Very few New Yorkers expect to be put in a position where they have to be responsible for the care of a loved one. Yet, quite often, an elderly loved one, or one who is simply incapacitated, becomes unable to care for him or herself. When this happens, it may be necessary for an individual to seek guardianship of their loved one. Doing so can instill an individual with certain legal rights that allow them to ensure that the guardian and his or her property is adequately protected.
We all have to make tough choices in life. Amongst those include how to care for our elderly loved ones when they become unable to care for themselves. Many New Yorkers struggle with this decision, as what they feel would be best for their loved one often conflicts with the realities of their financial situation and their day-to-day lives. For a variety of reasons, many New Yorkers turn to nursing homes for assistance in providing this delicate care. It's a heavy burden, and one that shouldn't be taken lightly. Yet, although many nursing homes provide a safe place for the elderly, sometimes these businesses and their employees act in ways that put residents at risk of harm and death.
Numerous elderly patients die in nursing homes in New York and throughout the United States every year because of nursing home abuse and nursing home neglect. As such, if you suspect your love done is being abused, it's absolutely vital that you take action as soon as possible.
Creating a trust account can be a great way to provide financial security for yourself and your loved ones. Depending on the type of trust you choose to create, you can dictate how trust funds are managed, paid out and utilized. While selecting the right type of trust or trusts for you can be critically important, so, too, can choosing your trust administrator. To see just how important this step can be, you need only look at one recent case where a trust administrator is accused of abusing his power.
When loved ones become too old and frail to care for themselves, their family members are put in a tough position when they must decide how to ensure their elderly loved ones receive proper care. Although some hire home health aides and others allow their elderly loved ones to move in with them, a significant number of people choose to place their loved ones in nursing homes. These institutions are strictly regulated, as they are tasked with a heavy responsibility. Many of these facilities provide appropriate service in a safe environment. Far too often, though, nursing home abuse or negligence leaves innocent residents with serious injuries.
The decision to place your money and assets into an irrevocable trust is a serious one. That's because you will not be able to modify, change or revoke your irrevocable trust after you have created and funded it.
For decades, individuals and families have taken the time to explore their options to plan better for the future. Estate planning is a process that seems ancient. It does, however, change with the course of time. New investment opportunities and methods arise, and the changes to the law can give rise to new techniques to ensure that beneficiaries and their inheritances are protected. Even the definition of an asset and liability can change, redefining how we go about creating estate plans. This means that those who are thinking about their future need to ensure that they are with the times, thereby allowing themselves to obtain the holistic estate plan they need.