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June 2018 Archives

Estate planning documents relating to health care often vital

Medical attention is often necessary in various situations when a person's health is in question. As individuals age, they may become more aware of the fact that they could one day need extended care due to incapacitation or in the event of a possibly terminal condition. When these situations arises, New York residents will undoubtedly want to have the right estate planning documents in place.

Transferring assets may help with Medicaid planning

The financial aspects of life can be some of the most difficult for many New York residents to address. Whether individuals need to make a considerable purchase or buy everyday necessities, they can sometimes struggle to find the best ways to handle their funds. As parties get older, they may consider the potential for needing long-term care and how they may pay for that care. Because it can be immensely expensive, it may be wise to explore Medicaid information.

Estate planning documents often need review and updates

If New York residents want their estate plans to be free from mistakes, they will want to review those plans periodically. Without a proper review from time to time, errors could slip through the cracks, and after a loved one's death, surviving family members may have to deal with the fallout of those mistakes. Fortunately, reviewing and updating planning documents can take place whenever a person feels it necessary.

Take care when providing for loved ones with special needs

Whether you have an adult child or grandchild with special needs, you may want to make sure that you provide for him or her as part of your estate plan. While your intentions may be honorable, you may want to be sure that the inheritance you intend does not interfere with any potential government benefits or programs your loved one may need now or in the future.

Living wills can allow New York residents to express wishes

Many people will need some type of medical care near the end of their lives. In these cases, family members may feel at a loss as to what types of treatment should be tried or other actions taken in the event that a loved one cannot communicate his or her wishes in a potentially terminal situation. In hopes of avoiding this type of situation, New York residents may want to consider creating living wills.

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