There are many facets to estate planning. Some important ones include naming the people who will get your assets as well as guardians for your minor children or adult special needs children. You deserve applause for getting started. However, estate planning takes great care and consideration, so do not rush through this task. If you do, you are bound to…
When choosing an executor for your estate, you should understand what the position entails. There are certain qualities that would help the chosen individual complete all of the tasks required. When asking someone to take on the role, make sure he or she also understands the time and responsibilities that the position requires. Responsibilities of an executor FindLaw discusses that…
Having an estate plan means that you are prepared. With a will or trust in place, you made the crucial decision as to what becomes of your estate after you die or are incapacitated. However, you must remember that an estate plan should get regular attention. It is important to review it and update your estate plan every three to…
Most people understand that protecting assets and deciding how to distribute wealth is an important part of estate planning. However, fewer people think about healthcare issues when planning for the future. An advance healthcare directive is another important aspect of estate planning, and it covers what happens if an individual is unable to make health- or medical-related decisions. Types of…
Many New York families have members who have suffered disabling injuries or illnesses. These family members and their disability can place an insuperable burden on their families when the parents are no longer able to provide for the child’s care. Many federal and state programs provide benefits for such families, but these programs often have financial limitations on eligibility for…
Many Staten Island residents have taken the time to create their estate plan. They understand that having this plan in place can help ensure a person’s assets are distributed as a person intends. But even those who have an estate plan in place may need to revisit it to make sure their digital assets are included. Estate planning is always…
Far too many people wait too long to create an estate plan. This is primarily on account of individuals struggling to come to terms with the reality that they will eventually pass away. It’s completely understandable. This is a difficult topic that isn’t easy to talk about. But in order to provide for your loved ones as best as possible…
You may plan on retiring at some point, or you may want to work until the last possible moment. Regardless of your hopes for the future, you need someone there to take the reins after you step down. New York business owners like you may handle business matters via an estate plan. One of the major elements is passing on…
You might think estate planning is only for the ultra rich, people with large esteemed estates. But this is not true. In fact, everyone needs an estate plan, no matter what their level of wealth is. Estate planning has many important benefits that can help both you and your family in the long run, regardless of the size of your…
Estate plans are one of the most comprehensive ways to plan for the unexpected, but the whirling vortex of legal terms can leave you confused and concerned. With a host of similar-sounding terms, in your paperwork, you may face some uncertainty about potential gaps in your estate plan. The confusion surrounding the terms “health care directive” and “health care proxy”…
When a senior’s cognitive abilities begin to slip, it starts to affect their ability to maintain their independence and make meaningful decisions. Whether due to the onset of dementia or other related health issues, if you have a parent who can no longer make rational decisions regarding their finances, health care or other essential aspects of life, pursuing legal guardianship…
People are living much longer in the modern era. Advancements in medical treatments and technologies mean that people nearing retirement age will likely enjoy 20 to 30 more years of life. However, these Baby Boomers need to plan properly. About 70% of Americans age 65 or older will require long-term medical care. These late-in-life treatments can be expensive, so people…
