Some people in New York begin estate planning when they learn they have been diagnosed with Alzheimer’s disease or dementia. Planning for the possibility, or even the probability, that you will one day lose your ability to make your own choices is something that estate planning attorneys can help you with. However, it’s important to realize that the mind-altering effects of dementia are not something only experienced by elderly people suffering from Alzheimer’s disease. There are other forms … [Read more...] about Dementia Can Strike Younger People as Well
Incapacity Planning
Multiple POA Agents and Co-Agents: 3 Questions
Question 1. A how many agents should I use with a power of attorney? In general, it’s always best to use a single agent with any power of attorney, or POA. When you create a power of attorney, you delegate some of your decision-making authority to someone else. For each POA you make, be it financial, healthcare, or other, it’s always best to have that power vested in a single agent. Question 2. What if I have multiple powers of attorney? Should I have a single or multiple agents? That … [Read more...] about Multiple POA Agents and Co-Agents: 3 Questions
If Estate Taxes Don’t Apply to You, You Still Need an Estate Plan
As a recent MarketWatch article points out, the federal estate tax exemption limit is a robust $5.25 million per person. That means that married couples won’t have to pay any estate taxes as long as they have estates worth less than $10.5 million. With such a high limit, many families in New York come to believe that they don’t need an estate plan at all. However, the New York estate tax exemption limit is only $1 million, so anyone with assets totaling $1 million or more will want to plan to … [Read more...] about If Estate Taxes Don’t Apply to You, You Still Need an Estate Plan
Your Living Trust and Your Incapacity
When you create a revocable living trust, you create an entity that can legally own property. After transferring some or all of your property to the trust, you can direct the trust to transfer the property to new owners after you die without the necessity of having to go through probate. But living trusts also offer you the opportunity to appoint someone to manage the property should you become incapacitated. Here’s how it works. Trustees When you create a revocable living trust you … [Read more...] about Your Living Trust and Your Incapacity
How Your Family Benefits From Your Estate Plan
They know what you want. One of the best benefits of creating an estate plan is sitting down to make choices that you know can benefit your family after you die. The choices you will have to make go far beyond deciding on inheritances, and will also include such topics as making medical decisions and choices about the kind of legacy you want to leave behind. If you don’t make such choices, you can often cause your family significant hardship by forcing them to try to determine what you would … [Read more...] about How Your Family Benefits From Your Estate Plan
3 Questions About Registering Your New York Advance Directives
Question 1. What are advance directives? An advance directive is a specific type of legal document. Through these documents you can either choose a person who will be able to make medical decisions for you if you are ever unable to communicate, or list in detail the kinds of medical treatments you do or do not wish to receive in such a situation. In New York there are two types of advance directives: health care proxies and living wills. Question 2. If I make these documents, do I have to … [Read more...] about 3 Questions About Registering Your New York Advance Directives
Look Beyond Family When Choosing a Health Care Agent
If you have created a health care power of attorney or a health care proxy, taking the time to decide on a responsible agent may require you to look beyond your spouse or close family members. A good health care agent is someone who has particular traits that not everyone possesses. Here are three traits you want your agent to have. The ability to make levelheaded decisions. If it ever falls to your health care agent to make medical decisions on your behalf, that agent will likely have to … [Read more...] about Look Beyond Family When Choosing a Health Care Agent
What is Elder Law? 3 Essential Issues
As we get older, not only do our needs and desires change, but so do the laws that affect us. The term “elder law” refers to the legal issues that elderly people most commonly have to deal with. While not all elderly people will have to deal with all elder law issues, here are three essential elder law topics that you should be aware of. Incapacity Planning Our bodies break down over time, and even the healthiest of us can fall victim to a sudden injury or illness that leaves us unable to … [Read more...] about What is Elder Law? 3 Essential Issues
Nursing Home Expenses Can Eat Away at Savings
A recent column by financial planning expert Liz Weston answers a question that many people with elderly parents have. When a parent has to transition into an elder care facility, such as a nursing home, how will this affect the elderly parent’s finances? Nursing homes and other eldercare facilities are notoriously expensive, costing as much as $150,000 a year or more. If your elderly parent hasn’t taken appropriate steps these costs can quickly reduce their savings. If the parents haven’t … [Read more...] about Nursing Home Expenses Can Eat Away at Savings
Doctors More Than Three Times as Likely to Have Living Wills
An article from the Wall Street Journal last year showed exactly how big a difference there is in how people use advance directives, such as living wills and health care powers of attorney. According to the article about 64% of physicians have created some kind of advance directive, while only about 20% of the general public has done the same. While the cause of this discrepancy could be due to a number of factors, the daily exposure that doctors have to medical treatments and the knowledge … [Read more...] about Doctors More Than Three Times as Likely to Have Living Wills
