A plan can help in many different scenarios. When New York residents want to make sure that their affairs are in order, creating an estate plan could prove immensely beneficial. Not only could this plan help them when it comes to distributing their property after death, but it could also allow them to make arrangements in the event that they need long-term care.
In particular, the financial aspects of long-term care can be of great concern for most people. With an estate plan, individuals can take the time to explore their options that could help them protect their assets as well as arrange their assets in hopes of preparing for Medicaid. Because there are many financial stipulations for qualifying for Medicaid, planning ahead could allow parties to bolster their chances of meeting those requirements.
Having an estate plan also gives individuals more control over a variety of their final affairs. In addition to explaining their long-term care wishes, parties do have the ability to indicate how they want their assets distributed, which may help reduce the chances of family disagreements. Of course, not all conflicts are avoidable, and even with a solid plan, a disgruntled family member could still start a dispute.
Estate plans can include various information that may help New York residents feel more at ease by knowing that their wishes are known. Because long-term care, financial issues and asset protection can all be major concerns, individuals may wish to explore the tools available to them for addressing these concerns. Speaking with knowledgeable attorneys could help interested parties ensure that their affairs are in proper order.
Source: Forbes, “The 3 Reasons Why People Do Estate Planning“, Joel Johnson, May 21, 2018