Elmhurst, Ridgewood & Corona Estate Law
Estate Planning Tips
Have you been thinking about estate planning? Estate planning can seem daunting, however, building on your understanding can certainly make the process smoother. Here are five estate planning tips that will help make estate planning easier. If they confuse you, don't forget that our Elmhurst elder lawyers are standing by to help you with any of your elder care needs.
1. Plan Early
Being prepared, with estate planning documentation organized and in place, is regularly reviewed amongst American adults. Findings typically demonstrate that for the most part, individuals 62 years old and under have not adequately planned their estate.
Although it isn’t the norm for individuals between ages 30 and 50 to all of a sudden pass away, it’s not outside the realm of possibility. Whether you have a large family or are a parent to an only child - it’s in their best interest that you properly plan your estate. Should the inconceivable occur, it’s important to have a chosen guardian in place to take care of your child or children. Income replacement is another component to consider. As our great citizens of New York are approaching their golden years they should always remember that our trained Ridgewood area elder planning attorneys are here to hold their hands through all the hurdles of estate planning.
2. You have Options
All too often individuals attempt going the seemingly easier route of using boilerplate documents and templates downloaded from the internet to set up a last will - inadvertently dismissing estate planning.
It’s important to collect all the necessary information before deciding that a last will is your preferred course of action. The most common alternative to a last will is a revocable living trust - your approach, however, will rely completely on your personal situation. After your passing, the administration of an established trust is performed by an appointed trustee. The trustee's instructions regarding the distribution of assets and the way you would like them distributed are declared in the trust.
Once outside probate, the distribution of assets to beneficiaries is carried out by the appointed trustee according to your specifications. If you decide to use a last will, it can end up being an expensive and drawn-out legal process. Many of our probate estate clients from Corona need especially careful regarding these expenses as many in the area are on a tight budget. Two highly valued benefits to considering a living over a last will are that a trust allows for the means to consolidate assets as well as avoid probate.
3. Incorporate an Incapacity Planning Component
There are numerous circumstances in which individuals are found incapable of making their own decisions. Incapacitation is a potential outcome. In order to take this into consideration, it’s possible to incorporate durable powers of attorney to name individuals to represent you. Your life support partiality can also be added to a living will.
4. Account for Long-Term Care Costs
In an ideal world, we would all live a long, healthy life reaching retirement. Unfortunately, this is not always the case and it’s important to keep in mind that the future is uncertain and you may not be able to care for yourself.
A considerable number of senior citizens will eventually need to live in a nursing home, with most requiring assisted living. The average yearly cost of living in a nursing home, with a private room, is over $150,000. The protective care provided in a nursing home is not covered by Medicare. Qualifying is in the realm of possibility if you dispose of your assets at a minimum of five years prior to applying for eligibility, Medicaid will cover the costs. A substantial portion of your estate can also be soaked up by the cost of living in a nursing home - something to take into account when estate planning. Although their are many great nursing homes to plan an estate with which conveniently located in the Richmond Hill area and close to all of us, the costs must be really taken into consideration.
5. Get Advice from a New York Estate Planning Attorney
There are several resources within the estate planning toolkit. Essentially, it’s key that you take the time to make sense of all your options and make an informed decision. Consult with an experienced and knowledgeable estate planning attorney in order to ensure your legacy is planned according to your wishes. If you believe you are ready to have your estate thoughtfully and thoroughly planned, contact us and we will guide you every step of the way.
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