Elder law is an attractive and rewarding practice area for anyone passionate about helping people. And because it’s an area where there is seemingly unlimited potential for growth — with approximately 15 percent of the American population comprised of adults ages 65 and over — it can also be a very lucrative one.

Elder law is among the most rewarding areas of law. Today, approximately one in seven people is an elder and some figures project this population to reach approximately 98 million by the year 2060. These numbers are also an indication that your elder law practice will be very lucrative for many years to come. There is no question that there is plenty of reward — both personally and financially — for elder law attorneys. But when it comes to the unique knowledge base that’s necessary to succeed, there is a lot that must be learned and understood.

Parental Protection Trusts are an option for your elder law clients in cases where traditional irrevocable asset protection trust planning isn’t an option and the best option is to divest themselves of assets by giving them away — usually to children. The children can then use those assets to establish a Parental Protection Trust. Essentially, this type of trust is a third-party special needs planning tactic that is established for the parent’s benefit, with the client’s children being the third party.

When children establish a Parental Protection Trust, it allows them to donate whatever funds they wish into that trust to be set aside for the benefit of the parents. Assets are put into the trust and those funds are preserved until the parent’s death. At that time, any remaining assets are distributed back to the children.

How a life insurance policy fits in