August 2018 Archives

Many older adult children may provide long-term care for parents

The loss of a parent can be hard on anyone, but numerous New York residents expect to face this situation at some point. What many people do not consider enough, however, are the difficulties adult children can face when they must care for their aging and ailing parents. If the parents have not done their part to create an estate plan that addresses long-term care needs, their children could end up struggling in a number of ways.

Trusts have benefits that could appeal to many in New York

Because everyone's life is different, their estates will also be different. As a result, the tools that suit one person's estate plan may not suit the needs of another person. For some, a simple will can cover the information that the individuals want to include. However, if New York residents would like to take their planning further, they may want to consider trusts.

Young adults in New York may want to consider estate planning

Many young people often have the notion that they can take risks and nothing seriously wrong will befall them. Of course, a serious accident could affect anyone of any age, and because of this potential, estate planning can be useful to any adult, even young ones. Those New York residents heading off to college or away from home for the first time may not have anticipated creating such a plan, but it may be wise.

Estate planning could involve excluding family members

Many New York residents want to make it clear who they want to receive their assets after death. This desire is relatively easy to carry out as individuals have many estate planning options. Of course, some parties may wonder whether they can also use their plans to make sure a specific person does not receive any property.

As a new parent, estate planning serves an important purpose

The birth of your child means that your world has completely changed. Now, instead of you and your spouse forging ahead on your own with only the needs of you two to consider, you now must think about the life of your baby. This idea may bring great joy as you think of the ways your child will grow, but you may also have to face the possibility that you may not be there to witness that growth.

A living will does not have any right or wrong answers

It can be unsettling for many people to think about the possibility of suffering from a serious medical condition. However, it is a scenario that many people in New York and across the country face. Rather than avoiding the possibility and letting a situation become chaotic, it may be wise for individuals to consider creating a living will.

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