder law services do I need?

What is Medicaid planning and why does it matter?

How can a Tucson elder law and Medicaid planning lawyer help?

What Kinds of Elder Law Services Do I Need?
Elder law services encompass all different aspects of planning for your future, and address issues that matter to people of all ages. Depending upon your needs, an elder law attorney can help you with:

Retirement planning: An elder law attorney helps you to set savings goals and explore tax-advantaged accounts so the government can subsidize savings for retirement.

Incapacity planning: With help from an experienced attorney, you can determine what kinds of medical care you'll get in case of incapacity and you can take control over who will manage your assets if you can't do it any longer.

Nursing home planning: You can make an advanced plan for where to get care and how to pay for it in case you ever experience an illness or injury that necessitates nursing home care.

Legacy planning: Wills are just the start of a solid legacy planning. You need to think about the mark you want to leave on the world and use the right estate plan tools to achieve the goal of changing the lives of future generations or supporting organizations you care about.

Kinghorn Law has experience with these issues and many more. We know that every person is different and every professional and family situation is unique. We provide focused, personalized attention on making certain that you have taken control over all aspects of your future to protect yourself and the people you love.
What is Medicaid Planning and Why Does it Matter?
When an elder law attorney helps you think about your future, you also need to consider what happens if you need nursing home care. Going into a nursing home can undermine your financial security, even if you have done everything right over the course of your life. This tragic outcome occurs because nursing home care is so expensive and there are so few ways to pay for it. If you need nursing home care, you are going to have to either pay for it yourself or get Medicaid to pay for it. Medicare and other insurers won't help you to pay, unless you are only in need of temporary skilled medical services. Most nursing home patients need custodial care, and that's not covered except by Medicaid. The problem is, Medicaid has strict limits on resources you are allowed to own and still get covered. If you have too much money and property, as most seniors do, you have to impoverish yourself by spending your wealth on nursing home care before Medicaid will pay for your care. This terrible process can be avoided if you make a Medicaid plan in advance that allows you to protect your assets and still leave a legacy. A Medicaid planning attorney gives you the tools to do that.
How Can a Tucson Elder Law Attorney and Medicaid Planning Lawyer Help?
Kinghorn Law provides assistance with a wide variety of elder law issues including Medicaid planning and more. Give us a call at (520) 529-4000 or contact us online to find out how a Tucson elder law attorney can assist you in protecting your assets, maintaining control in case of tragedy, and keeping your family and legacy safe.

Chandler V. Client Review September 8, 2020

Estate Planning attorneys are sometimes criticized for offering needlessly complex, 'canned' solutions. This never has been the case with Kevin. The documents he created were comprehensive when appropriate and surprisingly simple when suitable. In every case, they were individually crafted to meet our unique needs.

Rich D. Client Review September 8, 2020

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What Kinds of Elder Law Services Do I Need?

What is Medicaid Planning and Why Does it Matter?

How Can a Tucson Elder Law Attorney and Medicaid Planning Lawyer Help?

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