It is easy to underestimate the cost of long-term care. Many people hope to remain in their homes and avoid the need for a nursing home or care facility. Some believe that their children, or friends or neighbors will be able to compensate for the things they lose to age. The truth is that health is an uncertain proposition the older we get. No one wants to suffer from dementia, loss of mobility, loss of cognitive function or other medical issues connected to getting older. That doesn't make those problems any less real.
Why trusts are a wise step for New Yorkers' estate plans
A mistake that people in New York and across the country will often make is to believe that a lack of major wealth means that formulating an estate plan is not a priority. The reality is that everyone can use a comprehensive and well-designed estate plan specifically crafted to suit their needs. Since baby boomers have substantial assets and are growing older as a group, those assets - totaling an estimated $30 trillion - will be passed to their heirs soon. That requires a solid set of strategies to ensure those assets go where the testator wants. With that amount of wealth, a trust is often a wise step.
What are the basic requirements for drafting wills in New York?
When a New Yorker decides to take the necessary steps to create an estate plan and craft a will, the basics will sometimes get lost in the process. However, it is imperative to remember that there are some baseline legal requirements for legal wills. The person who creates the will - the testator - must be a certain age, must be of sound mind, and there must be witnesses to its signature. This must be remembered when drafting estate planning documents.
Will health care be out of reach soon?
Health care costs have continued to rise at an alarming rate. Health care needs often grow as we age. For many of us, the potential cost of health care for our later years is enough to cause us to lose sleep. Long-term care insurance is one of the solutions some are turning to to address this situation.
Understanding the consequences of dying without a valid will
Residents of New York might know that they should take the necessary steps to create an estate plan such as having a will. For all the good intentions that go along with will planning, it might be put off until later, repeatedly. Procrastination is a profound negative as failure to prepare for the inevitable future and not having a will can cause major problems for the loved ones after the person's death. There are multiple issues when a person dies without a will. Knowing and understanding the consequences should lead to a change of plans and the decision to create even a basic will.
Thinking about care decisions in advance
Estate planning covers decisions about financial matters and the creation of one's legacy. it also covers immediate and important decisions about health care and a person's preferences for the end of life. Advance care planning is not something that should be left up to chance. People need to understand what they do and do not want regarding medical treatments as they age.
Preparing and avoiding the potential of estate litigation
When a person in Rochester and throughout New York State prepares for the future and crafts an estate plan, a nightmare scenario is that it will be vulnerable to a will contest. There might be a family member who will consider challenging a will. There are multiple reasons why this could be the case. For example, if the person does not get the assets and property that the he or she believes they are entitled to, a challenge is possible. When the document is created, there are strategies that the testator can take to avoid the will being challenged.
