If you have been thinking about your estate plan lately, you may be wondering the same thing that many other people ask, "do I need a power of attorney?"
Do you need a power of attorney as part of your estate plan?
The necessity of estate planning for every individual
Estate planning is not a luxury or precaution solely reserved for the rich. Rather, it is a smart step for any New York person who wishes to protect loved ones and ensure the appropriate distribution of assets after death. It also involves legal protections in case physical or mental incapacitation prevents a person from making medical decisions.
Why is a living will and health care proxy important?
When people plan for the future, they focus on things such as buying a house, buying a car, having a family. Later in life, they plan for how the house and the car are going to be distributed amongst the family.
Power of attorney in New York: Three things you should know
Estate planning is about more than just passing assets from generation to generation. A balanced estate plan also addresses how your affairs should be handled in the event that you are unable to manage them yourself.
What's the number one issue when estate planning for the elderly?
Estate planning can be a complex process. Those attempting to put together a balanced plan likely find themselves navigating difficult questions like:
Three things Baby Boomers need to know about estate planning
Baby Boomers have a reputation for breaking through old stereotypes, and they're at it again. Not be outdone by previous generations, Baby Boomers are living longer and more actively. Boomers are taking up new hobbies (paddle boarding, anyone?) and traveling to foreign destinations (off to Europe to explore our roots!). They are grabbing retirement with both hands and making the most of every minute.
VIDEO: What are IRA trusts and how do they work?
Trusts can be an extremely effective tool when creating an estate plan that best meets your and your family's needs. There are numerous kinds of trusts available that all work a little differently.
VIDEO: Why many people choose to create a revocable trust over a will
A will is an effective way of transferring assets upon death, but it isn't the only way. Many people are surprised to hear that they can accomplish the same goals, plus receive additional benefits, by creating a revocable trust.
VIDEO: How trusts can protect assets in times of crisis
A trust is an estate planning tool that allows people to transfer assets out of an individual's name, thereby protecting and shielding the assets. Trusts can be especially useful in times of crisis. For example, assets can be placed in trusts to keep them out of Medicaid's reach when a person is in need of home care or nursing home care.
VIDEO: Estate planning in times of crisis
A sudden accident or illness can completely devastate a family, emotionally and financially. However, getting an effective estate plan in place immediately after a crisis can help protect the needs of the loved one in crisis as well as the entire family.
