Although estate planning is often associated with the transfer of wealth after death, one of the most valuable aspects of a comprehensive estate plan addresses what happens during your lifetime if you become unable to make decisions for yourself. A sudden accident, stroke, traumatic brain injury, or progressive illness such as Alzheimer's disease can leave you incapable of communicating your wishes or managing your financial and personal affairs. Without proper planning, your loved ones may be …
Planning for Incapacity in New York
Estate planning is often viewed through the narrow lens of what happens after death, but a well-structured plan must also address what happens if you are no longer able to make decisions during your lifetime. In New York, preparing for incapacity is a critical component of protecting your autonomy, finances, and medical preferences. If you do not establish the appropriate legal framework in advance, your loved ones may be forced to pursue court intervention to gain authority over your affairs. …
How Adult Guardianship and Power of Attorney Can Be Used for Incapacity Planning in New York
Although most people think in terms of planning for the distribution of assets when they contemplate their estate plan, planning for the possibility of incapacity should also be an essential part of your comprehensive estate plan. Both adult guardianship and a Power of Attorney (POA) can be used as incapacity planning tools as both options allow someone to step in and manage your personal or financial affairs if you become incapacitated; however, they function very differently in terms of …
Incapacity Planning in Your New York Estate Plan
When considering estate planning, many people focus on distributing their assets after death. A comprehensive plan, however, should also prepare for potential incapacity, which could result from illness, injury, or cognitive decline. Incapacity can leave you unable to make critical financial or medical decisions, making it essential to have legal protections in place. If you reside in New York, having the proper documents ensures that your affairs will be handled according to your preferences …
Are You Prepared for the Possibility of Incapacity?
When you think of estate planning you likely think about executing a Last Will and Testament to ensure that your estate assets are distributed according to your wishes after you are gone. While planning for the distribution of your estate assets is certainly one important aspect of a comprehensive estate plan, it should not be the sole focus of an estate plan. On the contrary, a well-thought-out estate plan should include a variety of additional inter-related components, including an incapacity …
Proactive Planning Can Prevent a Guardianship
When you are planning your estate, you should see a complete picture. Yes, it is important to state your wishes with regard to the way you want your assets to be distributed after you are gone. At the same time, you should also seriously consider the events that may befall you toward the end of your life. Aging, Alzheimer's & Incapacity We are not trying to reduce unsettling circumstances to mere statistics, but it is important to understand some cold hard facts so you can prepare …
Your Plan Should Include Advance Health Care Directives
A lot of people think that estate planning is strictly confined to the facilitation of postmortem asset transfers. Without question, this is the most important consideration, but a well-constructed estate plan will also address the medical eventualities that you may face as an elder. Life Support Utilization This is not a very pleasant subject to contemplate, but it is important to confront these matters head-on. Some patients with serious medical conditions become unable to communicate …
Confront the Eventualities of Aging
As elder law attorneys, we are forced to educate clients about some uncomfortable realities. If you stick your head in the sand, difficult situations can be all the worse when they arise if you are completely unprepared. With this in mind, we will look at the importance of incapacity planning in this blog post. The Twilight Years When you are thinking about the life that you will live when you are a senior citizen, you probably envision the active retirement years. Without question, if you …
Smithtown Elders Should Consider Incapacity Planning
As elder law attorneys, we help clients address the eventualities of aging. Our office is in Smithtown on Long Island, and census statistics paint a very clear picture with regard to the age demographic. According to Census Reporter, the median age is 45.3 years. Nationally, the median age is 38. To break it down by the older age groups, 18 percent of people in town are between 50 and 59 years of age. The figure for people 60 to 69 is 11 percent, and 8 percent of the residents of Smithtown …
Long Island Incapacity Planning Attorney Explains How to Start Managing the Finances of an Elderly Relative in this Forbes Article
As people get older, they may lose the ability to manage their money. When this happens, a younger family member may have to stop in. As Long Island elder law attorney Mark Eghrari explains in this recent Forbes article, the process of assuming control over an elderly relative’s financial situation can be tricky. There are a few key steps that need to be taken when you are in a position where you must take control over the finances of an elderly relative. For example, the necessary steps can …
Who Should Get Help from a Long Island Inheritance Attorney?
A Long Island inheritance attorney can provide help to people whose estates will be subject to taxes in New York. If you stand to inherit and you are concerned your inheritance is going to be reduced as a result of estate taxes, we can also provide you with assistance. Eghrari Law Firm offers the advice that clients need to make smart choices about asset protection. We know that estate taxes can significantly affect the value of an estate which heirs should be able to inherit. We also …
What Are Advance Directives for Health Care
What Are Advance Directives for Health Care from Mark Eghrari The creation of a last will or a trust may be the thing that comes to your mind when you think about estate planning. This is part of the equation, but you should adopt a broader perspective if you want to be comprehensively prepared. …
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