Trusts are effective estate planning tools because they help New York residents protect the value of their end of life assets all while legally transferring property and wealth to the beneficiaries of their choosing. Trusts can be used for many purposes, such as supporting charities and avoiding burdensome taxes. They can also be used to assist in the financial support of individuals who rely on government benefits to get by.
Some readers of this New York estate and long-term care planning legal blog may perceive a contradiction in the world of wills and probate. On one hand, it is often advocated that individuals should create and execute wills so that their testamentary wishes are enacted. However, they are also advised to find ways of avoiding the probate process. Since a will is handled in probate, it seems as though it may be impossible to fulfill both of these important end-of-life planning goals.
Deciding that it is time to move an aging loved one into a nursing home is never easy. There can be a lot of guilt that comes with the realization that you can no longer provide all the care your family member needs. You will likely also be concerned about their quality of life or standard of living when they live with strangers and not with your family.
Children can be incredibly precocious and capable of understanding complex themes and ideas. However, most children develop on a relatively regular schedule wherein their ability to manage their own needs and affairs is not possible until they are nearing adulthood. Since children cannot be trusted to take care of their own interests, they are generally not afforded the same rights as adults.
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 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.
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.
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.