New York Elder Law And Estate Planning Blog

When making important decisions that involve other people, it is often wise to discuss the situation with the other parties involved. For example, if a New York resident wants to appoint a loved one or other trusted party to make medical decisions for him or her in the event of incapacitation, it is important to talk about those wishes. In some cases, the person given power of attorney may need to broach the topic.

While it is beneficial to create a power of attorney document to put someone in charge of important medical decisions, that person also needs to know the right decisions to make. Unfortunately, even after making appointments, few individuals actually talk about their specific care wishes with their appointed agents. If parties have not made appointments, it is even more likely that loved ones do not know their wishes.

Over the years, most New York residents accumulate numerous assets, and they often want to make sure that those assets get passed on to future generations. Commonly, people utilize estate planning in order to protect their assets and dictate how their property should be distributed after their deaths. Creating an estate plan can start simply and expand to include a variety of important documents.

One step that individuals may want to consider first is to create a letter of last instruction. This letter can provide information regarding where important documents and account information is kept. Parties can address locations of birth certificates, insurance policy information, titles, deeds, funeral instructions, wills, contact information for important people and a great deal of other information.

When New York residents think about planning for the future, many of them consider trips they would like to take, having a family, reaching career goals or other similar positive events. However, it is also important to plan for the not-so-positive life events. In particular, it is wise to plan for a potentially serious health condition.

Individuals of any age could develop a health condition or suffer serious injuries in an accident that leaves them incapacitated or which could prove terminal. In these situations, it is important that medical staff members know how to treat their patients, even if those patients cannot voice their wishes for care. Fortunately, living wills can detail how patients want their treatments carried out. However, only 37 percent of individuals across the country have advance health care directives.

While New York residents may not know for certain that they will need long-term care as they get older, it is a substantial possibility. While many people may hope that they will receive the necessary care if and when the time comes, hoping may not be enough. Instead, individuals may want to be proactive and plan ahead, especially to make sure they can afford needed care.

Addressing the potential for long-term care expenses could be as important as planning for retirement. Most people would balk at the idea of not setting aside any funds for retirement, but those same people may not think that setting aside funds for medical care is necessary. However, nursing home care can cost hundreds of thousands of dollars every year, especially if individuals want private rooms.