Brooklyn Probate & Estate Administration Law Blog

As kids grow up, it's only natural that they want more freedom and responsibility. This can include the ability to stay home alone, go to and from school, the library or store on their own, have their own cellphone or use kitchen appliances like the oven without adult supervision. As kids get into their teen years, they'll continue to test their boundaries.

All of this can be frightening for parents. It's natural to be torn between wanting your kids to become more independent and fearing they'll suffer some kind of harm. Increasing your kids' freedoms can be even more challenging when they're being parented across two households.

For those hoping to create a comprehensive estate plan that protects them, their assets and their loved ones in the event of their death or incapacitation due to medical issues, addressing health concerns early on is a common tactic. However, it isn't necessarily as straightforward as you might imagine.

Residents of New York have more options than people in other states when it comes to authorizing others to make medical decisions on their behalf. Specifically, those planning their estate can use either a living will or Health Care Proxy form to outline their medical wishes and preferences.

Most people associate estate planning with naming heirs for their assets, but there is another facet that you need to think about when you are going through this process. You need to set up your end of life plans. These aspects of the estate plan go into effect if you aren't able to make decisions.

There are two primary concerns here. First, you must make plans for your finances. Second, you need to consider your medical care. The instructions you set for these are part of the power of attorney documents you establish, and you can set a living will for your health care.

Even if you don't qualify for Medicaid right now, the right approach to planning could put you in line to receive benefits in the future.

The goals of Medicaid planning can differ from one person to the next, but typically include some or all of the following:

• Provide for long-term care: The primary purpose of the Medicaid program is to provide care to individuals, such as those with a disability, who can't care for themselves.
• Preserve assets: For example, if your child receives Medicaid benefits and you're concerned that leaving them an inheritance will affect this, proper planning is a must. Using a special needs trust, as opposed to directly leaving money to your loved one, can help protect their benefits.
• Receive the proper health care benefits: The public health care system doesn't suit the needs of everyone. Through Medicaid planning, you can make decisions that allow you to receive the highest quality care in the future.
• Combine Medicaid planning with estate planning, asset protection and taxation strategies: Medicaid planning will impact your life in many ways, such as how you plan your estate and the manner in which you protect assets.