As we age, our planning needs change. While at one time we may have been concerned about planning for a family or retirement, at others we should force ourselves to confront estate planning and long-term care planning. When it comes to care planning, failing to take proper steps can leave loved ones facing exorbitant costs that can be difficult, if not impossible, to manage.
Understanding the importance of a living will
Living wills are important documents that you should understand thoroughly. These documents, also known as a directive to physicians or health care directives, contain your wishes for what you'd like to see happen if you're injured and unable to express your opinions and preferences for medical care. This directive generally works when you're incapacitated, like in the case that you've fallen unconscious or are in an induced coma.
How can a will be contested?
Planning your estate is an important step to take if you want to ensure that your assets are passed on according to your wishes when the time comes. As this blog has previously discussed, there are many estate planning tools that can come into play throughout the process. The tools chosen are dependent upon the circumstances at hand and the future wishes of the estate planner. One common vehicle used for estate planning, though, is the will. Although most people are familiar with the basic concept of a will, some find themselves unsure of why they need legal assistance when drafting one.
Tips for choosing a nursing home
New York residents will have a lot of different options available when selecting an appropriate nursing home for their loved one. In fact, the selection process can be confusing as you try to balance your financial considerations with your wish to find the best facility available.
What damages can be recouped after nursing home abuse?
Nursing homes carry a big responsibility. These institutions are entrusted with the care of those who are perhaps the most vulnerable population in our society: the elderly. In addition to ensuring that their residents receive the proper medical care, including the administration of medication, nursing homes must make sure that their residence receive adequate nutrition, are given proper supervision and are protected from abuse by workers and other residents. It is a big task but is one that should be easily manageable with proper staffing, training and oversight. Yet, far too often, individuals are subjected to nursing home abuse and neglect, leaving them with serious harms.
What is the role of a guardian?
The future often seems so far away that many individuals fail to adequately prepare for it until it is too late. While this procrastination certainly includes retirement and estate planning, it also includes care planning. Those who fail to adequately prepare for their future care may wind up facing financial hardship, a difficulty that can be unfairly thrust upon their loved ones. In other instances, a failure to take action could result in action or inaction that goes against one's wishes.
Treasury rolls back regulations, easing estate planning valuation
Estate planning must conform to the law. Not only does this mean that wills and trusts need to be drafted in a way that renders them legally valid, but they must adhere to certain restrictions and penalties that may be imposed by the law. By possessing a firm grasp on the applicable laws, an individual who is progressing through the estate planning process may be able to take advantage of options available to him or her that could lead to cost saving.
Creating an estate plan? Choose legal representation wisely
Securing your financial future, as well as those of your loved ones, is not an easy task. When it comes to estate planning, many individuals procrastinate, primarily because they are afraid of confronting their own mortality. Even those who are able to broach the topic tend to only turn to a few of the estate planning options available to them. When this is the case, an individual may shortchange him or herself, as well as his or her family.
