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November 2018 Archives

Important first steps to consider when estate planning

Over the years, most New York residents accumulate numerous assets, and they often want to make sure that those assets get passed on to future generations. Commonly, people utilize estate planning in order to protect their assets and dictate how their property should be distributed after their deaths. Creating an estate plan can start simply and expand to include a variety of important documents.

Does creating a trust make sense for you?

An estate plan can be created with a variety of different tools, but two of the most common options are a will and a trust. Most people are familiar with wills. You likely have heard of a trust, but may be unclear who should use a trust. Here are some of the benefits and drawbacks of using a trust for estate plans. 

A serious health condition may present a need for a living will

When New York residents think about planning for the future, many of them consider trips they would like to take, having a family, reaching career goals or other similar positive events. However, it is also important to plan for the not-so-positive life events. In particular, it is wise to plan for a potentially serious health condition.

Consider planning for care during Long-Term Care Awareness Month

November is Long-Term Care Awareness Month. Many New York residents may want to take some time in the near future to consider what options they would like to take advantage of in the event that they need such care. The majority of people over age 65 will need long-term care at some point, and planning for care can prove invaluable.

Plan ahead to address long-term care costs

While New York residents may not know for certain that they will need long-term care as they get older, it is a substantial possibility. While many people may hope that they will receive the necessary care if and when the time comes, hoping may not be enough. Instead, individuals may want to be proactive and plan ahead, especially to make sure they can afford needed care.

Special needs trusts can be an important part of estate planning

It is common for New York parents with children who have special needs to worry about their future care. It is unfortunate but true that parents will not be around forever, and it is understandable that they want to plan ahead to address the care their kids may need. Luckily, estate planning can help with the endeavor.

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