June 2017 Archives

Basic elements of estate planning for elderly New Yorkers

Unsurprisingly, over 30 percent of Americans polled would prefer to do almost anything else if doing so means avoiding a conversation about their wills or estate plans. While some older residents of New York may already have the legal documentation in order, others may have been putting off this important preparation for any variety of reasons. Regardless of which category elderly parents fall into, the estate planning conversation is an important one for their children or loved ones to have with them.

Executing powers of attorney for later means peace of mind now

No caring New York family wants to entertain the thought of a time when their elderly loved ones may become unable to make communicate their wishes for the health care they wish to receive or, in some cases, forego. Additionally, few individuals wish to consider the fact that they may eventually be unable to make sound financial decisions for themselves. However, without planning for such eventualities, these important issues are often put off until it is already too late for the elderly individuals to make their desires known. Advance planning includes a variety of legal decisions, but some of the most important to both the individual and his or her family include an advance medical directive and powers of attorney.

Plan ahead with an advance directive

At some point in your life, you may have found yourself in a predicament that resulted in your having to make difficult health-related decisions for someone else, or perhaps you witnessed the toll such a situation took on someone else. As a result, you may have decided to avoid placing your loved ones in such a difficult situation in the event that you cannot make health-related decisions for yourself.

The importance of timely asset protection planning in New York

Far too often, aging New York residents reach what are supposed to be the golden years only to find themselves instead facing the need for long-term care that is prohibitively expensive. Since few have the necessary cash readily available to pay the high cost of this care, they are then expected to sell off the assets for which they have worked their entire lives to earn. While there are various methods of asset protection, they all require planning years in advance, so it may be wise to begin exploring these options with an attorney now, rather than waiting until it's too late.

Don't put off Medicaid planning in New York until it's too late

A substantial portion of the elderly population in the U.S. ends up relying on nursing homes for care in their later years. For this considerable expense, aging residents of New York may be counting on Medicaid to help with the cost of necessary healthcare and nursing home stay. Unfortunately, what many individuals may not realize is that Medicaid is a complex system of regulations and requirements, and, without the proper Medicaid planning, many individuals find themselves ineligible to receive benefits when the time comes.

FindLaw Network
EMAIL US FOR A RESPONSE

Let’s Talk.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

An Elder Law And Estate Planning Law Firm On Your Side.
#

satellite offices

By Appointment Only

222 East Main Street
Ste 314
Smithtown, NY 11787

Phone: 631-894-4730
Fax: 631-979-9546
Smithtown Law Office Map

1 East Main Street, Suite 1
Bay Shore, NY 11706

Phone: 631-894-4730
Bay Shore Law Office Map

satellite offices
70 East Sunrise Highway
Ste 500
Valley Stream, NY 11581

Phone: 631-894-4730
Map & Directions

33 Flying Point Road
Suites 121/122
Southampton, NY 11968

Phone: 631-894-4730
Map & Directions