You may have considered yourself a skeptic for most of your life. Whenever someone brought up a topic that supposedly had beneficial applications, you may have found yourself questioning whether those benefits or the topic at hand were even worth considering. As a result, you may often try to do your research before moving forward with any actions.
One thing you know too well is that you can't predict the future. Your life may have turned out very different from the way you imagined or planned, and there is no reason to expect your remaining years won't have their own surprises. Some of those surprises may bring joy, and others will bring pain. However, the wisdom in your heart tells you to prepare the best way possible for the difficult times that may arise.
As you grow older or reach certain milestones in your life, you may begin thinking about what the future may hold for you. Going even further, you may think about what the future could bring for your family. Because you undoubtedly want to ensure that they are taken care of in the event of your passing, you may feel that the time has come to create an estate plan.
As you begin to consider your estate plan, you may wonder where to start. Depending on your age, assets, parental status and other factors, the tools that may most benefit you at this time could vary. Additionally, as your life changes, you may find that updating your plan and using more tools could help you keep your wishes in order and allow you to make the most comprehensive plan possible.
As a well-organized person, you may have been exploring your estate planning options for some time. Because you certainly do not want to leave your family in a difficult position in the event of your passing, you want to make sure that you have made the best planning decisions possible for your estate's specific needs. In the end, you may have settled on creating a trust-based estate plan.
If your parent spent the last years of his or her life in a nursing home, you probably understand the financial toll. In fact, your loved one may have put off seeking long-term care because of the astronomical cost, but in the end, it was unavoidable. Your parent may have had to sell your childhood home and use up all his or her assets to qualify for Medicaid, leaving you and your siblings with no inheritance and perhaps lingering medical and funeral expenses.
Your never know what curve balls life will throw in your direction. While it may be impossible to prepare for everything that may go wrong, there are some things you can do to protect yourself in the event anything happens to you. Assigning powers of attorney is a great place to start.
Throughout your life, you may have taken pride in keeping yourself as healthy as possible. With a balanced diet and exercise regimen, you could feel much younger than your years. However, you likely also know that you cannot control every aspect of your health, and a sudden issue could come up at any time.
Estate planning is a necessary step for every individual looking to have a certain amount of control over what happens to his or her estate. However, a complete estate plan also offers many advantages outside of simply outlining who gets what, and one of these includes the ability to plan for the care of a loved one who cannot care for him or herself.
Are you like other New York residents who think that only the rich and famous benefit from trusts? If so, you need to know that just about anyone can benefit from a trust. As you ponder how you want to structure your estate plan, don't discount using a trust.