April 2017 Archives

New York estate planning: What to do with the will

Many older residents of New York have a will. This most basic part of estate planning is important, but simply preparing a will is by no means the end of planning for the future, merely one of the first steps. From considering where to keep this important document to knowing how to go about making changes, there are many aspects to consider.

The benefits of sound Medicaid planning advice in any situation

With frequently changing rules that may differ between various programs even within the same state and a time-consuming application process, many elderly residents of New York may feel overwhelmed when it comes time to apply for Medicaid. Even worse, if, after all that work, an application for Medicaid is denied, the consequences can negatively impact not just the individual who applied but the entire family. These reasons and more are why a Medicaid planning attorney's experience and knowledge may prove beneficial.

The importance of preparing advance health care directives early

While important, talking about end-of-life decisions with family and loved ones is never easy or particularly enjoyable. However, New York families may want to consider making a point not just to discuss these important topics but to prepare the relevant documentation well ahead of time. From advance health care directives to durable powers of attorney, the earlier these important legal documents are dealt with, the more prepared everyone involved will be for unforeseen emergencies.

Putting assets in a trust can benefit your special needs child

Are you the parent of a child with special needs? Are you concerned about how to take care of him or her or how he or she will manage your assets after you are gone? Numerous parents in New York who have children with disabilities have these concerns, so you are not alone.

New York estate planning documents best reviewed every 3 years

Contrary to popular belief, preparing all the documentation for an estate plan is, unfortunately, not a "fix-it-and-forget-it" scenario. Not only do desires and goals change and evolve over time, but so do personal financial circumstances. New York and federal laws surrounding estate planning often change. For this reason and others, experts recommend that individuals review all relevant documentation -- including powers of attorney, wills and advance medical directives -- around every three years.

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