Estate planning lets people take control of their assets and make the best decisions for their loved ones good estate planning can also help save on taxes and fees for example in some situations its possible to reduce the amount of tax paid on financial inheritance by spacing the payments out over a period of time. What is elder law estate planning elder law estate planning is a niche area of the law which combines the features of elder law and estate planning that pertain most to the needs of the middle class estate planning was originally for the wealthy few middle class families did not consider themselves as having estates to plan. Estate planning is an ongoing task estate plans should be updated whenever the client experiences noteworthy life changes acquiring a rental house selling an existing home buying stocks new children or grandchildren marriage or divorce are all significant reasons for the estate planning lawyer to recommend revisiting the existing plan