Guardianship is an important legal relationship between a person in need of support and the person charged with their care. There are a variety of ways that guardians may be selected for appointment when a need arises; a New York resident may name a prospective guardian in their estate plan or a court may choose someone to serve as a guardian based on their relationship to the individual in need.
The difference between Medicare and Medicaid for long-term care
The United States of America has a social and financial safety net designed to protect individuals who need medical care, as well as those dealing with disabling illnesses and injuries. Among the programs intended to help those dealing with medical or economic hardship, government health care policies are some of the most commonly utilized.
What is an irrevocable trust?
A trust is a long-term planning device that may be incorporated into the estate plan of a New York resident. Many individuals choose to set up revocable trusts, which as the name implies, can be terminated, changed and modified. Irrevocable trusts, on the other hand, are unbreakable once created and cannot be changed.
The estate inventory and paying a decedent's creditors
There are many issues that must be dealt with when a person passes away. If they have taken the time to create a comprehensive estate plan, their loved ones may have an easier time working through the management of their assets and the settlement of their estate. Individuals who pass away in New York and other states, however, are generally not relieved of their obligations to pay off their debts when they die. It may fall on their estates and estate administrators to ensure those costs are covered.
