New Yorkers who want to be comprehensively prepared for the period of time known as the "twilight years" should definitely consider the execution of durable powers of attorney. Durable powers of attorney in New York are used rather than standard powers of attorney because the durable designation allows the devices to remain active even if the grantor was to become incapacitated. Clearly, the prospect of being unable to manage your own life is not a very pleasant one to consider. It is not …
Three Often Overlooked Estate Plan Components
When you are planning your estate the eventual distribution of your financial resources to your heirs is probably going to be foremost on your mind, and rightly so. However, there are some other components that your estate plan should contain, and we would like to highlight three of them that are often overlooked. 1.) Durable Powers of Attorney Alzheimer's disease alone makes incapacity planning a must. Upwards of 45% of people who are at least 85 years old have Alzheimer's, and this is …
Authorize Release of Medical Records
The process of estate planning should include comprehensive preparations for all the contingencies that may present themselves as you enter your twilight years. With this in mind you would do well to speak with an estate planning attorney about incapacity planning. It should be noted that people of all ages should have an incapacity plan in place. Nobody has a view into the future, and accidents and catastrophic illnesses can strike anyone at any age. The above having been noted indeed, …
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