White Plains Long-Term Care Planning Law Blog

The sad truth about estate planning is that so many individuals put it off until it is too late. This can leave an estate's assets susceptible to taxes and creditors, and it might leave family members fighting over who has rights to which property. Estate planning isn't an easy thing to think about. After all, it requires an individual to think about his or her own mortality. Yet, even when an aging individual procrastinates creating an estate plan, loved ones may be able to broach the topic.

Of course, when discussing delicate matters like this, timing is everything. It may be best to bring up estate planning while engaged in another activity so that the topic of estate planning and passing on are not too overwhelming. Using a story of friends or family, or even celebrities, can help transition an individual into a discussion on the topic. Additionally, when it comes to couples, it may help for one party to couch estate planning in terms of how to protect their children or the realization that they aren't getting any younger.

Although bedsores can happen naturally in many cases - simply by being in bed for most of the day - their presence could also be an indication of neglect. In fact, one of the hallmark signs that your loved one has become the victim of nursing home neglect is the presentation of bedsores, which are also known as pressure ulcers.

If you're loved one has developed a bedsore while living in a long-term care facility, here are a few things you need to know:

• Bedsores happen to people who have a difficult time moving.
• Bedsores are most likely to appear on the bony parts of the body where they make contact with the bed or other objects.
• The earlier a bedsore is discovered, the easier it will be to treat it.
• The key way to prevent a bedsore is to frequently move patients.

There are many steps New Yorkers can take to make their estate plans as robust as possible. Some decide to sell businesses and homes, thereby converting the asset to cash that is more easily distributable, while others try to utilize trust-bearing accounts that only pay out to beneficiaries when certain conditions are met. Another common tactic in building an estate plan is purchasing life insurance.

Life insurance pays out a lump sum of cash to a beneficiary or beneficiaries upon your death. However, these policies can sometimes cause estate planning headaches. Why? To start, the sudden windfall received by your beneficiary may be overwhelming and difficult to manage, thus making it susceptible to mismanagement. Next, proceeds from a life insurance claim may render a beneficiary who receives government benefits, like Medicaid, ineligible for those benefits. Additionally, money recovered from life insurance may be open to creditor collection if the estate has significant debts.

Previous posts here have discussed the importance of estate planning and how those who don't engage in it adequately or in a timely fashion can be left susceptible to asset distribution that would be against their wishes. Yet, many individuals continue to neglect planning their estates. Even celebrities, like Prince, fall into that category, oftentimes triggering years-long litigation to value the estate and determine how property should be distributed.

Now, singer and icon Aretha Franklin falls into that same category. With her recent passing, the 76-year-old left behind an estate that could be worth tens of millions of dollars with no will or trusts to dictate how those assets should be handled. Additionally, her lack of estate planning vehicles could subject her estate to extensive taxes and expose it to creditors.