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estate law and asset protection Archives

Counsel of New York estate planning lawyer often invaluable

Estate planning is not just for the rich. In fact, despite the name, estate planning doesn't even require someone to own an estate. Especially as family members age, estate planning can become increasingly important, and the guidance of a New York estate planning lawyer often proves invaluable.

The varied aspects of estate planning for New York seniors

As residents of New York grow older, they develop a different set of concerns and issues than they may have when they were younger. Some of those issues involve subjects like planning for Medicaid and advanced health care matters, like durable powers of attorney and living wills. However, even estate planning takes on whole new aspects for the elderly.

Without proper Medicaid planning, assets are often lost

Many aging residents of New York may already be familiar with (or even dreading) the complex preparations often required to receive Medicaid benefits for nursing homes. Unfortunately, one aspect some may not be aware of is that some preparation for eligibility only effectively protects assets during their lifetime. They are allowed to receive Medicaid benefits, but after their death, without careful Medicaid planning with a knowledgeable attorney, certain previously-excluded assets are claimed by the state.

Basic elements of estate planning for elderly New Yorkers

Unsurprisingly, over 30 percent of Americans polled would prefer to do almost anything else if doing so means avoiding a conversation about their wills or estate plans. While some older residents of New York may already have the legal documentation in order, others may have been putting off this important preparation for any variety of reasons. Regardless of which category elderly parents fall into, the estate planning conversation is an important one for their children or loved ones to have with them.

The importance of timely asset protection planning in New York

Far too often, aging New York residents reach what are supposed to be the golden years only to find themselves instead facing the need for long-term care that is prohibitively expensive. Since few have the necessary cash readily available to pay the high cost of this care, they are then expected to sell off the assets for which they have worked their entire lives to earn. While there are various methods of asset protection, they all require planning years in advance, so it may be wise to begin exploring these options with an attorney now, rather than waiting until it's too late.

Ensuring a New York estate plan stays up-to-date can be crucial

For many aging New York residents, the biggest part of estate planning may not be creating it but rather in keeping it up-to-date. Often, if the documents have not been reviewed in a while, the information within ends up being outdated, but this fact is only discovered after it is too late. Frequent review of an estate plan is crucial to ensuring that an individual's most recent intentions are executed.

New York estate planning: What to do with the will

Many older residents of New York have a will. This most basic part of estate planning is important, but simply preparing a will is by no means the end of planning for the future, merely one of the first steps. From considering where to keep this important document to knowing how to go about making changes, there are many aspects to consider.

New York estate planning documents best reviewed every 3 years

Contrary to popular belief, preparing all the documentation for an estate plan is, unfortunately, not a "fix-it-and-forget-it" scenario. Not only do desires and goals change and evolve over time, but so do personal financial circumstances. New York and federal laws surrounding estate planning often change. For this reason and others, experts recommend that individuals review all relevant documentation -- including powers of attorney, wills and advance medical directives -- around every three years.

Careful New York estate planning can help save the family home

Many individuals have worked hard their entire lives to save money for retirement, hoping to have an inheritance to pass along to their children. They plan to leave their home and other assets to their loved ones, and have created a will or trust to that effect. Unfortunately, an unplanned stay in a New York nursing home may also be in the cards, and if that is the case, careful and complex estate planning with a knowledgeable attorney may be necessary if the individual hopes to avoid the loss of all of his or her assets.

Motivating your heirs with their inheritance

Through hard work and careful planning, you have built a life of which you can be proud. One of the great things about a bountiful estate is being able to create a legacy for your children and grandchildren. However, like many, you probably have certain family members who might appreciate an inheritance more if it helped them achieve what they otherwise may have put off.

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