As you get old, there are certain things that you would likely worry about. You think about:
- How your personal and financial affairs would be managed when you become to old to manage things
- How your assets will be distributed when you pass away
- How to ensure you get long term care without spending all your hard-earned cash on heavy nursing home costs
- How to save your assets from getting touched by Medicaid, tax, liens, in order to give it all to your loved ones. And many other thoughts.
Now these are the things a well-developed estate plan covers in New York.
A well developed estate plan in New York is one that takes into consideration and addresses all issues that may affect the individual in the future. A well-developed plan covers asset transfer, Incapacity planning, Medicaid and long term care planning, and tax minimization, among others.
It is always helpful to consult an estate planning or elder law attorney to ensure you have a well-developed plan that protects your future.
Looking for an estate planning attorney near you in New York? Call us and get a free first consultation with a highly skilled estate planning attorney.
What a well-developed plan in New York will look like
A comprehensive estate plan in New York will comprise the following
1. Will for asset transfer
A will, formally called a last will and testament, is a basic estate planning document on which you express your wishes concerning how you want your assets distributed when you are gone. You can decide to leave assets for anyone of your choice, including your spouse, parents, children, grandchildren, friends, charity, or even strangers. However, your will must be written in the right terms to say exactly what you mean. This is where an estate planning attorney comes in.
Your attorney will help you draft your will using the standard terms as recognized by Long Island law to avoid things going in a way you didn’t plan for when you die. They also help you determine what assets you should address in your will and those best left out.
2. Durable Power of Attorney for incapacity planning
As one gets older, there is a chance to suffer aging diseases such as dementia, Alzheimer’s, and the likes. Things like this makes one incompetent to make reliable decisions for themselves. It may also be due to a disability, accident, or sickness such that renders them unconscious. In such a situation the person is declared legally incapacitated. But such a person may need someone to make decisions on their behalf, such as in matters concerning their finances, business, or healthcare.
To this end, your lawyer can create some documents for you.
Durable financial power of attorney: A durable financial power of attorney is a document on which you appoint an agent (attorney-in-fact) to manage your financial affairs in the event you become unable to manage them yourself.
Durable medical power of attorney: A medical power of attorney or healthcare surrogate is a document on which you appoint an agent to make healthcare decisions on your behalf when you become unable to do so yourself.
3. Living trust for asset transfer and probate avoidance
In addition to transferring assets quickly, living trusts offer other benefits like probate avoidance. They are best for complex estates since the court, which makes things more complex, will no longer be involved in the asset transfer. You can also name a successor trustee who will manage the trust assets on your behalf in the event something happens to you.
4. Living will for possible end-of-life situations
Also called an advance healthcare directive, a living will allows you make decisions on what medical actions you would want taken when you are in an end-of-life situation.
5. Medicaid and long term care planning
Nursing home costs are heavy. Without proper plan in place, you may end up using up your hard earned wealth to pay your nursing home and health care costs when you get old. A good estate plan helps you maintain Medicaid eligibility even when you have substantial assets. Your attorney may strategize so that you gift property out or fund your wealth into an irrevocable trust 5 years before you apply for Medicaid. By so doing, you would give your entire wealth to your loved ones while you get Medicaid benefits to foot your long term care costs. However, this must be done at least 5 years before your Medicaid application, so you need to pla now, Get assistance from an estate planning attorney near you today.
Other things a well-developed plan addresses include:
- Guardianship designation
- Tax minimization
Call us
Our estate planning and elder law attorneys New York are ready to give you a well rounded estate plan that gives you peace of mind for the future. Call us today.
